CDL places S$1,132 psf ppr top bid for plot next to Lakeside MRT station
[SINGAPORE] City Developments has placed the top bid for a 99-year leasehold site next to Lakeside MRT station in the Jurong West area.
Its bid of S$608 million, which works out to about S$1,132 per square foot per plot ratio (psf ppr), was the highest of six bids received for the site at a state tender that closed on Tuesday (Jun 3).
The plot, in Lakeside Drive, is zoned residential with commercial at first storey. It can be developed to a maximum gross floor area (GFA) of 537,065 sq ft.
The plot can yield about 575 private homes. The commercial component is capped at 10,764 sq ft GFA, of which a minimum 7,535 sq ft has to be for supermarket use.
The second-highest bid at the tender, from a partnership between Frasers Property and Mitsubishi Estate, came in at S$550.56 million (or S$1,025 psf ppr).
Also bidding for the site was a tie-up between units of CapitaLand Development and Sing Holdings, which offered S$529 million or S$985 psf ppr.
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Wee Hur Development bid S$938 psf ppr.
Intrepid Investments and TID Residential offered S$922 psf ppr.
The lowest bid, from Sim Lian Land and Sim Lian Development, was S$909 psf ppr.
The plot is a stone's throw from Jurong Lake Gardens; it is also near schools such as Rulang Primary School, Shuqun Primary School, Yuhua Secondary School and Yuan Ching Secondary School.
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