Big developers brace for bidding war over lucrative Jurong Lakeside land plot

Discover who the most aggressive bidder will be.

The country’s biggest property developers are gearing up for a bidding battle over a lucrative Jurong Lakeside land parcel, which is expected to be launched for tender in December.

According to OSK DMG, the land parcel at Jurong West Street 41 – Parcel B is likely to attract a large number of developers because of the Government’s initiative to transform Jurong Lake District, its proximity to Lakeside MRT station, its nearness to a top-rated primary school and an international school, and the rare waterfront view that it offers.

In 2013, a land parcel at Lakeside attracted a great deal of attention from a total of 12 developers. It was eventually won by MCL Land for $651.3 psf ppr. MCL Land has thus far sold 290 units out of 350 units launched at Lakeville, representing a respectable take-up rate of 83%.

“Large developers likely to vie for the land in upcoming GLS. The current site which Lakeville sits on today attracted large developers like UOL Group, Keppel Land, Far East Organisation, Frasers Centrepoint Limited and City Developments, whom bid with competitive prices. We think that these major developers would likely participate in the bidding for the upcoming parcel B again,” stated OSK DMG.

The report further added that UOL and Frasers Centrepoint Limited can afford to be more aggressive on their bids, given that their land bank inventory are low, with only 395 and 673 unsold units or mere 26% and 15% of total inventory unsold.