The Urban Redevelopment Authority (URA) has launched the first sale site from the upcoming Jurong Lake District.
It launched the sale by public tender after a developer committed to bid at least S$350 million for the land parcel.
The site located at Jurong Gateway Road was made available for sale via the government’s reserve list system since November 2008.
The 99-year-leasehold site has a maximum permissible gross floor area of some 107,000 square metres.
Of that space, at least 30 per cent must be set aside for office use.
The remainder can be utilised as commercial, hotel and or residential space.
The development has a maximum building height of 160 metres above mean sea level and must be completed within eight and a half years.
URA said the land parcel is part of the Jurong Lake District that’s set to be the biggest commercial hub outside the city centre.
It is strategically located next to the Jurong East MRT station in the heart of the Jurong Gateway commercial precinct.
URA added that the site will be an attractive business location outside the Central Business District.
Several government agencies, including the National Development Ministry and its statutory boards, will also relocate their offices to the Jurong Lake District in the near future.
Source: Channel News Asia, 26 Apr 2010