CapitaLand and City Developments Ltd (CDL) jointly snapped up a 99-year leasehold mixed commercial and residential site in Sengkang Central, located next to Buangkok MRT Station. Awarded by the Urban Redevelopment Authority (URA), the mixed residential and commercial development to be known as Sengkang Grand Residences and Sengkang Grand Mall. The winning bidder emerged with the top bid $777.78 million for , works out to be $923.59 per square foot per plot ratio (psf ppr).
CapitaLand and CDL will be developing the 3.7-hectare site into the largest mixed development with integrated community hub and 700 residential units. The mega development will provide more amenities that would benefit the needs of the residents living in Buangkok. Amenities include community club, hawker food centre, retail shops, childcare centre as well as public transportation – MRT station and bus transport within the location.
Sengkang Grand Residences is targeted to complete in the year of 2022.
The other bidders came after were from a tie-up between Perennial Singapore and Qingjian Realty for S$682 million. Singapore Press Holdings and Kajima Development tie-up for S$636.39 million and Wing Tai Holdings and Keppel Land tie-up for S$608.9 million.
All bidders from the developers were required to submit their development concept plan and proposals with tender prices. Concept Evaluation Committee (CEC) will then evaluate the criteria as part of the first stage process before moving to tender evaluation.
At the second stage, only the shortlisted contestants for the concept proposals will be able to submit for tender as part of the consideration. The commercial and residential site will then awarded to the tenderer with shortlisted concept proposals and highest bid among the rest of the tenderers.
The proposed mixed-development will a landmark in the Buangkok neighbourhood. The development will have an integrated community centre and transport hub bus interchange at the first storey. A hawker centre will be build on the second storey and community club will on the third storey.
CapitaLand partnering with CDL will certainly shape and transform the mega site to a popular place for the neighbourhood to dwell and network. It will be a great place for recreation activities and a vibrant estate thereafter.