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The consortium includes CapitaLand, City Developments, Frasers Property and Japanese corporations Mitsubishi Estate and Mitsui Fudosan.
The tender for the main developer of the Jurong Lake District (JLD) attracted two bids when it closed on March 26 at noon. Both bids came from a partnership of five of Asia’s largest developers: CapitaLand Development, City Developments Ltd (CDL). C09, Frasers Property Tq5 and two of Japan’s largest property developers listed on the Tokyo Stock Exchange, Mitsubishi Estate and Mitsui Fudosan.
The three Singapore partners (CapitaLand, CDL and Frasers Property) will have a 25% stake in the consortium, while Mitsubishi Estate and Mitsui Fudosan will have a 12. 5% stake. The URA tender is based on a two-stage evaluation based on concept and price.
The JLD site has 6. 5 hectares spread over 3 parcels of land and will have a projected maximum gross land domain of 3. 93 million square feet. The URA estimates that the combined sites can produce at least 1. 57 million square feet of space, 1,700 residential units. Another 785,765 square feet of gross land that can be allocated to commercial, hotel, and community spaces.
Given the scale of development, it can be achieved in stages. The URA requires the first phase to have a minimum of 753,474 square feet of area and six hundred residential units. According to the URA, the winning consortium will have the option to phase out the remaining source based on market demand.
“The JLD White Tender is the largest tender ever held to date,” said Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia. “It is almost twice the length of the Marina Bay monetary center and has won two bids from the same consortium. “
Given the reaction to CapitaLand’s release of the J’den project last November, where 88 percent of the 368 pieces of equipment were leased on the first day of launch, Huttons’ Lee expects developers to allocate more living space for residential use in the first phase.
The new progression will connect to the surrounding advertising buildings, close to the Jurong East MRT interchange station, the epicentre of the future JLD.
Plot 1 is the closest to the long-duration high-speed train (TGV) station, if it materializes. And if that’s the case, there may be opportunities for the progression of serviced apartments to tap into the demand for housing in a major shipping hub. adds Lee de Huttons.
Tay Huey Ying, head of research and consulting at JLL, expects the first phase of the desktop component to hit the market around 2028, coinciding with a peak of novelties in the next five years.
In addition to JLD, another 2. 35 million square feet of new area is expected to be completed by 2028, with most of the new offerings concentrated in central regions such as Downtown and Orchard Road. Key projects contributing to this influx of fountains come with The Skywaters (0. 7 million square feet area) and the remodeled Clifford Center (0. 35 million square feet) in the CBD, as well as the remodeled Comcentre (0. 75 million square feet) in Orchard.
“The first phase of the JLD component will want to advertise with competitive rents due to the intense festival between developers and landlords competing for tenants when it goes on sale around 2028,” Tay notes. “This, along with the high infrastructure costs required to meet the terms of the tender, are among the key points that may imply that the land is offering costs for JLD.
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