Tengah Garden Walk EC site awarded for $400.3mil
The bidding for an exec condo ground at Tengah Garden Walk has already been granted to Taurus Properties, a 50% joint venture in between City Developments Limited and MCL Land.
Taurus Properties handed in the highest quote of $Four hundred million, which calculates to $6,492.45 per square meter based on gross floor area.
This is a track record land rate for an exec condominium site beneath the GLS program, exceeding the earlier track record of $5hundred 83 psf per plot ratio accomplished by the Sumang Walk EC ground that was presented in Mar’18, claimed Wong Siew Ying, Head of Research and Content at PropNex.
City Developments Limited including MCL Land intend to establish twelve blks of until fourteen levels with roughly 620 EC units at the location. They gave out that the property will be developed to attain Building and Construction Authority Green Mark GoldPLUS (Super Low Energy) status as per ground bidding situations.
Tan WH, Chief Exec Officer of MCL Land, shared future locals of the property will certainly appreciate top-notch transporting connectivity along with top-notch leisure living as the Ninety Nine year leasehold site is placed in close proximity to 3 Mass Rapid Transit terminals on the future Jurong Region Line.
Within a ten min walk to Tengah’s upcoming Neighborhood Hub, the area is also shorter than a 30-minute ride to Orchard Rd also the Central Business District.
Debuted up for sale on 26November2020, the Twenty Two thousand Twenty sq meter ground has a peak gross floor area of Sixty one thousand Six hundred Fifty nine sq metre and also is expected to supply Six hundred Fifteen residential apartments. The 99-year lease area has a project completion phase of sixty mths.
The offer for the plot closed on 25May’21, by having 7 proposals took in. The best quote was a simple 0.3% over the second-highest tender of $Four hundred mil from CSC Land Grp (S’pore).