JURONG UPDATE
On 13 May 2012,Sun
Residential site at Boon Lay Way up for sale
By Wong Siew Ying | Posted: 30
April 2012 1247 hrs
SINGAPORE: The Urban Redevelopment Authority
launched the residential site at Boon Lay Way (Jurong Gateway) for
sale by public tender on Monday.
URA said the land parcel was made available for sale through the
Reserve List system on 22 December 2011.
Under the Reserve List system, a site will only be put up for
tender if the developer's minimum bid price is acceptable to the
government.
On April 16, URA said it has received an application by the
developer who has committed to bid no less than S$214.7 million for
the Boon Lay Way site.
The plot spans some 1.2 hectare and will have a maximum permissible
gross floor area of 48,670 square metres.
It can yield about 590 housing units.
The land parcel is located in Jurong Lake District, which is
envisioned to be Singapore's largest regional hub outside the city
centre, with a good mix of residential, office, retail, hotel,
entertainment and food & beverage uses.
Nicholas Mak, executive director at SLP International Property
Consultants expected the site to fetch a winning bid of about S$324
million to S$356 million.
That will translate to about S$620 to S$680 per square foot per
plot ratio.
Mr Mak added that Boon Lay site could attract much interest from
developers, possibly about nine to 15 bids for this tender.
- CNA/ck/fa
Photos 1 of 1 
The Urban Redevelopment Authority has launched the
residential site at Boon Lay Way (Jurong Gateway) for sale by
public tender (Image from Urban Redevelopment Authority)