Taurus Properties, a 50:50 joint venture between MCL Land and City Developments Limited (CDL) has been granted the contract for an executive condominium (EC) site at Tengah Garden Walk.
Taurus Properties came in first with an offer of $400.3 million, or $6,492.45 per square meter based on gross floor space (GFA).
According to Wong Siew Ying, Head of Research and Content at PropNex, this is a record land pricing for an EC site under the GLS program, beating the previous record of $583 per sq ft per plot ratio (psf ppr) set by the Sumang Walk EC site, which was granted in March 2018.
CDL and MCL Land want to construct 12 buildings with up to 14 stories and 620 EC units on the land. According to the land tender criteria, the project will be built to obtain BCA Green Mark GoldPLUS (Super Low Energy) grade.
Because the 99-year leasehold property is located near three MRT stations on the forthcoming Jurong Region Line, Tan Wee Hsien of MCL Land, said future inhabitants of the project would enjoy exceptional transit connection as well as best-in-class recreational living (JRL).
The property is less than a 30-minute drive from Central Business District and Orchard Road, and is just a 10-minute walk from Tengah’s upcoming Town Centre (CBD).
The 22,020.8 sq m plot, which was put up for sale on November 26, 2020, has a potential GFA of 61,659 sq m and is expected to generate 615 dwelling units. The project will take 60 months to complete on the 99-year leasehold land.
The site’s tender was ended on May 25, 2021, with seven offers submitted. The winning offer was just 0.3 percent more than CSC Land Group’s second-highest offering of $400.2 million (Singapore).
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