Australian property developer, Lend Lease, has put in the top bid of S$748.89 million for a white site at Jurong Gateway Road.
The S$748.89-million bid of Lend Lease, which translates to around S$650 psf ppr, is more than twice the $350-million triggered price for the site.
Energy Trustee offered the second highest bid of about S$728.80 million while the lowest bid of S$418 million came from Qingdao Construction.
Overall, the mixed-use white site received a total of six bids during a public tender by the URA. It was made available for sale through the Reserve List system of the government.
The 99-year leasehold land site has a maximum permissible gross floor area of 107,000 sq m. At least 30 percent of the total space is reserved for office use while the remaining 70 percent is set aside for commercial, residential and hotel use.
CBRE Research said that it expects that 70 percent of the total gross floor area will be occupied by a retail mall.
Based on a retail and office complex, CBRE estimates a gross development value of S$1,000 psf -S$1,200 psf for the office component and S$2,200 psf -S$2,400 psf for the retail mall.