Monday, December 1, 2008

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Jurong East White Site on reserve list

According to the report,
Jurong East ‘white’ site joins reserve list
by Business Times - 29 Nov 2008, the Urban Redevelopment Authority has made available for application a reserve list site in an attractive location, despite the cool market.

The site is a 1.9-hectare ‘white’ site next to Jurong East MRT Station. At least 30 per cent of the 1.15 million square foot maximum gross floor area must be set aside for office use and the rest for additional office use or other uses permitted under the white site zoning such as commercial (like retail and entertainment), hotel and residential uses. The 99-year leasehold plot is the first sale site being offered in URA’s Jurong Gateway precinct since Singapore’s planning authority unveiled plans for the Jurong Lake District earlier this year.

However, market watchers said the site is not likely to be triggered anytime soon. ‘Given the current uncertain business environment, it’s unlikely there will be any interest in the Jurong East site. There’s also difficulty in getting funding. Investors would rather go for completed, income-generating assets that can give immediate returns than to embark on a fresh development with higher risks,’ DTZ executive director Ong Choon Fah said.

May also want to read:
Fire Sale: Owners Dump Condos
The days of Cheap, Easy Credits chasing after property is OVER!
When the bubble of greed and fear burst, guess who suffer?
Property Investment Tip: Don't put all your eggs in one basket
HDB Resales: West Sees Highest Price Increase


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