A mixed-use white site at Jurong Gateway Road garnered aggressive bidding from developers as its tender closed yesterday.
Australian property firm Lend Lease has put in the top bid of nearly $749 million – more than twice the $350-million trigger price for site. This price translates to about $650 per square foot per plot ratio.
The second-highest bid of about $729 million came from Energy Trustee, while Qingdao Construction put in the lowest bid of $418 million.
All in, there were six bids for the site put up for tender by the Urban Redevelopment Authority.
The 99-year leasehold site, located at Jurong Gateway Road, was made available for sale via the Government’s reserve list system since November 2008.
It has a maximum permissible gross floor area of some 107,000 square metres.
Source: Today, 25 Jun 2010