The tender for a 99-year leasehold residential site at Jurong West Street 41 (Parcel B) closed on Tuesday after attracting nine bidders, the Urban Redevelopment Authority (URA) said.
Launched for sale last December, the 17,803.5 sqm site has a maximum permissible gross floor area (GFA) of 49,850 sqm.
The top bid of $338.12 million was submitted by MCL Land (Vantage). This translates to around $6,782.71 psm on the GFA.
The second highest bidder was HY Realty at $317.9 million, while the lowest offer of $222.89 million came from Allgreen Properties.
The healthy demand for the site is “testament to the confidence of the bidders in the face of a cut back in the number of residential sites in the Government Land Sales Programme”, said Desmond Sim, CBRE Research Head, Singapore and South East Asia.
“The highest bidder, MCL, put in a bid which is 21 percent higher than the average bid of the nine bidders.
“MCL has a strong presence in the area and looks set to continue to establish their foothold with this bid. It set benchmark prices with J Gateway and Lakeville and is poised to benefit from the benchmark it has set. In addition, MCL may gain an advantage from a longer gestation period to ride out the current market conditions,” added Sim.
Fronting Jurong Lake, the site is located within an established residential area. Existing condominium developments in the vicinity include Lakepoint, Lake Holmz, Caspian, Parc Vista, The Lakeshore and the upcoming Lakeville.
The land parcel is also close to Lakeside MRT station as well as shopping, dining and entertainment options at Jurong Point, JCube, Jem and Westgate.
URA said the award of the tender will be made after the bids have been evaluated.
Photo by URA.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
