The Tengah Garden Walk EC site will have 12 blocks of up to 14 storeys built on it, with around 620 EC units being put up. Source: HDB
The tender for an executive condominium (EC) site at Tengah Garden Walk has been awarded to Taurus Properties, a 50:50 joint venture between City Developments Limited (CDL) and MCL Land.
Taurus Properties submitted the highest bid of $400.3 million, which works out to $6,492.45 per sq m based on gross floor area (GFA).
This is a record land rate for an EC site under the GLS programme, surpassing the previous record of $583 per sq ft per plot ratio (psf ppr) achieved by the Sumang Walk EC site that was awarded in March 2018, said Wong Siew Ying, Head of Research and Content at PropNex.
CDL and MCL Land plan to build 12 blocks of up to 14 storeys with around 620 EC units at the site. They shared that 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 situated near three MRT stations on the upcoming Jurong Region Line (JRL).
Within a 10-minute walk to Tengah’s future Town Centre, the site is also less than a 30-minute drive to Orchard Road and the Central Business District (CBD).
Launched for sale on 26 November 2020, the 22,020.8 sq m site has a maximum GFA of 61,659 sq m and is estimated to yield 615 housing units. The 99-year leasehold site has a project completion period of 60 months.
The tender for the site closed on 25 May 2021, with seven bids received. The top bid was a mere 0.3% higher than the second-highest bid of $400.2 million from CSC Land Group (Singapore).
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: firstname.lastname@example.org