Sengkang Central site goes for top bid of $777.8m

Source: www.SRX.com



A commercial and residential site in Sengkang Central has been purchased by a joint venture of CapitaLand and City Developments Ltd (CDL). They had a winning bid of $777.78 million that was equivalent to $923.59 per square foot per plot ratio (psf ppr) for the 99-year leasehold site around the Buangkok MRT Station.

A joint statement by CapitaLand and CDL revealed that their joint venture will facilitate the transformation of the 3.7ha site, which is the largest residential and commercial site that has been awarded since 2015, and would be transformed into an integrated community hub that will have 700 residential apartments, thus catering to the needs of Buangkok residents, with amenities like a hawker centre, childcare centre,  community club, retail shops, including rail and bus transport facilities that are at a one-stop location. According to them, the integrated development is billed to be completed in the first half of 2022.

According to the Urban Redevelopment Authority, that awarded the site, the winning bid came as the highest of the four shortlisted tenderers for the dual-envelope (price and concept) tender.

The other three shortlisted bids came from:

  • A combination of Perennial Singapore and Qingjian Realty, who bid about $682 million;
  • A Singapore Press Holdings and Kajima Development joint venture, that bid $636.39 million; and
  • A Wing Tai Holdings and Keppel Land combination, which bid $608.9 million.

These four bids got shortlisted from seven that were submitted by six tenderers; and two proposals were submitted by one of the tenderers.

It was a requirement that the bidders had to submit their tender prices and concept proposals in two separate envelopes.

The first stage of the tender process was for shortlisting concept proposals that had substantially satisfied the evaluation criteria, and thus, they were able to scale through to the second stage of tender evaluation.

The second stage was for the price envelopes submitted by the tenderers, and after processes involved, the site was then awarded to the tenderer with the highest bid.

The proposed development will have various social amenities and facilities, including

  • An integrated community and transport hub with a bus interchange on the first storey,
  • A hawker centre situated on the second storey and also a community club that occupies three storeys.

“CapitaLand looks forward to partnering CDL to shape and transform the site into a landmark development that will be an identity marker and new focal point for the Buangkok neighbourhood,” CapitaLand president and group chief executive Lim Ming Yan said.

“We see tremendous potential in this site which has exceptional attributes,” CDL group chief executive Sherman Kwek said.

“Various amenities and recreational facilities such as a hawker centre, childcare centre and civic plaza will be right at the residents’ doorstep, giving rise to a vibrant and bustling community.”

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