Reserve list site in Jurong East go for tender sale

A reserve list site in Jurong East was put up for sale by public tender where property analysts expect successfully top bid to be about $350 million.

This 1.2ha site at Boon Lay Way, which is a reserve list plot, which will only go up for tender when developers make an acceptable initial offer, received an application from a developer on 16 April 2012 for not less than $214.7 million.

This 99 years tenure site has a maximum gross floor area of 523,879 sq ft and can potentially built into a 590 units condomium is near Jurong East MRT station.

The Jurong district is earmarked to be Singapore's largest regional hub away from the city when several surrounding projects are completed.

JCube, a revamped new shopping centre just opposite Jurong East MRT station was opened earlier in Mar 2012.

Upcoming new projects in the Jurong district comprise Lend Lease's Jem, a large scale shopping mall that may be the Orchard Road mall of the west not forgetting the mixed-use Westgate development in the pipeline
With these synergy, analysts are optimistic that a good bidding from developers for this site which may come in from $324 million to $356 million which is about $620 to $680 per sq ft per plot ratio.

Furthermore,  the potential project could have splendid view of Jurong Lake and Jurong Country Club which should be one of the more appealing site among the Government Land Sales sites for this year. It will also be the only potential residential development to be within 5 minutes walk to the MRT station in this district.

Nearby developments like The Lakefront Residences near Lakeside MRT station is now commanding a median price of $1,102 psf  during the previous 6 months and The Lakeshore is going for about $1,006 psf.

1 May 2012