Singapore: Urban Redevelopment Authority (URA) has awarded the residential site at Jurong West Street 41 (Parcel B) to MCL Land after MCL land came in top bid of $338,118,000 million or $6,782.71 psm. There’s a total of 9 bids from developer namely MCL Land, HY Realty Pte Ltd, Phoenix 99 Pte Ltd, Verwood Holdings Pte Ltd, EL Development, Singland Homes Pte Ltd, KBD Ventures, Sim Lian Land and Allgreen properties. The second in bid is HY Realty at $317,900,000.
This residential condo “Lake Grande” has a site area of 17,803.5 metre square and is on a leasehold of 99 years.
As Jurong Lake District transformed itself into a lakeside recreation centre, the condos nearby are highly sought after with potential of capital gain. Past development like J Gateway, Lake Life has seen great sales result. Existing development on sale like Lakeville too has been a best sellable project for the past few month since 2014.
The strong number of bids show the developer confidence in Jurong with the upcoming Jurong Transformation as it set to transform to the largest commercial hub outside Central Business District.