ST MICHAEL’S CONDO
Sengkang Grand Residences
*** An exciting integrated development comprising residential, retail, hawker centre and community club on top of Buangkok MRT station and a new bus interchange ***
Sengkang Grand Residences sees 216 units sold on launch weekend
SINGAPORE – Developers CapitaLand and City Developments Limited (CDL) have sold 216 or about 77 per cent of the 280 apartments launched for sale at the 680 unit-Sengkang Grand Residences over the weekend. The units were booked at an average selling price of about $1,700 per square foot for the 99-year leasehold development next to Buangkok MRT Station, said the listed companies in a media release yesterday (sun).
About 93 per cent of the buyers were Singaporeans, while the remaining 7 per cent were permanent residents and foreigners mainly from China, Malaysia, India and Philippines. Prices ranged from $798,000 for a one-bedroom plus study unit to $998,000 for a two-bedroom, $1.498 million for a three-bedroom and $2.1 million for a four-bedroom “premium plus flexi” apartment. Unit sizes began at 474 sq ft for the one-bedroom plus study to 1,324 sq ft for the four-bedroom premium plus flexi unit.
Said CDL Group general manager, Chia Ngiang Hong: “The robust take-up reflects a healthy demand for attractively priced homes that are well-designed, well located and well-connected to a comprehensive array of amenities. “We are confident that the project will continue to attract interest from prospective homebuyers and investors.”
Situated in Sengkang Central in district 19, the development forms part of the first integrated community and lifestyle hub in the North-East region. The residential component comprises 680 residential units that are spread across nine blocks. Complementing this, the integrated development also features a retail mall, hawker centre, community club, childcare centre, community plaza and a bus interchange. The three-storey Sengkang Grand Mall has a gross floor area of 160,000 sq ft.
Ronald Tay, chief executive officer of CapitaLand Singapore, Malaysia & Indonesia (residential & retail), added: “We are very encouraged by the strong response at the weekend launch of Sengkang Grand Residences. This points to the continued market demand for residences set within an integrated development. “Homebuyers are drawn to the property’s convenient location atop a transport hub and direct access to an exciting line-up of retail offerings at Sengkang Grand Mall, amongst other facilities and amenities.”
The 3.7 hectare property is a joint venture between CapitaLand and CDL which clinched the government land sale site for $777.78 million in August 2018. It is the largest commercial and residential site awarded since 2015. The bid was submitted on a two-envelope concept and price revenue tender system, with emphasis on an integrated design concept.
STRAITS TIMES, Aug 16, 2018:
CapitaLand-CDL tie-up lands Sengkang Central site with top bid of $777.8 million
SINGAPORE – A CapitaLand and City Developments Ltd (CDL) tie-up has clinched a commercial and residential site in Sengkang Central. Their winning bid of $777.78 million works out to $923.59 per square foot per plot ratio (psf ppr) for the 99-year leasehold site next to Buangkok MRT Station.
In a joint release on Thursday evening, CapitaLand and CDL said their joint venture will transform the 3.7-hectare site – 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 integrated development is targeted for completion in the first half of 2022, they added.
The winning bid was the highest of the four shortlisted tenderers for the dual-envelope (concept and price) tender, said the Urban Redevelopment Authority, which awarded the site on Thursday. The other three shortlisted bids came from:-
A tie-up between Perennial Singapore and Qingjian Realty, which bid nearly S$682 million or S$809.86 psf ppr;
A Singapore Press Holdings and Kajima Development tie-up, which bid S$636.39 million or S$755.69 psf ppr; and
A Wing Tai Holdings and Keppel Land tie-up, which bid S$608.9 million or S$723.05 psf ppr.
These four bids were shortlisted from the seven bids submitted by six tenderers; one of the tenderers submitted two concept proposals. All bidders were required to submit their concept proposals and tender prices in two separate envelopes. At the first stage of the tender process, those concept proposals that had substantially satisfied the evaluation criteria were shortlisted by the Concept Evaluation Committee (CEC) to proceed to the second stage of tender evaluation. At the second stage, only the price envelopes submitted by the tenderers of the four shortlisted concept proposals were opened for consideration. The site was then awarded to the tenderer with the highest bid among the tenderers with shortlisted concept proposals.
The proposed mixed-use development will have an integrated community and transport hub with a bus interchange on the first storey, a hawker centre on the second storey and a community club that spans across three storeys.
CapitaLand president and group chief executive Lim Ming Yan, 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.”
“We see tremendous potential in this site which has exceptional attributes,” CDL group chief executive Sherman Kwek said.
“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.”
