Australian property firm Lend Lease has put in the top bid of S$748.89 million for a mixed-use white site at Jurong Gateway Road.
The tender price translates to about S$650 per square foot per plot ratio.
The second highest bid of S$728.80 million came from Energy Trustee.
Qingdao Construction put in the lowest bid of S$418 million.
All in, there were six bids for the site put up for tender by the Urban Redevelopment Authority (URA).
The top bid was more than twice the minimum offer of S$350 million that had triggered the tender.
The site was made available for sale via the government’s Reserve List system.
The 99-year-leasehold site has a maximum permissible gross floor area of some 107,000 square metres.
Of that space, at least 30 percent must be set aside for office use. The remainder can be used for any one or more of the following uses: a) commercial (for example, office, retail and entertainment); b) hotel and c) residential.
CBRE Research believes that a retail mall will occupy 70 percent of the gross floor area.
Based on an office and retail complex, CBRE estimates a gross development value of S$2,200-S$2,400 psf for the retail mall and S$1,000-S$1,200 psf for the office component.
Source: Channel News Asia, 24 Jun 2010