Two bids submitted by consortium for mega site at Jurong Lake District, slated to be Singapore’s 2nd CBD

The Straits Times03-26

SINGAPORE – A consortium of five real estate heavy hitters have jointly bid for the tender of a master developer site at Jurong Lake District (JLD), which is set to become Singapore’s largest business...

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Only shortlisted concept proposals will proceed to the second stage, which will be based on price alone.CBRE’s head of research for Singapore and South-east AsiaTriciaSong sees the top bid at around $1,000 psf ppr, “before taking into account infrastructural and engineering costs to achieve various sustainability, net-zero emissions, car-lite, district","collect":0,"end_time":0,"defaultTopTitle":"straitstimes.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SG9999016042.SGD":"Schroder Singapore Trust A Acc SGD","SG9999000343.SGD":"Schroder Singapore Trust A Dis SGD","BK6512":"房地产股","C09.SI":"城市发展","CFA.SI":"NikkoAM-STC Asia REIT","SG9999000475.SGD":"Aberdeen Standard Singapore Equity SGD","BK6098":"多样化房地产活动"},"translate_title":"新加坡第二个中央商务区裕廊湖区大型地块由财团提交两份标书","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"C09.SI":0.88,"CFA.SI":0.69},"content_text":"SINGAPORE – A consortium of five real estate heavy hitters have jointly bid for the tender of a master developer site at Jurong Lake District (JLD), which is set to become Singapore’s largest business district outside the city centre. \nThe consortium comprising CapitaLand Development, City Developments (CDL), Frasers Property, Mitsubishi Estate and Mitsui Fudosan (Asia) submitted two bids with different concept proposals for the 6.5 hectare Government Land Sales (GLS) white site  – consisting of three plots –  at the close of the tender on March 26.\nCapitaLand Development, CDL and Frasers Property will each hold a 25 per cent stake in the consortium, while Mitsubishi Estate and Mitsui Fudosan (Asia) will each hold a 12.5 per cent stake. \n\n\n\nBids will be evaluated under the concept and price-revenue tender approach, which requires tenderers to submit concept proposals and tender prices separately. Only shortlisted concept proposals will proceed to the second stage, which will be based on price alone.\nPropNex research and content head Wong Siew Ying said the site could command a land price of $3.5 billion to $3.9 billion, assuming a top land rate of $900 to $1,000 psf per plot ratio (psf ppr). \nCBRE’s head of research for Singapore and South-east Asia Tricia Song sees the top bid at around $1,000 psf ppr, “before taking into account infrastructural and engineering costs to achieve various sustainability, net-zero emissions, car-lite, district cooling, integration features, which will likely be quite substantial”. \n\n\n\n\nJLL’s head of research and consultancy Tay Huey Ying said it is no surprise that the site attracted a consortium of developers with extensive experience in large-scale mixed-use projects, in view of the “substantial investment requirements, a long-term commitment potentially spanning 10 years or more, as well as the specialised and intricate nature of the project”.\n\nSpanning 365,000 sq m, 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, hotel, food and beverage and entertainment businesses.\nThe proposed integrated development will be progressively completed over the next 10 to 15 years. In the first phase, the master developer will be required to build at least 70,000 sq m gross floor area of office space, 600 private homes, an early childhood development centre, a supermarket and a foodcourt.  \nMs Wong noted: “Going by our projected top bid range, the land cost for phase one is estimated at about $1.2 billion to $1.3 billion.”  \n\n\n\nURA said the master developer approach – where one developer takes on all three plots – will allow for works to be done in phases and in tandem with market demand.\nThe appointed developer will plan the entire project, which includes providing the necessary infrastructure and connectivity between public spaces. It will also have to plan a district cooling system and a pneumatic waste conveyancing system.\nMr Sherman Kwek, group chief executive officer, CDL, said the group will draw on its “60 years of experience in shaping cityscapes and pioneering integrated mixed-use developments locally and overseas”.\nWith the JLD slated to be a sustainable model district, ERA chief executive officer Marcus Chu said he believes CDL, which “has a proven track record in driving sustainability, has a distinct advantage as master developer for the site”.  \n\n\n\n\n\nMore On This Topic\n\n \n\nTwo prime River Valley Green GLS sites released for sale\n\n\n\n \n\nPrime GLS site in Holland Drive released for sale\n\n\n\n\n\n\n\n\n\nMr Daijiro Eguchi, managing director of Mitsui Fudosan (Asia), said: “We view efforts toward decarbonisation as one of the most important issues, and are committed to addressing these social issues in JLD as well, in alignment with Singapore’s sustainability direction”.  \nUnderscoring confidence in this location was the strong performance of J’den condo in November 2023 amid weaker market conditions, analysts say. The 368-unit project was the top performing new launch for 2023 after it sold 88 per cent at an average price of $2,451 psf over its launch weekend.\nMr Jonathan Yap, chief executive officer of CapitaLand Development, said the group has “a long history and an extensive portfolio across asset classes in the Jurong area, with J’den as its latest addition”.\nGiven J’den’s success, Mr Lee Sze Teck, Huttons’ senior director of data analytics, believes there could be more gross floor area allocated to residential use in phase one.\n\n\n\n\n\n\n \n\n\nGiven the nearby J’den condo’s success, there could be more gross floor area allotted to residential use in phase one, said Mr Lee Sze Teck, Huttons’ senior director of data analytics. ST PHOTO: GAVIN FOO\n\n\n\n \n\n\nWith no other private residential projects expected to launch in Jurong Lake District in the near term, there is likely pent-up demand for private homes at the site, Mr Justin Quek, OrangeTee & Tie’s chief executive, said.\nIf sold, the white site, which links the existing commercial centre at Jurong East MRT interchange station and the future JLD station of the Cross Island Line, will be the second master developer site to be developed in phases, following a 3.55 ha site in the Marina Bay Financial Centre sold in 2005.\n\n\n\n\n\n\n \n\n\n\n\n\n\nMore On This Topic\n\n \n\nBTO flats in Tanjong Rhu, Holland Village to go on sale in June\n\n\n\n \n\nMarina Gardens Crescent site not awarded as sole bid ‘too low’: URA","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2422615598"}