Taurus Properties, a 50:50 joint venture between City Developments Limited (CDL) MCL Land, submitted the highest bid of $400.3 million, which works out to $603 per sq ft per plot ratio (psf ppr). Photo: HDB
The tender for the executive condominium (EC) Government Land Sales (GLS) site at Tengah Garden Walk closed on Tuesday (25 May), with seven bids received, revealed the Housing and Development Board (HDB).
Taurus Properties, a 50:50 joint venture between City Developments Limited (CDL) MCL Land, submitted the highest bid of $400.3 million, which works out to $603 per sq ft per plot ratio (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 programme.
“It smashed the previous record of $583 psf ppr garnered by the Sumang Walk EC site which was awarded in March 2018. The land rate for the Tengah Garden Walk EC plot is also higher than the $576 psf ppr achieved for the Yishun Avenue 9 EC site that was awarded in November 2020,” he noted.
“Together with our partner MCL Land, we are very pleased to emerge as the top bidder for this prized EC site in Tengah New Town and by a razor-thin margin of only 0.03% versus the next bid,” said Sherman Kwek, Group Chief Executive Officer of CDL.
“The government’s visionary master plan for Tengah is very exciting and the area will be developed into a smart and sustainable town. Currently, the demand for ECs remains extremely strong and this augurs well for the development.”
CDL and MCL Land plan to build 12 blocks of up to 14 storeys with around 620 EC units at the site. The project will be designed to achieve BCA Green Mark GoldPLUS (Super Low Energy) rating as per land tender conditions.
Tan Wee Hsien, Chief Executive Officer of MCL Land, said future residents of the project will enjoy excellent transportation connectivity as well as best-in-class leisure living since the 99-year leasehold site is located near three MRT stations on the upcoming Jurong Region Line (JRL).
The site is also within a 10-minute walk 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 new hub for advanced manufacturing in Jurong West, and Jurong Lake District, the largest commercial and regional centre outside Singapore’s city centre,” said CDL in a statement.
“In addition, there are 12 plots of land zoned for education institutions within Tengah New Town, all within 2km of the project site. Existing primary schools within a 2km radius of the site include popular schools such as Shuqun Primary School and Princess Elizabeth Primary School. It is also surrounded by numerous secondary schools, such as River Valley High School, Dulwich College (Singapore) and Canadian International School (Lakeside Campus).”
With a land rate of $603 psf ppr, the selling price for the residential units at the development is expected to start from $1,200 psf, said Leonard Tay, Head of Research at Knight Frank Singapore.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: firstname.lastname@example.org