Tag Archives: Boon Lay Way

Boon Lay Way land parcel attracts top bid of S$369 million

Posted on 30 May 2012 | Comments Off on Boon Lay Way land parcel attracts top bid of S$369 million

The tender for the residential site at Boon Lay Way has attracted 12 bids, the Urban Redevelopment Authority said.

MCL Land placed the highest bid of about S$369.4 million.

This translates to a tendered sale price of about S$7,590 per square metre of gross floor area.

URA said the other bids for the 99-year leasehold site ranged between S$369.1 million and S$251.0 million.

Colliers International said the top bid of S$369.4 million works out to about S$705 per square foot per plot ratio.

It is the second highest unit land price achieved for a private non-landed residential site in 2012 after the S$881 achieved by the 96,423-sq ft site located at Jervois Road in February 2012.

Colliers added that based on a land cost at S$705 per square foot per plot ratio, the break-even cost is likely to be in the region of S$1,200 per square foot.

In addition, it said the response by developers showed that a well-located site surrounded by amenities would still bring in much interest.

Meanwhile, CBRE said the number and the quantum of the bids reflected developers’ confidence that there will be a strong demand for private housing in this location.

The land parcel spans 11,588 square metres and has a maximum permissible gross floor area of 48,670 square metres.

It is located in Jurong Lake District, which is earmarked to be Singapore’s largest regional hub outside the city centre.

The regional hub will comprise a mix of residential, office, retail, hotel, entertainment, food and beverage options.

URA said a decision on the award of the tender would be made after the bids have been evaluated.

Source : CNA – 2012 May 30

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CapitaLand submits highest bid for white site at Jurong Lake district

Posted on 26 May 2011 | Comments Off on CapitaLand submits highest bid for white site at Jurong Lake district

Southeast Asia’s largest property developer CapitaLand has submitted the highest bid of S$968.99 million for a vast “white site” property in the Jurong Lake district.

The Urban Redevelopment Authority (URA) closed the tender for the site, after receiving five bids in total.

The top bid also translates to about S$1,012 per square foot per plot ratio.

The next highest bid of S$917 million came from the joint-venture between United Engineers and Singapore Press Holdings.

Analysts said they expect the 1.8-hectare site to be turned into a vibrant commercial hub that will rival the one in Tampines.

The “white site”, the second to be put up for sale by the URA, gives developers the flexibility to change the mix of use or the quantum of each use stipulated in the conditions of tender, without having to pay a differential premium.

The sale site at Boon Lay Way is ideal for sizeable mixed-use development with a potential gross floor area of about 88,980 square meters.

CapitaLand’s offer is approximately double the S$510 million trigger bid, according to Li Hiaw Ho, executive director at CBRE Research.

The bid was launched through JG Trustee and JG2 Trustee, a joint venture between CapitaMalls Asia, which has a 50 per cent stake, and HSBC Trust Services (30 per cent) and CapitaLand (20 per cent).

If successful, the property would be near CapitaLand’s IMM Building and its upcoming JCube.

CBRE estimates an average monthly rent of S$15 per square foot (psf) and S$6 psf for the retail and office space respectively.

“It is likely that a pure commercial development with a high proportion of retail element will be developed on this 1.8 ha parcel,” Mr Li said.

A successful award of the property would hasten the development of Jurong East as a vibrant commercial hub, he added.

“Given the sizeable amount of retail pipeline supply from the neighbouring Lend Lease’s and JCube projects as well as existing retail amenities in this area, it would offer residents/workers a retail experience rivalling that of Tampines in the east,” Mr Li said.

The other bidders for the site were the partnership of JL Retail Management and JL Office Management, as well as a consortium composed of the Far East Civil Engineering, OPH Marymount, Sekisui House and China Construction (South Pacific) Development Co.

Lowest bidder Aquamarine Development and FC Commercial Trustee, meanwhile, has put its offer price at S$639.88 million.

Source : Channel NewsAsia – 25 May 2011

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