MCL Land narrowly tops Jurong Gateway tender
In one
of the tightest races at a land tender, MCL Land yesterday edged out its
closest rival by just 0.08 per cent or 55 cents per square foot per
plot ratio (psf ppr) to emerge as the highest bidder for a plum 99-year
leasehold condo site near Jurong East MRT Station.
The
Urban Redevelopment Authority tender drew 12 bids, attesting to the huge
potential developers see in the Jurong Gateway precinct, which is
shaping into a major suburban commercial hub with offices, shopping
malls and recreational facilities.
MCL bid
$369.388 million or $705.10 psf ppr. This was $288,000 more than the
$369.1 million or $704.55 psf ppr offered by the second highest bidder,
EL Development.
The top
bid is the highest for a 99-year private housing site site offered
under the Government Land Sales (GLS) Programme in Outside Central
Region.
Market
watchers noted the top four bids at yesterday's tender were in a tight
range. MCL's top bid was 0.08 per cent above EL Development's price, 0.1
per cent above the third highest bid (by a Sing Holdings-Maxdin joint
venture) and 1.2 per cent above the fourth highest bid (from a Singapore
Land-UOL tie-up).
The
land parcel can be developed into either a condominium, or flats and/or
serviced apartments. MCL chief executive Koh Teck Chuan said that
although serviced apartments are allowed, "quite likely we'll do a full
condo project".
The
group's proposed scheme involves a part 25-storey and part 38-storey
development with close to 600 residential units. The bulk of the
apartments will be one and two-bedroom units, although there will be
some three and four-bedders. BT understands MCL Land's breakeven cost
could be around $1,100 psf and market watchers would not be surprised to
see MCL prepared to sell the project at about $1,300 psf on average.
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