Seven bids marked the successful completion of tender offer for Central Government land in Sengkang (GLS) on June 21. Like tender offer for Hillview Rise GLS and Holland Road GLS site in May, this Sengkang tender is also for household and commercial cum industrial site launched under standard tender conditions.
Six bids out of seven were from joint venture parties. Far East Organization submitted two bids overall with two different underlying concepts. It submitted three bids with three different concepts for Holland Road residential-and-commercial site in May.
About Sengkang Central Government land (GLS)
Stretching across area close to 37k sqm (401k sq ft approx), this site is proximate to Buangkok MRT station. Going by its potential, it can yield astonishing gross floor area (GFA) of around 78k sqm (842k sq ft). “The land is centrally located and can serve as a perfect landmark for the vicinity areas of Sengkang-Buangkok,” says Desmond Sim, in capacity of CBRE head of research for Singapore and Southeast Asia.
Executive Director of ZACD Group also pointed that this place is visualised as “an integrated community zone to fulfil the needs of residents in Buangkok”. Nicholas Mak also highlighted that “this area is zoned for residential cum commercial development and could possibly include a childcare centre, shops, public transport facilities, hawker centre and community hub.”
Joint Venture Participants
City Developments Ltd (CDL) and CapitaLand, the two listed groups known for their outstanding properties in Singapore have teamed up second time for Sengkang Central Government land. They joined hands for the first time for GLS site named as Hillview Rise.
This will be third project for joint venture represented by Qingjian Realty listed in Hong Kong and headquartered in Singapore and healthcare and real estate group listed in Singapore popularly known as Perennial Real Estate Holdings. Holland Road GLS & Goodluck Garden are the two renowned projects which were co-developed by them.
The developers of 613-unit Serangoon Garden Residences Keppel Land and Wing Tai Holdings are partnering once again for this land. The developers, who has worked together for the upcoming Bidadari mixed-use development known as Woodleigh Residences and Mall have also taken part to compete for this land tender. (The other new launch condo nearby is named Park Colonial)
Developers which are novice partners for this project are mainland Chinese developer MCC Land based out of Singapore known for their upcoming 731-unit The Poiz Residences and Chinese developer Grantral Land based of Guangzhou, owner of one of the biggest malls at Clementi- Grantral Mall.
“It is fairly difficult to get a good deal for acquiring well-located shopping malls in Singapore and thus acquiring land is one of the only means to develop shopping malls” stated Mak from ZACD. He also added “the size and technical conditions of the tender required big players in the property market.”
You can find out more about this land tender from the link below
https://sg.finance.yahoo.com/news/sengkang-central-gls-draws-seven-150602809.html
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