Jurong mega GLS site could fetch over $2b in bids

Developers are expected to form consortiums for the 1,200-home mixed-use project.

The Town Hall Link Government Land Sale (GLS) Jurong Lake District (JLD) site could attract bids exceeding $2b, with analysts expecting developers to form consortiums to take on one of Singapore's largest upcoming mixed-use projects.

The white site can yield about 1,200 private homes and over 83,200 square metres (sqm) of commercial space, including a minimum of 40,000 sqm of office space.

Huttons Asia CEO Mark Yip said the scale of the project and its office component are likely to shape bidding interest.

He added that some developers may instead prefer the upcoming Bayshore Drive and New Upper Changi Road GLS sites.

"Some developers may lean towards Bayshore Drive, which is an integrated transport hub, and New Upper Changi Road, a pure residential site,” he also noted.

Separately, PropNex head of research and content Wong Siew Ying said the site is more accessible to developers after being carved out from the larger Jurong Lake District master developer site that failed to secure a successful bid in 2024.

"This plot is about half the GFA of the previous master developer site, and could pose lower development risks and capital commitment,” she said.

She also noted that the government will undertake a greater share of infrastructure and land preparation works for the area south of Jurong Town Hall Road, although the site remains sizeable enough to encourage joint bids.

"We expect its tender to attract bids from joint ventures among major developers,” she said.

PropNex expects the tender to draw one to two bids, with the highest offer coming in at around $1,050 to $1,150 per square foot per plot radio (psf ppr), implying a land price of more than $2.1b.

Wong said the residential component could improve the site's appeal to developers, citing the strong launch performance of the nearby J'den condominium in 2023.

"The strong sales performance of the 368-unit J'den... indicates that buyer interest in new homes in the JLD has been robust,” said Wong.

Meanwhile, Yip said the office component could benefit from tightening supply after 2028.

"Office occupiers looking for Grade A premium office space may look at Town Hall Link,” he said.

He added that the commercial space could create employment opportunities and support demand for homes in the Jurong Lake District.

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