Singapore, 26 March 2024 – CapitaLand Development, City Developments Limited (CDL), Frasers Property, Mitsubishi Estate Co., Ltd. and Mitsui Fudosan (Asia) Pte Ltd are pleased to announce their joint bid for the tender of a master developer site at Jurong Lake District (JLD) by the Urban Redevelopment Authority (URA), which closed at 12 noon today. The strategic partnership brings together the combined expertise of the five companies with CapitaLand Development, CDL and Frasers Property holding a 25% stake each in the consortium, and Mitsubishi Estate and Mitsui Fudosan (Asia) holding a 12.5% stake each. The tender submission will undergo a two-stage evaluation process, encompassing both concept and price assessments by the authorities.

As per URA’s announcement of the tender launch on 22 June 2023, the 6.5-hectare white site comprises three plots of land in JLD, linking the existing commercial centre at Jurong East MRT interchange station and the future JLD station of the Cross Island Line. The planning parameters include at least 146,000 square metres (sq m) of office space, about 1,700 dwelling units and 73,000 sq m of gross floor area for complementary uses such as shops, restaurants, entertainment, hotel, community uses or more offices. The project, set to become Singapore’s largest business district outside of the central area, will be progressively completed over 10 to 15 years.

Mr Jonathan Yap, Chief Executive Officer, CapitaLand Development, said: “From Science Park in Singapore to Raffles City Chongqing in China, CapitaLand has established a strong track record in master planning and developing mixed-use precincts that are vibrant, sustainable and commercially successful. In addition, the Group has a long history and an extensive portfolio across asset classes in the Jurong area, with the well-received J’den residential development being the latest addition. 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.”

Mr Sherman Kwek, Group Chief Executive Officer, CDL, said: “We are excited to be part of JLD’s Master Plan, drawing on our 60 years of experience in shaping cityscapes and pioneering integrated mixed-use developments locally and overseas. CDL has built a track record of captivating designs and developed coveted sites like South Beach, The Quayside Collection at Sentosa Cove and Sengkang Grand Residences & Mall, all awarded under the two-envelope tender system prioritising design and concept over price. 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.”

Ms Soon Su Lin, Chief Executive Officer, Frasers Property Singapore, said: “Frasers Property has delivered several award-winning master-planned projects. Notable examples include One Bangkok, the largest holistically integrated district in Thailand, Central Park Sydney, an iconic thriving precinct in Australia, and transit-oriented mixed-use developments such as Waterway Point & Watertown and Northpoint City & North Park Residences in Singapore. Drawing upon our well-established development capabilities and placemaking expertise across our three core markets, we are committed to creating inspiring, inclusive and sustainable communities. 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.”

Mr Koji Segawa, Managing Director, Mitsubishi Estate Asia Pte. Ltd., said: “I am honored to have collaborated with esteemed developers in crafting a proposal for the master developer site at JLD. Mitsubishi Estate boasts a legacy of over 130 years, spearheading the transformation of Tokyo's Marunouchi district into an amalgamation of Japan’s premier business hub seamlessly melds with captivating entertainment, embodying sheer urban sophistication. Today, our endeavors 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.”

Mr Daijiro Eguchi, Managing Director, Mitsui Fudosan (Asia) Pte. Ltd., said: “Since our incorporation, the Group has led the development of multitude of markets with iconic “mixed use” developments such as Nihonbashi Revitalization Plan, TOKYO MIDTOWN series and Kashiwa-no-ha Smart City in Japan. We have been achieving dramatic growth in our overseas business in major cities of Europe, North America and Asia by leveraging our know-how and management resource cultivated in Japan and the strengths of our valued partners in each region. Today we are honored and excited to take a major step in expansion of our business in Singapore by joining our partners in pioneering JLD’s transformation. As Mitsui Fudosan Group, we view efforts toward decarbonization 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.”