A consortium which includes CapitaLand Integrated Commercial Trust (CICT) has submitted the highest bid of $1.5 billion for the tender of a mixed-use commercial and residential site at Hougang Central.
The site is a 99-year leasehold plot that spans a total area of 504,820 square feet.
The consortium includes a wholly-owned sub-trust of CICT, which will hold the commercial component in the development, and another entity whose shareholders compromise CapitaLand Group and a third-party shareholder being a UOL consortium which will hold the residential component.
If awarded, the residential SPV will develop the residential component of the site for sale, while the commercial trust will develop and retain full ownership of the commercial component.
The consortium is expected to draw on their combined expertise to transform the site into a mixed-use development integrated with the new Hougang bus interchange, MRT station and a town plaza.
Units in CICT closed 1 cent higher or 0.431% up at $2.33 on Dec 16.
