Five of Asia’s largest property groups have banded together to bid for the tender of a multi-billion-dollar master developer site to create a central business district at Jurong Lake District (JLD) in Singapore’s west.
Three Singapore groups - CapitaLand Development, City Developments Limited (CDL), Frasers Property, - have partnered Japanese companies Mitsubishi Estate Co and Mitsui Fudosan Asia. The Singaporean companies will each hold a 25% stake while the two Japanese companies will have a 12.5% stake each in the consortium.
The tender submission will undergo a two-stage evaluation process, encompassing both concept and price assessments by the authorities.
The mini town centre project to be developed over the next 10 to 15 years will have at least 146,000sqm of office space, about 1,700 dwelling units and 73,000sqm of gross floor area for complementary uses such as shops, restaurants, entertainment, hotel, community uses or more offices.
Jonathan Yap, chief executive officer, CapitaLand Development, said: “We look forward to combining our real estate expertise with strong local knowledge to contribute towards the exciting new phase of JLD’s transformation with our esteemed partners through our joint bid for the master developer site.”
Sherman Kwek, group chief executive officer, CDL, said: “Master planning is about shaping our city’s future and investing in our community. Together with our valued partners, the combined expertise will enable us to redefine possibilities, enhance sustainability and pioneer innovative concepts in JLD’s transformation.”
Soon Su Lin, chief executive officer, Frasers Property Singapore, said: “ We look forward to collaborating with our reputable partners to realise our shared vision of JLD as a vibrant, global business district that will set a new benchmark for Singapore and contribute towards the future of sustainable cities.”
Koji Segawa, managing director, Mitsubishi Estate Asia said: “Today, our endeavours transcend borders, with diverse ventures both domestically and internationally. We eagerly anticipate lending our expertise in large-scale urban development, honed in cities such as Tokyo Marunouchi, Yokohama, and Osaka, towards the sustainable growth of JLD.”
Daijiro Eguchi, managing director, Mitsui Fudosan Asia, said: “As Mitsui Fudosan Group, we view efforts toward decarbonisation as one of the most important issues to address and are committed to addressing these social issues in JLD as well, in alignment with Singapore’s sustainability direction.”
