Wednesday, May 30, 2012

First hotel site in new Jurong Lake commercial district goes on sale

Straits Times: Wed, May 30
THE first hotel site in the Jurong Lake District, slated to be the largest commercial centre outside the city, went on sale yesterday.

But industry experts say the site is unlikely to attract strong interest just yet as the area is still in the early stages of growth.

The 0.9ha site, in Jurong Town Hall Road with a potential gross floor area of 204,000 sq ft, was made available on the reserve list of the first half of the year's Government Land Sales programme.

Most experts say that while the 99-year leasehold site is well-located, close to the Jurong East MRT station, it is unlikely to be triggered for sale soon.

It is still early days as commercial projects such as Lend Lease's Jem and CapitaLand's mixed-use development Westgate have not been completed yet.

Developers will want to see those projects take off before committing to building a hotel there.

Confirmed list sites go on sale regardless of interest, while those on the reserve list are put up for tender only if developers make an acceptable initial offer...
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1 comment:

  1. On sale? really? I mean it would so costly as i can estimate from the facility i got hen i visited this place and stayed at windermere. Whats the price.