A 99-year leasehold mixed-use site at Bukit Batok West Avenue 6 has been awarded to Qingjian Realty, the Urban Redevelopment Authority (URA) said on Monday, 30 May.
Launched for sale in March, the tender for the site attracted strong interest from developers, with 11 bids submitted by the close of tender on 24 May.
“The cut-back in land sales and the dearth in land parcels for sale in the area gave bidders additional reasons to bid for the land,” said Desmond Sim, Head of CBRE Research, Singapore and South East Asia.
Qingjian submitted the top bid of $301.16 million, which translates to about $635 psf per plot ratio for the 1.5ha site. This is the developer’s first mixed-use development in Singapore, and it expects to build about 500 condominium units.
“This location’s close proximity to the Jurong district, and the success of recent mixed development launches, are very positive indicators of the market’s likely reaction to a potential Qingjian development here,” said the firm’s General Manager, Li Jun.
The mainland Chinese developer has been aggressively buying up land for private development in recent weeks. Earlier this month, it announced that it had entered into a sales and purchase agreement with the residents at Shunfu Ville, at a collective price of $638 million.