Singapore, 22 Jun 2023 Land near the Jurong East MRT interchange was launched for tender on Thursday (Jun 22) for development to kickstart a new precinct in the Jurong Lake District.
The 6.5ha white site, split into three plots of land, is to be sold to one master developer to plan a mix of office, private homes and other amenities.
Mr Justin Quek, Deputy CEO of OrangeTee & Tie said developers will likely have to form consortiums in order to bid for a land acquisition of this size.
"The massive scale of such a project will likely require major developer consortiums with deeper pockets, and also require a longer period of investment, in this case possibly over a decade to fully develop the three plots."
He added that the future residential project will likely be attractive, due to the government developing the district to be a second central business district.
"Given the flexibility of phasing the development over time and the lack of exciting new happenings in the west in recent times, we could possibly see three to five bidders."