Capitaland Uol Group Tops Bid Mixed Use Development Plot Hougang Central 15 Bil Bid Or 1179 Psf Ppr
Hougang Central to Welcome New Mixed-Use Development
The competitive tender for a 99-year leasehold, mixed-use site at Hougang Central concluded recently with three bidders vying for the spot. The highest bid of $1.5 billion, translating to $1,179 per square foot per plot ratio (psf ppr), was submitted by a consortium comprising UOL Group, CapitaLand Development (CLD), and CapitaLand Integrated Commercial Trust (CICT).
This close competition indicates a robust interest in the strategic location of Hougang Central. The joint venture partners, if successful, plan a distinct division of development responsibilities. UOL and CLD will tackle the residential segment, whereas CICT is set to handle the commercial component, which they will retain in entirety.
Senja Close EC is another notable development offering a blend of residential comfort and convenience, much like the upcoming project at Hougang Central, which promises to enhance the local community with its residential and commercial facilities.
The Hougang Central project is envisioned to be a bustling civic hub, replete with approximately 830 residential units and nearly 300,000 square feet of net lettable area dedicated to retail and lifestyle pursuits. This makes it poised to be Hougang’s largest mall and a fundamental growth driver for the region.
Strategic Developments and Market Confidence
Tan Choon Siang, the CEO of CICT, expressed that this project marks their inaugural venture in the northeastern region of Singapore, anticipating it to bolster CICT’s reputation for premier commercial real estate.
Wong Siew Ying, Head of Research at PropNex, noted the land rate for Hougang Central is notably higher than other mixed-use sites recently awarded, signaling strong developer confidence in such integrated developments. For comparison, the Chencharu Close site and others in Tampines fetched considerably lower land rates within the last two years.
Moreover, the successful sale of ParkTown Residence at Tampines, another project by CapitaLand and UOL, which saw a high sales rate at a premium price point, underlines the demand for well-integrated residential-commercial properties near major transport hubs.
Project Specifications and Local Amenities
The Hougang Central site spans over 500,000 square feet, designated for both commercial and residential use, with potential for around 835 homes and a significant mall space. Its direct link to Hougang MRT Station, a future interchange for the North-East and Cross Island Lines, underscores its strategic importance.
Mark Yip, CEO of Huttons Asia, emphasized that this development would serve as the primary mixed-use hub integrated with a transport facility in the region, catering extensively to Hougang Town. The local vicinity is enriched with amenities such as Hougang Stadium, various community clubs, and schools, adding to the site’s attractiveness for potential residents.
As the first significant private residential development in Hougang in over a decade, the enthusiasm for its launch is anticipated to be high, especially among HDB upgraders and those looking to resize from landed homes, reflecting a trend noted across Singapore’s evolving residential landscape.