A land parcel at Jurong West Street 41 (Parcel B) was awarded to its top bidder MCL Land (Vantage) Pte. Ltd., a subsidiary of MCL Land, at a tender price of $338M or $630.1 psf ppr on 12 Mar 2015. The awarded price for this land parcel is 3.25% lower than Lakeville, its adjacent site (parcel A) which was sold to MCL Land two years ago in January 2013. Despite its lower bid price, the winning bid is significantly higher than the second and third runner up at 6.4% and 13.8% respectively and the parcel was well-received with the developers, garnering a total of 9 bids when the tender was closed on 10 March, 2015. The dip in prices may be due to developers’ reservation in view of a tepid property market.

Update: As of February 2015, 44.6% of Lakeville Condominium remains unsold in the primary market. The development was first launched for sale in April 2014.