City Developments Limited (CDL) and joint venture (JV) partner MCL Land, through their wholly-owned subsidiary Taurus Properties SG Pte. Ltd., have successfully clinched a 99-year leasehold Executive Condominium site at Tengah Garden Walk, based on their top bid of S$400.318 million, or S$603 per square foot per plot ratio (psf ppr). The JV is a 50:50 partnership between CDL and MCL Land.

This is the first EC site in Tengah New Town released under the Government Land Sales programme and the plot attracted seven bids in total. CDL’s JV bid topped the hotly contested tender by an extremely narrow margin of less than 1%, and it is the second successful bid by the CDL-MCL Land consortium after being awarded the Northumberland Road site in early May.

CDL Group Chief Executive Officer Mr Sherman Kwek said, “Together with our partner MCL Land, we are very pleased to emerge as the top bidder for this prized EC site in Tengah New Town and by a razor-thin margin of only 0.03% versus the next bid. The Government’s visionary masterplan for Tengah is very exciting and the area will be developed into a smart and sustainable town. Currently, the demand for ECs remains extremely strong and this augurs well for the development. We are honoured by the opportunity to develop the first EC in this locale and to transform this expansive site into an attractive and high-quality project that future homeowners would be proud of.”

MCL Land Chief Executive Officer Mr Tan Wee Hsien said, “We are delighted to have secured this excellent EC site in Tengah New Town with our partner CDL. Besides being envisioned as a smart and sustainable Forest Town, the site is also close to the future Jurong Innovation District and Jurong Lake District. It is rare for an EC development to be near three future MRT stations within walking distance, providing excellent transportation connectivity and best-in-class leisure living for the future residents of our project.”

CDL and MCL Land intend to develop the 237,032 square foot land parcel into an EC residence comprising 12 blocks of up to 14 storeys with around 620 units in total. Unique from any other EC sites, the site will offer exceptional convenience as it is located within walking distance of three MRT stations on the upcoming Jurong Region Line. The site is close to the Jurong Innovation District, a new hub for advanced manufacturing in Jurong West, and Jurong Lake District, the largest commercial and regional centre outside Singapore’s city centre. It is also within a 10-minute walk to Tengah’s future Town Centre, where residents will enjoy a wide range of shopping, dining and entertainment options and access to the future Central Park and Forest Corridor within Tengah New Town.