Tengah Garden Walk EC site awarded for $400.3mil
The offer for an EC site at Tengah Garden Walk has actually been assigned to Taurus Properties, a 50:50 joint venture among City Developments Limited and MCL Ground.
Taurus Properties put forward the greatest bid of $400.3 million, which in turn formulates to $Six thousand Four hundred Ninety Two per sq m based upon gross floor area.
This is a track record ground figure for an EC plot beneath the Government Land Sales program, exceeding the earlier record of $Five hundred Eighty Three psf per plot ratio acquired by the Sumang Walk EC location that was presented in March2018, announced Wong SY, Chief of Research and Content at PropNex.
City Developments Limited and MCL Land arrange to put together 12 blocks of as much as 14 floors with roughly 6hundred 20 executive condominium apartments at the area. They shared that the property will be produced to get Building and Construction Authority Green Mark GoldPLUS (Super Low Energy) status as per ground bidding circumstances.
Tan WH, Chief Executive Officer of MCL Land, mentioned coming future locals of the property are going to experience effective transport connectivity along with top-notch leisure lifestyle given that the Ninety Nine year leasehold site is placed nearby 3 MRT stations on the approaching JRL.
Within a ten min walk to Tengah’s upcoming Town Centre, the location is additionally less than a thirty minute drive to Orchard Rd and the CBD.
Debuted offer for sale on 26 November 2K20, the 22,020.8 sq meter site has an utmost GFA of 61,659 square metre as well as is assessed to generate 615 home apartments. The 99-year leasehold plot has a property completion span of 60 months.
The tender for the spot wrapped up on 25May’21, by having seven bids picked up. The major tender was a bare 0.3% greater than the second best proposal of $Four hundred million from CSC Land Grp (SGP).