Singapore’s largest property developers are preparing for a bidding war over a lucrative land plot across the street from Jurong Lake Park, according to media reports.
The site, located at Jurong West Street 41, will likely be launched for tender in December and is expected to attract a huge number of developers due to the government’s initiative to transform Jurong Lake District, its rare waterfront view, its proximity to a top-rated primary school and international school as well as its nearness to Lakeside MRT station, said OSK DMG.
The report noted a land parcel at Lakeside attracted a lot of attention from 12 developers in 2013. MCL Land eventually won the bid at $651.3 psf ppr. So far, MCL Land sold 290 out of the 350 units launched at Lakeville, translating to a take-up rate of 83 percent.
“Large developers likely to vie for the land in upcoming GLS. The current site which Lakeville sits on today attracted large developers like UOL Group, Keppel Land, Far East Organisation, Frasers Centrepoint Limited and City Developments, whom bid with competitive prices,” it said.
“We think that these major developers would likely participate in the bidding for the upcoming parcel B again.”
OSK DMG added Frasers Centrepoint Limited and UOL can afford to be more aggressive on their bids, considering their low land bank inventory, with only 673 and 395 unsold units –15 percent and 26 percent of overall inventory unsold.
The site will likely be launched for tender in December and the winning developer will need to adopt Prefabricated Prefinished Volumetric Construction (PPVC), an advanced technology in construction, as announced by URA earlier this month.
The parcel sits in between the existing Lakeshore and the upcoming Lakeville condominiums.
Image by URA
Muneerah Bee, Senior Journalist at PropertyGuru, edited and wrote this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
