Jurong West Street 41 Parcel B Winning Bid
The 70-hectare big Jurong Gateway is designated to be the largest commercial hub outside the main Central Business District (CBD). Activities and jobs are set to flourish in this area as the government has plans to develop this regional area into a place where its residents can live, work, play and learn here. 1,000 or more homes will be built to add more energy and vigour to Jurong. Office space will take up 500,000 square metres and retail, F&B and entertainment sectors will occupy 250,000 square metres of space. In addition, 2,500 hotel rooms have also been planned to service visitors and business travellers to the establishments around the Jurong Lake.
New residential private developments are picking up momentum here. On 28 June 2013, J Gateway, a new condo project was a one-day sellout for its 738 units. It gathered a total of 12 aggressive bids with MCL Land putting in the top bid at $369.388 million or $705.10 psf ppr.
Another new property, the LakeVille, which is located at Jurong Link Road, was launched in April 2014. This was the Parcel A Jurong West Street 41 tender which attracted another amazing 12 bids. MCL Land was also awarded as the winning bidder for this land parcel in January 2013 at a tender price of $651 per square foot per plot ratio (psf ppr).
Last year in 2014, Jurong West Street 41 Land Parcel B was triggered for tender. This piece of land is located next to Parcel A. This plot is slated for residential development. It has a site area of 17,803.5 square metre or 191,636.87 square feet. Tender closed on 10 March 2015 at 12 noon.
The top bid for Parcel B was submitted by MCL Land amongst a total of 9 bidders. With a maximum permissible Gross Floor Area (GFA) of 49,850 square metre or 536,585.4 square feet and a bid price at $338.12 million, this works out to $630.13 psf ppr.
This bid is 6.4% higher than the 2nd bid of $592.46 submitted by HY Realty, a subsidiary of Hao Yuan.
MCL Land should know the Jurong market well since it is the developer of both the J Gateway and LakeVille new condo Singapore launches. MCL plans for close to 600 units with approximately 60% of the development allocated for one and two-bedroom units for Parcel B. This is targeted at younger families and home-stayers.
Parcel B at Jurong West Street 41 is set to be the next upcoming jewel of this CBD crown. It sits strategically just in front of the huge and beautiful Jurong Lake which has been slated to be the people’s garden as stated by Prime Minister Lee Hsien Loong during his 2014 National Day Rally speech. The Chinese Garden, Japanese Garden and the Jurong Lake Garden will be merged into one to form one of the most beautiful lakes in Singapore.
The Lakeside MRT station is a mere few minutes’ stroll away from Parcel B. This will provide the residents of this future new condo development with easy and convenient access to all parts of the country.
Nearby amenities in Jurong East include the 5 malls namely J Cube, Jem, West Gate, IMM and Big Box. Just 2 MRT stops away, there is also Jurong Point shopping mall. As big plans have been put in place for Jurong, medical facilities like the Ng Teng Fong Hospital and the Jurong Community Hospital are also located in Jurong East to cater to the medical needs of the residents in Jurong and the nearby estates.
Elite schools are in close proximity to Parcel B such as Rulang Primary School, Jurong Junior College and Canadian International School. Tertiary educational institutions like the National University of Singapore, Nanyang Technological University, Singapore Polytechnic and Ngee Ann Polytechnic and Singapore Institute of Management University are all a short drive away.
With the promising transformation of the Jurong Lake District as outlined in the Master Plan 2014, we await with great anticipation for the new launch at Jurong West Street 41 Parcel B.