CapitaLand and Japan's Mitsubishi Estate awarded residential site in Bishan central
In the pipeline a 700-unit condominium set to transform Bishan’s landscape together with Sky Habitat
Singapore, 4 Dec 2012– CapitaLand and Mitsubishi Estate Asia Pte. Ltd. (MEA) JV, a 75:25 joint venture has been awarded the residential site at Bishan Street 14 by the Housing & Development Board at a tender price of S$505.1 million in the government land sales tender which closed on 29 November 2012. This works out to S$852.93 per square foot per plot ratio. CapitaLand will be the lead development manager for the project, responsible for the full spectrum of product design and development, project management as well as sales and marketing.
Located in the heart of the popular Bishan town, the 99-year leasehold site is next to the iconic Moshe Safdie-designed Sky Habitat, which is currently under development by a CapitaLand, MEA and Shimizu Corporation JV. Both developments are conveniently located five minutes’ walk away from the Junction 8 shopping mall and Bishan transportation hub comprising the Bishan bus interchange and Bishan MRT interchange station (North-South Line and Circle Line). Within close proximity are established schools like Raffles Institution, Catholic High School and the Australian International School. Raffles Girls School will also be in the vicinity by 2018 when it relocates to its new campus along Braddell Road. A wide range of public amenities including the Bishan Sports Hall & Recreation Centre, Bishan Stadium, Bishan Public Library and Community Club, CPF Bishan Service Centre and the Bishan-Ang Mo Kio Park are also only minutes away.
The 11,227.80 sq m (120,856 sq ft) site has an estimated gross floor area of about 55,016.22 sq m (592,195 sq ft). The joint venture plans to develop the site into a condominium with approximately 700 units, which is expected to be launched in the second half of 2013. The condominium will have building heights of 38 and 39 storeys and future residents on the upper floors will enjoy panoramic views of Bishan-Ang Mo Kio Park.
Mr Wong Heang Fine, CEO of CapitaLand Residential Singapore, said: “CapitaLand, together with our partner MEA have always believed in the potential of Bishan as it is one of the most sought after residential estates in the central region. Securing this site is a strategic move for us. While the new condominium will be an exciting and varied product in terms of architectural design, it will complement Sky Habitat in terms of its unit mix and unit size. Both developments will offer discerning home buyers a quality lifestyle enhanced by the unparalleled convenience of living in the heart of Bishan.
Mr Takashi Utagawa, Managing Director of Mitsubishi Estate Asia Pte. Ltd. (a wholly-owned subsidiary of Mitsubishi Estate Co., Ltd.), said “MEA is pleased to collaborate with our long- standing partner, CapitaLand once again as we are confident of its proven expertise in building distinctive homes. With this new development and Sky Habitat, we look forward to making our mark in Bishan, one of Singapore’s most desired residential estates which is popular amongst both Singaporeans and expatriates.”