Location map of the land site at Sengkang Central. Source: URA
The tender for a residential and commercial site in Sengkang Central measuring approximately 401,008 sq ft closed on Thursday (21 June), said the Urban Redevelopment Authority.
The 99-year leasehold site with a maximum gross floor area of 842,125 sq ft could yield some 700 housing units. It also has strong potential to become a landmark in the area, said CBRE research head Desmond Sim.
The confirmed list site was launched for sale last December via the concept and price tender system, whereby envelopes containing the concept proposals are opened and evaluated first.
The criteria includes the design concept, quality of public realm and the developers’ track record.
Thereafter, the envelopes containing bid prices will be opened, but only those with qualifying concept proposals will be considered, with the site awarded to the highest bidder.
Overall, six parties submitted seven concept proposals. These include a joint venture between CapitaLand and City Developments Limited, Perennial Real Estate Holdings and Qingjian Realty, Wing Tai Holdings and Keppel Land, and Singapore Press Holdings and Kajima Development.
Property consultancy JLL noted that the site received fewer bids compared to the 247,214 sq ft Holland Road site, which was awarded in May to Far East Organization.
Nevertheless, it said the land parcel next to Buangkok MRT station attracted “fair interest” from companies with “no shortage of capability and experience in successfully designing and developing the subject parcel”.
CBRE’s Sim agrees. “The six consortia who have thrown in the bids comprise experienced developers with proven track records. We expect the selection process to be challenging and very comprehensive.”