The site at JLD is 6.5 ha across three land parcels and will have a projected maximum gross floor area (GFA) of 3.93 million sq ft. URA estimates that the combined sites can yield at least 1.57 million sq ft of office space, 1,700 residential units and an additional 785,765 sq ft of GFA that can be allocated for retail, hospitality, and communal spaces.
The tender for the master developer site at Jurong Lake District (JLD) drew two bids when it closed at noon on March 26. Both bids were by a partnership of five of the biggest developers in Asia: CapitaLand Development, City Developments Ltd (CDL) (SGX:C09
) , Frasers Property (SGX:TQ5) , and two of Japan's largest real estate developers listed on the Tokyo Stock Exchange, Mitsubishi Estate and Mitsui Fudosan.
The three Singapore partners — CapitaLand, CDL and Frasers Property — will each take a 25% stake in the consortium, while Mitsubishi Estate and Mitsui Fudosan will each hold a 12.5% stake. The URA tender is based on a two-stage evaluation based on concept and price.
