Friday, August 17, 2018

CapitaLand-CDL tie-up win Sengkang Central bid

Source Website: https://www.tnp.sg/news/business/capitaland-cdl-tie-win-sengkang-central-bid
By The New Paper, The Straits Times, 17 August 2018 at 06:00 am


CapitaLand-CDL joint venture wins prime site in Sengkang Central.
PHOTO: CapitaLand-CDL joint venture wins prime site in Sengkang Central.
They will build integrated community hub after $777.78m winning bid.
PHOTO: CAPITALAND, CITY DEVELOPMENTS AND MKPL ARCHITECTS
Picture posted by The New Paper on 17 August 2018 at 06:00 am - Sengkang Central government land (GLS)

https://3.bp.blogspot.com/-Xt5-eSQU48o/W3ZKv3S3MOI/AAAAAAAArFc/KLX5llCMmxIG7MMFEO4LZLX1IM9rXVUtgCLcBGAs/s1600/NP_20180817_BIZKRSENGKANG17_4215897.jpg
https://www.tnp.sg/sites/default/files/styles/rl780/public/articles/2018/08/17/NP_20180817_BIZKRSENGKANG17_4215897.jpg?itok=uaADbP8m
https://www.tnp.sg/news/business/capitaland-cdl-tie-win-sengkang-central-bid



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 yesterday, CapitaLand and CDL said their joint venture will transform the 3.7ha site - the largest commercial and residential site awarded since 2015 - into an integrated community hub with 700 residential apartments.



A CapitaLand and City Developments Ltd (CDL) tie-up has clinched a commercial and residential site in Sengkang Central.
PHOTO: A CapitaLand and City Developments Ltd (CDL) tie-up has clinched a commercial and residential site in Sengkang Central. Their winning bid of S$777.78 million works out to S$923.59 per square foot per plot ratio (psf ppr) for the 99-year leasehold site next to Buangkok MRT Station.
PHOTO: SIENA RESIDENTIAL DEVELOPMENT, SIENA TRUSTEE, MKPL ARCHITECTS
Picture posted by Kalpana Rashiwala, kalpana@sph.com.sg, @KalpanaBT on Thursday, 16 August 2018 at 6:45 PM

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https://www.businesstimes.com.sg/sites/default/files/styles/680x453/public/image/2018/08/16/SengkangCentral01.png?itok=1dKAT4Mt
https://www.businesstimes.com.sg/real-estate/capitaland-cdl-tie-up-clinches-sengkang-central-site-for-s77778m



The venture will meet 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 yesterday.The other three shortlisted bids came from:

• A tie-up between Perennial Singapore and Qingjian Realty, which bid nearly $682 million;

• A Singapore Press Holdings and Kajima Development tie-up, which bid $636.39 million; and

• A Wing Tai Holdings and Keppel Land tie-up, which bid $608.9 million.

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.


Sengkang Central government land (GLS) site draws seven bids
PHOTO: Sengkang Central government land (GLS) site draws seven bids
The site at Sengkang Central is located next to the Buangkok MRT station. It has a land area of 37,254.9 sqm (401,008 sq ft) and a plot ratio of 2.1, which means it can yield a maximum gross floor area (GFA) of 78,236 sqm (842,125 sq ft). “The site presents strong potential to be the landmark of the Sengkang-Buangkok vicinity,” says Desmond Sim, CBRE head of research for Singapore and Southeast Asia.
Credit: URA
Picture posted by EdgeProp, cecilia.chow@bizedge.com on 21 June 2018

https://3.bp.blogspot.com/-Dejs4Qn_ghM/W3ZKwIpY-FI/AAAAAAAArFg/siIoBvs6-l4j0CsCHslPq4OPAyDB7T-rwCLcBGAs/s1600/8692b1e4a8ffa500438f6a7624ea2f28.jpg
https://s.yimg.com/ny/api/res/1.2/pcNFp.dEsXyNmt6_uqBcqQ--~A/YXBwaWQ9aGlnaGxhbmRlcjtzbT0xO3c9NTMwO2g9Mjgy/http://media.zenfs.com/en-SG/homerun/theedgeproperty.com.sg/8692b1e4a8ffa500438f6a7624ea2f28
https://sg.finance.yahoo.com/news/sengkang-central-gls-draws-seven-150602809.html



At the first stage of the tender process, those concept proposals that had substantially satisfied the evaluation criteria were shortlisted 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.

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 three storeys.



The integrated development by CapitaLand and joint venture partner CDL will have a bus interchange on the first storey, a hawker centre on the second storey and a community club that spans three storeys.
PHOTO: The integrated development by CapitaLand and joint venture partner CDL will have a bus interchange on the first storey, a hawker centre on the second storey and a community club that spans three storeys. It is targeted for completion in the first half of 2022.
PHOTO: CAPITALAND/CDL
Picture posted by The Straits Times on 17 August 2018

https://2.bp.blogspot.com/-FxWpDAJcd98/W3ZKwA5qIgI/AAAAAAAArFk/shoK1SSSRssHp4BLqCM8uzaOgSvOpcUKQCLcBGAs/s1600/ST_20180817_BIZKRSENGKANG17QEGD_4216213.jpg
https://www.straitstimes.com/sites/default/files/styles/article_pictrure_780x520_/public/articles/2018/08/17/ST_20180817_BIZKRSENGKANG17QEGD_4216213.jpg?itok=E6NRaOFi
https://www.straitstimes.com/business/property/sengkang-central-site-goes-for-top-bid-of-7778m



"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," CapitaLand president and group chief executive Lim Ming Yan said.

"We see tremendous potential in this site which has exceptional attributes," CDL group chief executive Sherman Kwek said. "Various amenities and recreational facilities... will be right at residents' doorsteps, giving rise to a vibrant and bustling community." - THE STRAITS TIMES

 

The dual-envelope system requires bidders to describe their concept for the site and, in a separate envelope, to state the price they would pay.
PHOTO: The dual-envelope system requires bidders to describe their concept for the site and, in a separate envelope, to state the price they would pay.
The 37,284.8 sq m Sengkang site next to Buangkok MRT station was launched for sale last December by the Urban Redevelopment Authority. It is on a 99-year lease and expected to generate about 700 units.
Picture posted by The Strauts Times on 22 June 2018 at 5:00 am SGT

https://4.bp.blogspot.com/-HstznlWJrlI/W3ZKw97NU0I/AAAAAAAArFs/WkgrPEnycUMB-8O4npaYViC8QjE-IxUswCLcBGAs/s1600/st_20180622_bizlktender22_4078423-500x738.jpg
https://www.straitstimes.com/sites/default/files/resize/articles/2018/06/22/st_20180622_bizlktender22_4078423-500x738.jpg
https://www.straitstimes.com/business/property/major-developers-vying-for-site-in-sengkang-central

By The New Paper, The Straits Times, 17 August 2018 at 06:00 am
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Reference
[1] The New Paper, The Straits Times, CapitaLand-CDL tie-up win Sengkang Central bid, posted on 17 August 2018 at 06:00 am, https://www.tnp.sg/news/business/capitaland-cdl-tie-win-sengkang-central-bid

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