CapitaLand-UOL Group tops bid for mixed-use development plot at Hougang Central with $1.5 bil bid or $1,179 psf ppr
The 504,825 sq ft site is zoned for “commercial and residential use”
The tender for the 99-year leasehold mixed-use Government Land Sales (GLS) site at Hougang Central closed on Dec 16, with three bids. The top bid of $1.5 billion, or $1,179 psf per plot ratio (psf ppr), came from joint venture partners UOL Group, CapitaLand Development (CLD), and CapitaLand Integrated Commercial Trust (CICT). If awarded, UOL and CLD will jointly develop the residential component of the site for sale, while CICT will develop and retain full ownership of the commercial component.
"It is set to become a major civic hub for community events and activities, featuring a sheltered public event space and F&B offerings that add to the area's vibrancy," according to the consortium in a joint statement. "With around 830 residential units and about 300,000 sq ft of net lettable area for retail and lifestyle offerings, the project will be the largest mall in Hougang and a key anchor for future growth in the precinct."
