SINGAPORE – A large mixed-use site in Hougang Central drew three bids when a tender closed on Dec 16, with a joint venture between CapitaLand and UOL Group companies putting in the top bid of $1.5 billion or $1,179 per sq ft per plot (psf ppr) ratio.
Bids came in above analysts’ expectations of $800 to $1,000 psf ppr for a 4.7ha site that will house an integrated project with 835 residential units and over 430,000 sq ft of commercial space.
Part of the project will be located above the existing Hougang MRT station and must also be integrated with a bus interchange.
UOL, Singapore Land and CapitaLand had earlier clinched another massive mixed-use project site in Tampines for $1.21 billion or $885 psf ppr in 2023. The 1,193-unit project, Parktown Residence, was marketed in February and
sold over 87 per cent of units
at an average of $2,360 psf on its launch weekend.
The top bid, submitted by Horizon Residential (comprising CapitaLand Development, UOL, Singapore Land and Kheng Leong) and Horizon Commercial (a CapitaLand vehicle), for the Hougang project came in 2 per cent higher than the next-highest bid of $1.47 billion or $1,155 psf ppr, from the Sim Lian group.
A Frasers Property-led consortium, including Sekisui House and Lum Chang, came third, with a bid of $1.4 billion or $1,101 psf ppr.
While construction is expected to be complex given the transport and infrastructural requirements, the mixed-use development will produce the first major mall in the area.
It is also the Hougang neighbourhood’s first new launch since the 1,410-unit The Florence Residences condominium in 2019.
THE BUSINESS TIMES