by OrangeTee & Tie Pte Ltd.

OrangeTee's comments on tender closing at Jurong Lake District

Government Land Sales

The Urban Redevelopment Authority (URA) has just closed the tender for the White Site at Jurong Lake District. This White site comprises three plots of land linking the existing commercial centre at Jurong East MRT interchange station to the new precinct and the future Jurong Lake District station of the Cross Island Line.

Two tender submissions were received, both from Starlight Vue Property Pte. Ltd., Starlight Horizon Property Pte. Ltd., Starlight Avenue Property Pte. Ltd. and Starlight Peak Property Pte. Ltd. The sheer scale of the site, in terms of both costs and the long development timeline, may have limited the bidding pool. The planning and sustainability conditions set by URA in developing this site may also have added to the complexity of the project, which would require developers to have strong track records and expertise in large mixed-use developments.

However, we remain optimistic about the future demand for the residential component of the site. In November 2023, a nearby project called J’den had a remarkable launch weekend, selling 323 out of 368 units. Before J’den, the previous launch in the vicinity was J Gateway which launched 10 years ago in 2013. The successful sales of J’den may generate interest from potential homebuyers who missed out on the launch last November and are now eagerly awaiting the future launch of residential units at this White Site.

           The site's location is another positive draw as it is situated in close proximity to key amenities in Jurong East, including Jurong East MRT, Jurong Regional Library and malls such as JEM, Westgate and IMM. Future residents will get to enjoy this multitude of amenities, on top of the future commercial component of the development at this site. With no other private residential projects expected to launch in the area any time soon, there may be pent-up demand for homes at this site.

To read full article: click here

For more news, research and information, 
OrangeTee Group
OrangeTee Advisory Pte Ltd (Company Reg. No.: 201714596E | Licence No.: L3010781J)
OrangeTee & Tie Pte Ltd (Company Reg. No.: 199206764K | Licence No.: L3009250K)
OrangeTee International Pte Ltd (Company Reg. No.: 201024069Z | Licence No.: L3010742Z)

© 2024 - All Rights Reserved to OrangeTee & Tie Pte Ltd