CapitaLand Integrated Commercial Trust (CICT) has announce that the consortium comprising CICT, CapitaLand Development (CLD), and UOL consortium has been awarded the tender for the Hougang Central Government Land Sales (GLS) site for approximately S$1.5 billion $1.2 billion) or S$1,179 per square foot ($916) per plot ratio. This marks a significant milestone for CICT as it reinforces its foothold in its core market of Singapore while expanding its retail footprint into Singapore’s northeast region.
Under the joint development structure, CICT will develop and own 100 percent of the commercial component. CLD and UOL, in a 50:50 joint venture, will develop the residential component for sale, combining their strong track records in high-quality developments. The project also draws on CapitaLand Group’s expertise in delivering large-scale integrated mixed-use developments, supported by CapitaLand Investment’s best-in-class commercial management capabilities.
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