The tender for the exec condominium (EC) Government Land Sales (GLS) website at Tengah Garden Walk closed on Tuesday (25 May), with 7 bids received, revealed the Real estate and also Advancement Board (HDB).
Taurus Properties, a 50:50 joint endeavor in between City Developments Limited (CDL) MCL Land, sent the greatest quote of $400.3 million, which works out to $603 per sq ft per story proportion (psf ppr).
Wong Siew Ying, Head of Research and Content at PropNex, said this is a record land price for an EC site under the GLS program.
” It wrecked the previous record of $583 psf ppr gathered by the Sumang Walk EC site which was awarded in March 2018. The land rate for the Tengah Garden Walk EC story is additionally greater than the $576 psf ppr achieved for the Yishun Avenue 9 EC site that was awarded in November 2020,” he noted.
” Together with our companion MCL Land, we are very pleased to emerge as the leading bidder for this valued EC website in Tengah New Town and by a razor-thin margin of only 0.03% versus the following quote,” stated Sherman Kwek, Group Chief Executive Officer of CDL.
” The government’s visionary master plan for Tengah is very interesting and the area will certainly be become a clever as well as lasting town. Currently, the demand for ECs stays exceptionally solid as well as this augurs well for the advancement.”
CDL as well as MCL Land strategy to build 12 blocks of approximately 14 floors with about 620 EC devices at the website. The job will be created to achieve BCA Green Mark GoldPLUS (Super Low Energy) ranking according to land tender problems.
Tan Wee Hsien, Chief Executive Officer of MCL Land, stated future citizens of the job will appreciate superb transportation connectivity in addition to best-in-class leisure living since the 99-year leasehold site is located near 3 MRT stations on the upcoming Jurong Region Line (JRL).
The website is additionally within a 10-minute stroll to Tengah’s future Town Centre, while Orchard Road and the Central Business District are less than a 30-minute drive.
” The site is close to the Jurong Innovation District, a brand-new center for advanced production in Jurong West, and also Jurong Lake District, the largest commercial and also regional centre outside Singapore’s city centre,” stated CDL in a statement.
” In addition, there are 12 stories of land zoned for education and learning organizations within Tengah New Town, all within 2km of the task website. Existing primary schools within a 2km span of the site consist of prominent institutions such as Shuqun Primary School and Princess Elizabeth Primary School. It is likewise surrounded by various senior high schools, such as River Valley High School, Dulwich College (Singapore) and also Canadian International School (Lakeside Campus).”.
With a land price of $603 psf ppr, the market price for the household units at the advancement is anticipated to begin with $1,200 psf, stated Leonard Tay, Head of Research at Knight Frank Singapore.