What next for the Jurong Lake District plan?

This week in Property

• “Too low” bid for Jurong Lake District mega tender rejected
• Could lower interest rates raise the risk of bad deals? 
• New home sales still on gloomy path

No-go on Jurong Lake District

A bold plan to create Singapore’s second Central Business District in Jurong came undone last week. A heavyweight consortium’s bid for the first batch of sites at Jurong Lake District was assessed to be “too low” and rejected.

That the URA would not award the tender was a prospect floating about once market talk picked up that the bids submitted were low. But even so, most had expected the JLD tender to be awarded so that the government could get the ball rolling on the massive project that would unfold over the next 10 to 15 years.