The white site at Jurong Gateway Road recently launched by the Urban Redevelopment Authority (URA) fetched a top bid of $748.8 million.

The top bid came from Lend Lease Retail Investments 3 and Lend Lease Commercial Investments. Following closely behind was the second highest bid of $728.8 million by Energy Trustee.

There was a total of 6 bids. The other bidders included Sim Lian Land and Qingdao Construction.

Li Hiaw Ho, Executive Director, CBRE Research commented, “ There were six bids for the mixed-use white site at Jurong Gateway Road, showing the developers are keen on well located sites. The bids are also a very clear indication of the developers’ confidence in the government’s vision for the Jurong Lake District and the evolution of the area as a commercial hub in the west of Singapore. The top bid of $748.89 million reflects $650 psf/plot ratio. A mandatory 30 per cent of the gross floor area on this site will have to be for office development, and it is likely that a suburban retail mall will be developed with the remaining 70 per cent. Based on an office and retail complex, we estimate a gross development value of $2,200 psf to $2,400 psf for the retail mall and $1,000 psf to $1,200 psf for the office component in order to achieve the top bid on the land of $650 psf/plot ratio.”