CapitaLand-CDL JV acquires prime site in SG’s Sengkang Central for $565m

CapitaLand and joint venture partner CDL will transform the 3.7-hectare site in Sengkang Central into a landmark development comprising approximately 700 residential apartments.

Singapore-based property developer CapitaLand Limited and its joint venture partner City Developments Limited (CDL) announced that they have acquired a prime mixed-used residential and commercial site in the city-state’s Sengkang Central for S$777.78 million ($565.5 million).

The joint venture successfully clinched the integrated site after submitting a bid on a two-envelope concept and price revenue tender system, which values the property at S$923.60 per square foot of gross floor area.

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