1. The Urban Redevelopment Authority (URA) announced today that the Master Developer site at Jurong Lake District (JLD) has not been awarded.
2. The 6.5-hectare White site at JLD was launched for sale on 22 June 2023 for a Master Developer to kickstart the next phase of development in JLD. The Concept and Price Revenue Tender approach1 was adopted to evaluate the tender submissions for the site, to ensure that the selected proposal is aligned with the vision for the JLD (see Annex A for the evaluation criteria).
3. The tender for the JLD site closed on 26 March 2024, with a sole tenderer submitting two concept proposals. The tenderer is a joint venture entity comprising Starlight Vue Property Pte. Ltd, Starlight Horizon Property Pte. Ltd., Starlight Avenue Property Pte. Ltd. and Starlight Peak Property Pte. Ltd.2 After evaluating both concept proposals, one of the proposals was thereafter shortlisted. However, the tender has not been awarded as the shortlisted concept, at the tendered price of $6,888.90 per square metre of GFA, was assessed to be too low.
4. The government is committed to the development of JLD as a model for sustainable development, integrating business, residential and recreational spaces, outside of the city centre. To advance this major undertaking, URA will continue to engage with industry stakeholders for feedback on JLD’s plans and review the approach for the Master Developer site. Meanwhile, the Master Developer site at JLD will be placed on the Reserve List, to allow interested tenderers to activate the launch of the site under the Concept and Price Revenue Tender approach, subject to a minimum price that is acceptable to the government.
1 Under the Concept and Price Revenue Tender approach, concept proposals will first be evaluated by a Concept Evaluation Committee based on a set of criteria specified in the tender to shortlist concept proposals. Only compelling concept proposals that satisfy the criteria will be shortlisted for the second stage evaluation based on bid price only.
2 The tenderer is a joint venture entity formed by a single consortium comprising five developers (CapitaLand Development, City Developments Limited, Frasers Property, Mitsubishi Estate Co. and Mitsui Fudosan Co. Ltd).