Singapore – March 26, 2024 —
CapitaLand Development, City Developments Limited (CDL), Frasers Property, Mitsubishi Estate Co. , Ltd. and Mitsui Fudosan (Asia) Pte Ltd are pleased to announce their joint bid for the tender of a major progression site in Jurong Lake District (JLD) through the Urban Reprogression Authority (URA), which closed its doors today at noon. The strategic partnership combines the combined expertise of the five companies, with CapitaLand Development, CDL and Frasers Property holding a 25% stake in the consortium, and Mitsubishi Estate and Mitsui Fudosan (Asia) holding a 12. 5% stake. The submission of the offer will be subject to a two-stage evaluation process, which will include the assessment of concept and value by the authorities.
According to the tender announcement through the URA on June 22, 2023, the 6. 5-hectare white site contains three parcels of land in JLD, connecting the existing shopping mall of the Jurong East MRT interchange station and the future JLD. Planning parameters include at least 146,000 square meters (m²) of workplace space, approximately 1,700 housing units, and 73,000 m² of gross land for ancillary uses such as retail, dining, entertainment, hotels, and network uses. , or more space for the workplace. The project, which has Singapore’s largest business district as its main domain, will be phased out over 10 to 15 years.
Mr. Jonathan Yap, Managing Director of CapitaLand Development, said: “From the Science Park in Singapore to Raffles City Chongqing in China, CapitaLand has established a strong track record in planning and progressing mixed-use neighbourhoods that are vibrant, sustainable and commercially successful. In addition, the Group has a long history and extensive portfolio across all asset classes in the Jurong region, with J’den’s well-received residential progression being the most recent addition. We look forward to combining our real estate expertise with strong local wisdom to contribute to JLD’s exciting new phase of transformation with our esteemed partners through our joint supply for the leading developer’s site. “
“From Science Park in Singapore to Raffles City Chongqing in China, CapitaLand has established a strong track record in crafting general plans and progressing mixed-use neighborhoods that are vibrant, sustainable, and commercially successful. In addition, the Group has a long history and broad portfolio across all asset classes in the Jurong region, with J’den’s well-received residential progression being the most recent addition. We look forward to combining our real estate expertise with strong local wisdom to contribute to the exciting new phase of JLD’s transformation with our esteemed partners through our joint supply for the leading developer’s site. “
Jonathan Yap, Executive Director, CapitaLand Development
Mr. Jonathan Yap, Executive Director, CLD
Mr. Sherman Kwek, Chief Executive Officer of CDL Group, said: “We are very pleased to be part of JLD’s master plan, building on our 60 years of experience in streetscape development and incorporating pioneering mixed-use developments overseas. CDL has built a history of captivating designs and coveted and evolved sites such as South Beach, The Quayside Collection at Sentosa Cove, and Sengkang Grand Residences
Ms Soon Su Lin, Managing Director of Frasers Property Singapore, said: “Frasers Property has completed several award-winning master plan projects. Notable examples are One Bangkok, Thailand’s largest holistically incorporated community, Central Park Sydney, an iconic and thriving community in Australia, and transit-oriented mixed-use advancements, such as Waterway Point
Mr. Koji Segawa, Managing Director of Mitsubishi Estate Asia Pte. Ltd. , said, “I am revered to have collaborated with esteemed expanders to expand a proposal for JLD’s main expansion site. Mitsubishi Estate has a heritage of more than 130 years, at the forefront of transforming Tokyo’s Marunouchi district into a merger of Japan’s first district. The business center blends harmoniously with captivating entertainment, embodying natural urban sophistication. Today, our efforts go beyond borders, with corporations nationally and internationally. We look forward to leveraging our experience in large-scale urban expansion, honed in cities such as Tokyo Marunouchi, Yokohama, and Osaka, toward JLD’s sustainable growth.
Daijiro Eguchi, Managing Director of Mitsui Fudosan (Asia) Pte. Ltd. , said: “Since our incorporation, the Group has led the advancement of a multitude of markets with iconic ‘mixed-use’ progressions such as the Nihonbashi Revitalization Plan. , the TOKYO MIDTOWN series, and the Kashiwa-no-ha smart city in Japan. We have achieved a dramatic expansion of our business in major cities in Europe, North America and Asia by leveraging our Japan-grown knowledge and control resources and strengths. from our valued partners in each region. Today, we are revered and excited to take a first step in expanding our business in Singapore by joining our partners in JLD’s pioneering transformation. As the Mitsui Fudosan Group, we consider decarbonization efforts to be one of the maximum. vital issues that need to be addressed and we are also committed to selling those social issues at JLD, in line with Singapore’s sustainability direction.
As a component of the multi-phase rejuvenation of the Singapore Science Park site, CapitaLand’s newest innovation and life sciences group, Geneo, will contain three housing units with five sustainable buildings, on approximately 180,600 square meters of gross floor space.
Raffles City Chongqing is an urban district built vertically on the edge of a river with an advertising podium and 8 skyscrapers. Occupying 9. 2 hectares of land, Raffles City Chongqing is located in Chongqing’s famous Chaotianmen, overlooking the confluence of the Yangtze River and the Jialing River.
Strategically located on Jurong Gateway, J’den is in JLD’s highest mixed-use development. 88% of the total 368 residential complexes were sold on launch day, earning J’den the distinction of being the best-selling new release in Singapore this year. -Year-to-date in terms of percentage of sets sold.
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