Wednesday, May 30, 2012

MCL Land narrowly tops Jurong Gateway tender

Business Times: Wed, May 30
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, said Credo Real Estate executive director Ong Teck Hui.

Yesterday's tender also marks the fifth time since the beginning of last year that a GLS private housing plot has fetched a top bid exceeding $700 psf ppr - after CapitaLand's Sky Habitat site in Bishan, United Engineers' Eight Riversuites plot in Bendemeer, an Alexandra Road plot bagged by City Developments and a Jervois Road plot bought by Singapore Land.

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"...
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Team Marshe
Martin Koh/ Sherry Tang
9383-3992/ 9844-4400

1 comment:

  1. an Alexandra Road plot bagged by City Developments and a Jervois Road plot bought by Singapore Land. Jurong West Street 41 Condo