Major real estate players announce joint bid for Jurong Lake District development

The project is expected to be completed in 10 to 15 years.

Real estate giants CapitaLand Development, City Developments Limited (CDL), Frasers Property, Mitsubishi Estate Co., Ltd., and Mitsui Fudosan (Asia) Pte Ltd announced their joint bid for the master developer site at Jurong Lake District (JLD), tendered by the Urban Redevelopment Authority (URA).

The consortium, with CapitaLand Development, CDL, and Frasers Property each holding a 25% stake, alongside Mitsubishi Estate and Mitsui Fudosan (Asia) holding a 12.5% stake each, aims to pool their expertise for the transformative project.

The bid will undergo a two-stage evaluation process, involving assessments of both conceptualisation and pricing by the authorities, as per URA's tender launch announcement on 22 June 2023.

ALSO READ: Luxury property market 'stable' despite GCB sales hitting record low

The proposed development for the 6.5-hectare white site includes plans for at least 146,000 square meters of office space, approximately 1,700 dwelling units, and 73,000 square meters of complementary amenities such as retail outlets, dining establishments, entertainment venues, hotels, community facilities, or additional office spaces.

The project is expected to establish JLD as Singapore's largest business district outside the central area, with completion anticipated in 10 to 15 years.