Residential site at Jurong West Street 41, now known as Lakeville, attracted 12 bids with the highest bid at S$438.9m. This simply shows that choosing land sites in locations that are strategic can still produce record high bids.
One can note how a location such as this can generate much interest and developers see such sites as profitable to have an interest on.
With accordance to the Urban Redevelopment Authority (URA), the residential site at Jurong West Street 41 (Parcel A) with a tenure of 99-years leasehold was released on sale for public tender on 15 November 2012.
The site attracted a total of 12 bids, the highest of which is by MCL Land (Prestige) Pte. Ltd. sums up to S$438.9m (S$651 psf/GFA) with a breakeven price around S$1050 psf; Followed by Secure Development with the second highest bid of S$424.9 million (S$630 psf/GFA). Vantage Properties submitted the lowest offer of all 12 bids, at S$251 million.
The difference in terms of percentage is a staggering 47%. Although this shows that the developers are either bullish or uncertain with the future of real estate. From analysis, the top bid for the land is the second highest unit land price offered for a site slated for high rise private residential development. . The highest bid stands at S$880.74 million that was submitted for the development of Mon Jervois on a site of 96,423 sqft in February 2012”.
Other bidders for the land in Jurong include Orchard Properties, OUE Reef Development, EL Development and a joint bid by Sim Lian Development and Sim Lian Land.
The land is located directly in the heart of the matured Jurong East HDB town and within the area slated as Jurong Gateway. The land is also near to two retail malls – under construction Westgate Mall and JEMS; as well as two hospitals, Ng Teng Fong Community Hospital and Ng Teng Fong Hospital.
You can expect a selling price of Lakeville to be above $1,200 psf and could be slightly lower than the selling price of J Gateway. However, please exercise your own discretion.
With its excellent location attributes, ongoing developments/upgrading and upside potentials, the site not only drew a strong interests in the developers through the tendering process but also demonstrates the developers’ confidence in the market demand for Lakeville.
LAKEVILLE LAND WITH GREAT CONNECTIONS
The land that was sold to MCL is located within a well matured residential area. Developers were willing to bid for the land for there is great confidence it will be a successful development. Evidence of surrounding condominium that are built there include Caspian, Lake Holmz, Parc Vista, Lakepoint, The Lakeshore, Parc Vista and the under construction The Lakefront Residences. The land is within reach of major main roads and expressways such as Boon Lay Way, Ayer Rajah Expressway and Pan Island Expressway. Future residents will also be pleased that they would be able to walk to Lakeside MRT Station located 5 minutes’ walk away thus making it easy for them to travel to other parts of Singapore.
PROXIMITY TO DINING, SHOPPING AND AMENITIES
The land sold is in close proximity to existing dining, shopping and entertainment facilities available in shopping centres such as JEMS, Jurong Point, Westgate and J Cube. Those who seek for immersing themselves in physical activities can head for the nearby Jurong East Sports and Swimming Complex. Jurong Community Hospital and Ng Teng Fong General Hospital is within close proximity to Lakeville.
REPUTABLE SCHOOLS NEAR LAKEVILLE LAND
A ample number of schools such as River Valley High, Rulang Primary School, Junior Junior College and Canadian International School are located in the vicinity. The Nanyang Technological University is also accessible and only a short drive away.