URA deems consortium's bid for Jurong Lake District site too low
The 6.5-hectare White site at JLD was launched for sale on 22 June 2023 for a Master Developer to kickstart the next phase of development in JLD. The tender for the JLD site closed on 26 March 2024, with a sole tenderer submitting two concept proposals. The tenderer is a joint venture entity comprising Starlight Vue Property Pte. Ltd, Starlight Horizon Property Pte. Ltd., Starlight Avenue Property Pte. Ltd. and Starlight Peak Property Pte. Ltd. The tenderer is a joint venture entity formed by a single consortium comprising five developers (CapitaLand Group, City Developments Limited, Frasers Property, Mitsubishi Estate Co. and Mitsui Fudosan Co. Ltd).
After evaluating both concept proposals, one of the proposals was thereafter shortlisted. However, the tender has not been awarded as the shortlisted concept, at the tendered price of $6,888.90 per square metre of GFA, was assessed to be too low.
The government is committed to the development of JLD as a model for sustainable development, integrating business, residential and recreational spaces, outside of the city centre. To advance this major undertaking, URA will continue to engage with industry stakeholders for feedback on JLD’s plans and review the approach for the Master Developer site. Meanwhile, the Master Developer site at JLD will be placed on the Reserve List, to allow interested tenderers to activate the launch of the site under the Concept and Price Revenue Tender approach, subject to a minimum price that is acceptable to the government.
(Source: URA)