Friday, June 25, 2010

Aggressive bidding for Jurong white site

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

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