The delicate for the chief condo (EC) Government Land Sales (GLS) site at Tengah Garden Walk shut on Tuesday (25 May), with seven offers got, uncovered the Housing and Development Board (HDB).
Taurus Properties, a 50:50 joint endeavor between City Developments Limited (CDL) MCL Land, presented the most noteworthy bid of $400.3 million, which works out to $603 per sq ft per plot proportion (psf ppr).
Wong Siew Ying, Head of Research and Content at PropNex, said this is a record land rate for an EC site under the GLS program.
“It crushed the past record of $583 psf ppr collected by the Sumang Walk EC site which was granted in March 2018. The land rate for the Tengah Garden Walk EC plot is likewise higher than the $576 psf ppr accomplished for the Yishun Avenue 9 EC site that was granted in November 2020,” he noted.
“Along with our accomplice MCL Land, we are extremely satisfied to arise as the top bidder for this valued EC site in Tengah New Town and by a razor-slender edge of just 0.03% versus the following bid,” said Sherman Kwek, Group Chief Executive Officer of CDL.
“The public authority’s visionary end-all strategy for Tengah is exceptionally energizing and the region will be formed into a shrewd and maintainable town. At present, the interest for ECs remains very solid and this foreshadows well for the turn of events.”
CDL and MCL Land intend to construct 12 squares of up to 14 stories with around 620 EC units at the site. The undertaking will be intended to accomplish BCA Green Mark GoldPLUS (Super Low Energy) rating according to land delicate conditions.
Tan Wee Hsien, Chief Executive Officer of MCL Land, said future inhabitants of the task will appreciate superb transportation availability just as top tier relaxation living since the 99-year leasehold site is situated close to three MRT stations on the forthcoming Jurong Region Line (JRL).
The site is additionally inside a 10-minute stroll to Tengah’s future Town Center, while Orchard Road and the Central Business District are not exactly a 30-minute drive.
“The site is near the Jurong Innovation District, another center point for cutting edge producing in Jurong West, and Jurong Lake District, the biggest business and provincial focus outside Singapore’s downtown area,” said CDL in a proclamation.
“Moreover, there are 12 plots of land drafted for schooling establishments inside Tengah New Town, all inside 2km of the venture site. Existing grade schools inside a 2km span of the site incorporate well known schools like Shuqun Primary School and Princess Elizabeth Primary School. It is likewise encircled by various optional schools, like River Valley High School, Dulwich College (Singapore) and Canadian International School (Lakeside Campus).”
With a land pace of $603 psf ppr, the selling cost for the private units at the advancement is required to begin from $1,200 psf, said Leonard Tay, Head of Research at Knight Frank Singapore.