The tender for the executive condominium (EC) Government Land Sales (GLS) site at Tengah Garden Stroll closed on Tuesday (25 Might), with seven proposals got, disclosed the Housing and also Growth Board (HDB). Taurus Properties, a 50:50 joint endeavor in between City Developments Limited (CDL) MCL Land, submitted the highest proposal of $400.3 million, which exercises to $603 per sq ft per plot proportion (psf ppr).
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Wong Siew Ying, Head of Research as well as Content at PropNex, said this is a record land price for an EC site under the GLS programme. ” It wrecked the previous record of $583 psf ppr amassed by the Sumang Walk EC site which was awarded in March 2018. The land price for the Tengah Garden Walk EC plot is also greater than the $576 psf ppr accomplished for the Yishun Avenue 9 EC site that was granted in November 2020,” he noted.
” Together with our partner MCL Land, we are really pleased to emerge as the leading bidder for this prized EC website in Tengah New Town and by a razor-thin margin of only 0.03% versus the following proposal,” stated Sherman Kwek, Group Chief Executive Officer of CDL.
” The federal government’s visionary plan of attack for Tengah is very exciting and also the location will certainly be developed into a wise as well as lasting community. Currently, the need for ECs stays exceptionally solid and also this augurs well for the growth.”
CDL as well as MCL Land plan to construct 12 blocks of approximately 14 floors with around 620 EC systems at the website. The project will certainly be designed to accomplish BCA Green Mark GoldPLUS (Super Low Energy) ranking as per land tender problems.
Tan Wee Hsien, Chief Executive Officer of MCL Land, claimed future locals of the project will certainly enjoy superb transportation connectivity as well as best-in-class recreation living considering that the 99-year leasehold website is located near three MRT terminals on the upcoming Jurong Region Line (JRL).
The website 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 website is close to the Jurong Innovation District, a brand-new hub for sophisticated production in Jurong West, and Jurong Lake District, the largest business and regional centre outside Singapore’s city centre,” stated CDL in a statement.
” In enhancement, there are 12 stories of land zoned for education establishments within Tengah New Town, all within 2km of the project site. Existing primary schools within a 2km radius of the website consist of preferred schools such as Shuqun Primary School and also Orchard Boulevard Residences Condo Princess Elizabeth Primary School. It is likewise surrounded by various senior high 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 asking price for the household systems at the growth is anticipated to start from $1,200 psf, claimed Leonard Tay, Head of Research at Knight Frank Singapore.
