HDB awarded the tender on Jan 14 for the mixed-use development situated between Hougang Central and Hougang Avenue 10, comprising a commercial and residential development integrated with a bus interchange.
The site area spans 504,820 sq ft, with a plot ratio of 2.5 and a 99-year leasehold tenure.
Under the joint development structure, CICT will develop and own 100% of the commercial component. With approximately 300,000 sq ft of net lettable area for retail and lifestyle concepts, it will be the largest mall in Hougang when completed in 2030 or 2031.
According to CICT, the total development cost is $1.1 billion, with a yield on cost of over 5%, based on the valuer’s estimated net income.
See also: Straits Trading sells stake in Korean warehouse, to receive net proceeds of $83.4 mil
The development marks CICT’s entry into Singapore’s “Northeast growth corridor”, where CICT currently has no presence.
“By establishing a strategic foothold in the region, CICT has the opportunity to expand its retail footprint in Singapore, where well-located suburban malls at major transport nodes are tightly held and rarely available,” reads a Jan 14 announcement.
Meanwhile, CLD and UOL will co-develop the residential component — some 830 residential units — for sale in a 50:50 joint venture.
See also: Thakral Corp plans to pay $93.9 mil to raise stake in Gurugram development
The effective shareholding proportion in the residential component is 30% UOL, 10% Singapore Land Group, 10% Kheng Leong Company and 50% CapitaLand Development. UOL holds a 50.36% stake in Mainboard-listed Singapore Land.
Kheng Leong’s board comprises members of the Wee family; its CEO is Wee Ee Chao.
The same four entities previously collaborated to launch Skye at Holland in October 2025, a 666-unit high-end residential development at Holland Drive.
