CapitaLand has partnered Japan’s Mitsubishi Estate Co to jointly develop a condo site in Bishan, which CapitaLand acquired in February.
Mitsubishi Estate holds a 25 percent share, while CapitaLand will manage the remaining 75 percent stake in the development, which it plans to launch in the first half of 2012.
The property is situated near Junction 8 and Bishan MRT station and CapitaLand is looking at offering it at an average price of approximately S$1,500 psf.
As the project’s prime development manager, CapitaLand will be responsible for all aspects of sales and marketing, product design and development and project management.
“The Bishan Central site is a rare gem as there has been a lack of new private residential developments in the area to meet the home buyers’ needs,” said Wong Heang Fine, CEO of CapitaLand Residential Singapore.
“The Bishan estate has about 27,000 households and compared to the Singapore average, a higher percentage of these households enjoy monthly income of S$10,000 and above.”
He added that the design and development works for the project are currently in progress.
CapitaLand revealed that the proposed condo features at least 36-levels and will include around 600 units. “Future residents on the upper floors will enjoy views of Bishan Park and Kallang River,” it said.
“CapitaLand and Mitsubishi plan to create a new architectural landmark on the site and will engage an internationally renowned star architect to conceptualise and design the new condominium.”
“When completed, the project’s iconic architecture is envisaged to transform the landscape of Bishan Central and add value to the site which is located in one of Singapore’s most popular and desired residential estates.”