Ravi Chandran
CapitaLand Limited and joint venture partner City Developments Limited (CDL) have successfully clinched the prime site in Sengkang Central. The attractive mixed-use residential and commercial site was won at at a tender price of $777.78 million. The bid was submitted on a Two-envelope Concept and Price Revenue tender system which works out to S$923.60 per square foot of gross floor area. The total gross floor area is 78,236 square metres.
Leveraging synergies from CapitaLand’s and CDL’s proven expertise in integrated developments, the joint venture will transform the 3.7-hectare prime site in Sengkang Central – the largest commercial and residential site awarded since 2015 – into an integrated community hub with 700 residential apartments, meeting the needs of residents in Buangkok with amenities such as a hawker centre, community club, childcare centre, retail shops, as well as public rail and bus transport facilities sited in a one-stop location. The new non-remittable and revised ABSD rates imposed on housing developers from 6 July 2018 will not apply for this site acquisition. The integrated development is targeted for completion in the first half of 2022.
This integrated prime site in Sengkang Central has direct access to Buangkok MRT Station and the future bus interchange and is a mere 20-minute drive from the Central Business District. At only nine stops to Dhoby Ghaut MRT Station via North-East Line, the travelling time is less than 25 minutes. The site is also easily accessible via major expressways such as KPE, SLE and CTE and well connected to major hubs such as the future Punggol Digital District and Seletar Aerospace Park. The proposed development will offer first-time private home buyers and upgraders an attractive opportunity to own a home with excellent transportation connectivity and close proximity to a myriad of amenities.
As the only mixed commercial and residential the prime site in Sengkang Central with seamless and sheltered connectivity to the Buangkok MRT Station and the future bus interchange, the development will contribute towards enhancing the walkability of the neighbourhood by providing a linear park that runs along the entire frontage of the development along Sengkang Central and Compassvale Ancilla Park; as well as a garden ramp connecting the residential component with the rest of the development.
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Mr Lim Ming Yan, President & Group CEO of CapitaLand Group said: “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. Winning this bid attests to CapitaLand’s track record in creating quality integrated developments fusing live, work and play elements that serve the needs of the community. This is our second acquisition of the week, as we gather momentum in replenishing our land bank. CapitaLand will continue to be disciplined and focused in our capital recycling efforts, by actively deploying the gains from our portfolio reconstitution strategy into higher yielding investments.”
CapitaLand won the bid for two prime residential sites totalling 150,000 square metres in Guangzhou, South China on 14 August 2018.
Mr Sherman Kwek, CDL Group CEO said: “CDL is honoured to have won this comprehensive integrated development site with our partner CapitaLand. There is deep emphasis on design as the site was put up for sale under a dual-envelope concept and price tender. Over the years, CDL has built up a strong track record for compelling design concepts which has enabled us to secure prime sites like The South Beach and Quayside Collection in Sentosa Cove under the two-envelope system.”
“We see tremendous potential in this site which has exceptional attributes. Envisioned as a one-stop community hub, it will be integrated with a new bus interchange and connected to the existing Buangkok MRT Station. Various amenities and recreational facilities such as a hawker centre, childcare centre and civic plaza will be right at residents’ doorsteps, giving rise to a vibrant and bustling community. CDL is familiar with the vicinity, having developed the fully-sold Jewel @ Buangkok across from this site. Through our partnership with CapitaLand, we hope to create a distinctive and endearing landmark that will serve as the nucleus for the whole Buangkok and greater Sengkang area.”
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The joint bid by CapitaLand and CDL for the prime site in Sengkang Central was submitted through Siena Residential Development Pte. Ltd. and Siena Trustee Pte. Ltd. (as Trustee-Manager of Siena Commercial Trust), each holding a 50.0% interest in Siena Residential Development Pte. Ltd., Siena Trustee Pte. Ltd. and Siena Commercial Trust.
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