Strong bids for Jurong West site despite cooling measures

BIDS for a Jurong West residential site came in higher than expected despite the tough property curbs that were unveiled earlier this month.

MCL Land submitted the top bid of $438.9 million - or $651 per sq ft per plot ratio (psf ppr) - for the 99-year leasehold site. This was just 3 per cent more than Secure Development's $424.9 million bid - or $631 psf ppr.

Other bidders include a joint bid by Frasers Centrepoint, Far East Organization and Sekisui House.

Mezzo Development lodged the lowest bid of $243.8 million.

Experts had earlier expected bids to come in the $540 to $580 psf ppr range when the tender was first launched in November last year.