Boon Lay Way (Jurong Gateway) tender ends in tight race

The top three bidders came in within a hair of each other's tendered sale price, but guess who ultimately won out?

MCL Land Limited placed first with a bid of 369,388,000.00 for a 99-year lease of the 11,588.0 sqm residential area, according to the tender results announced by the Urban Redevelopment Authority. With a maximum permissible gross floor area (GFA) of 48,670 sqm, this bid translates to a $7,589.64 per sqm of GFA.

The Boon Lay Way (Jurong Gateway) land parcel accumulated a total of 12 bids, with fierce competition at the top.

Coming in at a close second is EL Development Pte Ltd with a bid of 369,100,000.00, or roughly just a quarter-million short of the first ranked bid. Similarly, Sing Holdings Limited and Maxdin Pte. Ltd ended at third with a bid of 369,010,000.00.

The site at Boon Lay Way (Jurong Gateway) was launched for sale by public tender on 30 April 2012, said the URA, and it was originally on the Reserve List of the Government Land Sales Programme. The decision to award the tender will be announced at a later date.