Sengkang Central Site Received 7 Bids
Sengkang Central Site where Pegasus Grand Condo Launching Soon is located at, most iconic mixed development in Singapore, well attracted a huge demand by receiving 7 tenders in a short period. Pegasus Grand has both residential and commercial combined together at a space about 401,008 sq ft, reported by the Urban Redevelopment Authority (URA Singapore).
This development Pegasus Grand is a 99-year leasehold with a maximum gross floor area of 842,125 sq ft. This may result in 700 residential products for Pegasus Grand – the condo is join to the entire development. This creation is said to have a high chance to be a landmark in the region.
The project was propelled in to the sales phase previous December 2018 via the original price tender framework where envelopes containing the theory advice are opened and assessed. The conditions incorporates the overall idea, dynamics of available resources and the engineers’ reputation.
Anxious Results Released to Sengkang Central Bidders
Thereafter, the envelopes containing bid rates will be opened, but only people that have qualifying concept proposals will be looked at, with the website awarded to the best bidder. When the bidding was closed, there were 6 parties whom submitted a total of seven proposals. These include a joint venture between CapitaLand and City Developments Limited, Perennial Real Estate Holdings and Qingjian Realty, Wing Tai Holdings and Keppel Property, and Singapore Press Holdings and Kajima Advancement.
First Joint Venture Between CapitaLand and City Developments Limited
The joint venture between CapitaLand and CDL is the first in a decade. CapitaLand & CDL Bid $777.78M For Sengkang Central. Property consultancy JLL noticed that the site got less offers contrasted with the 247,214 sq ft Holland Road site, which was granted in May to Far East Organization.
Overall, it said the property parcel next to Buangkok MRT station attracted “fair interest” from companies with “no shortage of capability and experience in successfully designing and developing the subject parcel”.
The six consortia who have thrown in the bids comprise experienced designers with proven track records. We expect the selection process to be challenging and very comprehensive.