The consortium included CapitaLand Group, owned by Singapore's Temasek Holdings, and City Developments. Others involved were Frasers Property (SGX:TQ5
) , Japan’s Mitsubishi Estate and Mitsui Fudosan.
Singapore rejected a bid by a group of top property firms to develop a new business district in the island’s west, after judging the price offered by it to be unattractive.
The Urban Redevelopment Authority rebuffed the $6,889 per sqm gross floor area price offered by the consortium to develop a 6.5ha site in the Jurong Lake District as it was “assessed to be too low”, according to a statement on Friday. The offer was shortlisted from two proposals submitted by the same group of developers.
