The tender for a 99-year leasehold master developer site in Singapore's Jurong Lake District was not awarded as one of the two bids received from the sole tenderer was deemed too low by authorities. The Urban Redevelopment Authority (URA) stated that the shortlisted proposal's price of $6,888.90 per sq m of gross floor area was assessed to be too low, leading to the site being placed on the reserve list.
SINGAPORE - The tender for a 99-year leasehold master developer site in the up-and-coming Jurong Lake District was not awarded as one of the two bids received from the sole tenderer was deemed too low by the authorities.
The consortium comprises five real estate heavyweights – CapitaLand Development, City Developments , Frasers Property, Mitsubishi Estate and Mitsui Fudosan .The site will now be placed on the reserve list, and will be put up for tender only when a developer makes an offer acceptable to the Government.
The site can yield about 1,700 residential units, 146,000 sq m of office space, and 73,000 sq m of gross floor area for complementary uses, such as shops, hotels, food and beverage outlets, and entertainment businesses. The spokesman said the bid price by the consortium was likely influenced by factors such as macroeconomic and property market conditions, the scale and complexity of the development, the length of time required to complete the entire development as well as business considerations.
Singapore Jurong Lake District Master Developer Site Tender Low Bid URA
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