Tuesday, May 01, 2012

Residential site at Boon Lay Way up for sale

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

View the original article here

Source From Channel News Asia

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