Keppel Land wins award for strategic Lakeside development

It plans to develop more than 500 homes on the 1.6 ha-site which drew keen bids.

Keppel Land Limited (Keppel Land) has been awarded by the URA the prime site next to the Lakeside MRT station which had attracted 14 bids from both local and foreign developers. The winning bid was attained at $302.98 million.

The 1.6 ha-site will stand to benefit from URA's development of the Jurong Lake District which is envisioned to become a world-class business and leisure destination set amidst a picturesque lakeside environment, according to a Keppel Land report on Thursday.

The new growth area is expected to attract billions in investments as well as generate a strong expatriate community working in the new hub. It has been reported that the Ministry of National Development and Ministry of the Environment and Water Resources together with their agencies will be setting up new headquarters at Jurong Gateway by 2015.

Other key amenities near the site are several schools including the Canadian International School expected to open in 2011 and retail/commercial developments such as Jurong Point. Another project generating much anticipation in the vicinity is the new mixed development offering 1.15 million sq ft GFA comprising offices and retail/entertainment, hotel or residential options to be built next to the Jurong East MRT station.

Mr Augustine Tan, CEO of Singapore Residential, Keppel Land International Limited, said, "We are focused on further enhancing our portfolio of homes with developments which can present to our home buyers the strongest value offerings such as prime location especially near MRT stations, lifestyle amenities as well as good investment/rental potential.

"We will also be able to build on Keppel Land's expertise and experience in developing premier homes, such as our signature waterfront homes, Reflections at Keppel Bay.

"The fact that the lakeside site was keenly contested and drew such attention from local and foreign developers attest to its premium potential."

Keppel Land plans to develop about 550 homes of sizes ranging from 500 sq ft to 1,400 sq ft in 1-bedroom to 4-bedroom configurations as well as penthouses. Presently in the design and development stage, the project is expected to be launch ready by end 2010 and completed in end 2013.