URA to launch tender for second sale site in Jurong Lake District

The Urban Redevelopment Authority announced that it has accepted an application from a developer to put up the second sale site in Jurong Lake District for sale via public tender.

According to URA, the 1.8 ha land parcel located along Boon Lay Way, next to the Jurong East MRT station, was made available for sale through the Reserve List system on 29 October 2010. URA has received an application from a developer for the site to be put up for public tender. The developer has committed to bid at a price of not less than S$510 million in the tender for the land parcel. In accordance with the procedures of the Reserve List system, URA is making public the minimum price committed for the site. However, the identity of the applicant will not be released.

URA will launch the tender for the land parcel in about 2 weeks.

Jurong Lake District

The Jurong Lake District consists of two unique but complementary precincts – Jurong Gateway and Lakeside. Occupying a total site area of 360 ha, which is about the size of Marina Bay, it will be a major regional centre in the west of Singapore, providing an attractive location for commercial developments outside the city centre and a family- friendly leisure destination by the lake.

The land parcel launched for sale today is located within the Jurong Gateway precinct. With a total land area of about 70 ha, the Jurong Gateway precinct will offer a good mix of office, retail, hotel, entertainment, food & beverage (F&B) and other complementary uses. The Lakeside precinct, which spreads over 220 ha of land and 70 ha of water body, is envisaged to be developed into a vibrant leisure destination with several family-friendly edutainment attractions for locals and tourists. Attractions such as a new world class Science Centre, waterfront boardwalks, wetlands, parks & promenades will be developed in the scenic lakeside setting.

White Site at Boon Lay Way

The subject sale site at Boon Lay Way is the second land parcel to be released for sale at Jurong Gateway, following the successful sale of the first white site at Jurong Gateway Road to Lend Lease in June 2010. It will continue the development momentum of transforming the precinct into an attractive destination for business and leisure serving more than 3,000 multinational and global businesses clustered in the nearby International Business Park and Jurong/ Tuas industrial Estates and a catchment of one million residents from the neighboring towns.

Several government agencies will also relocate their offices to the Jurong Lake District in the near future. The Ministry of National Development (MND) had announced earlier this month that it has signed the Heads of Terms Agreement with Lend Lease to take up a 30-year lease for 29,300 sqm of office space in the adjacent white site sold last year. MND, together with its statutory boards, the Agri-Food & Veterinary Authority (AVA) and the Building and Construction Authority (BCA), will relocate to Jurong Gateway by 2015.

With its prominent location next to the Jurong East MRT station and the Jurong East bus interchange, the subject land parcel is ideal for a sizable mixed-use development with a potential gross floor area (GFA) of about 88,980 sqm. To further build up the critical mass of quality office space within Jurong Gateway and provide more location choices for businesses, a minimum 40% of the maximum permissible Gross Floor Area (GFA) for the land parcel is to be set aside for office use.

The remaining GFA may be developed for additional office use or other uses allowed under the White zoning, such as commercial, hotel and residential uses.