A government land sale (GLS) mixed-use site at Sengkang Central, under the has drawn a total of 7 bids from various property developers – under the “dual-envelope” system, which is similar to the earlier Holland Road GLS site (tender awarded to Far East Organisation for S$1.21 billion) and Hillview Rise GLS site (tender results are still pending).
Situated just next to Buangkok MRT Station, the Sengkang Central GLS site had a massive land area of around 401,008 square feet and a 2.1 gross plot ratio.
The site has been zoned for future development which will comprise of both residential and commercial components and has been envisioned to become a community hub for the benefit of residents living within the Buangkok precinct.
It was noted by property consultants that amenities such as childcare center, retail spaces, hawker center, and public bus and rail transport facilities could be found in this future new launch at Sengkang.
According to reports, 6 out of the 7 bids received for the Sengkang Central GLS site were from joint partnerships. The only individual party – who submitted 2 bids with 2 different development concepts was Far East Organisation.
Another property developer involved in this tender is a joint-venture between City Developments Ltd & CapitaLand, who have already partnered up for 2 bids with 2 different concepts for the ongoing Hillview GLS tender.
Joining forces for the 3rd time is Qingjian Realty together with Perennial Real Estate Holdings. They have also teamed up for the Holland Road site tender and have recently co-acquired Goodluck Garden for S$610 million via a collective sale.
The joint venture between Keppel Land with Wing Tai Holdings (already partners for the recently launched Garden Residences) is also involved in this Sengkang Central GLS site tender, another noticeable participation came from Singapore Press Holdings partnering Kajima Development (who are in the midst of launching their latest mixed-use project, Woodleigh Mall and Woodleigh Residences).
It was also added by market watchers that the total number of bids received for the Sengkang Central GLS site is lower than the 9 bids received for the Hillview GLS site, and approximately just half of the 15 bids received from 10 different parties for the Holland Road GLS site.