The Urban Redevelopment Authority (URA) launched the first land parcel in Jurong Lake District for sale by public tender yesterday. According to URA, a developer has committed to bid at least $350 million for the site in the public tender.

The land parcel is located within the Jurong Gateway precinct which will be the biggest commercial hub outside the city centre. The precinct will have a lakeside setting and a mix of office, retail, hotel, entertainment, food & beverage and other uses.

Located next to the Jurong East MRT station, the land parcel has a site area of about 1.9 ha and has a potential yield of 107,098 sqm of gross floor area (GFA). With Jurong Gateway slated to be a major regional commercial centre in the west of Singapore, at least 30% of the total GFA of the proposed development on the land parcel will be for office use.

A tender period of about eight weeks is given for the site and the tender will close on 24 June 2010.