SINGAPORE - The tender for a 99-year leasehold master developer site in the up-and-coming Jurong Lake District was not awarded as one of the two bids received from the sole tenderer was deemed too low by the authorities.
The other bid did not make it to the second stage of the tender, where shortlisted concept proposals are assessed on price alone.
The tendered price of $6,888.90 per sq m of gross floor area for the shortlisted proposal was assessed to be too low, the Urban Redevelopment Authority (URA) said on Sept 13.
The price is equivalent to a bid of $640 per sq ft per plot ratio (psf ppr).
This works out to a land price of about $2.5 billion for the 6.5ha Government Land Sales white site, which spans 365,000 sq m of gross floor area and consists of three plots.
Designated for office, residential and commercial development, the site received two bids with different concept proposals from a consortium at the close of the tender on March 26.
The consortium comprises five real estate heavyweights – CapitaLand Development, City Developments (CDL), Frasers Property, Mitsubishi Estate and Mitsui Fudosan (Asia).
https://www.straitstimes.com/singap...t-awarded-consortium-s-bid-deemed-too-low-ura
