CDL-TID JV tops bid for Sumang Walk EC site

  • CDL and joint venture (JV) partner TID Pte. Ltd. (TID), through their wholly-owned subsidiaries CDL Constellation Pte. Ltd. and TID Residential Pte. Ltd., have made the highest bid of S$509,370,000 (or S$583psfpr) for a 99-year leasehold Executive Condominium (EC) site at Sumang Walk in Punggol Town. There were 17 bids and CDL’s JV bid topped the hotly contested tender by a 4.8% margin versus the second highest bid.
CDL-TID JV tops bid for Sumang Walk EC site CDL-TID JV tops bid for Sumang Walk EC site

Located very close to LRT and MRT stations as well as a bus interchange, the site provides excellent accessibility. It is also right next to My Waterway@Punggol, and offers the opportunity to create a landmark waterfront residence with pleasant views.

"We are very pleased to win this keenly contested Sumang Walk EC site. This will be CDL’s ninth EC project and we are confident of its success given its excellent location and desirable attributes. Punggol, slated to be Singapore’s first digital district, has an exciting future and we believe this will make the site very compelling to home buyers. It is also very close to LRT and MRT stations as well as a bus interchange, which is hard to come by for an EC project. Being right next to My Waterway@Punggol, the site also offers the opportunity to create a landmark waterfront residence with pleasant views.”

– Mr Sherman Kwek, CDL Group CEO

Singapore, 27 February 2018 – The expansive 291,235 square feet (sq ft) Sumang site has a plot ratio of 3.0 and excellent locational attributes. Residents will enjoy waterfront living with the site situated right next to My Waterway@Punggol, which is part of the North Eastern Riverine Cycling Park Connector green corridor. Providing ease of transport, the site is within 100 metres to Sumang LRT station and 550 metres to Punggol MRT/LRT station and bus interchange. It is also well-connected to other parts of Singapore via major arterial roads, Kallang-Paya Lebar Expressway (KPE) and Tampines Expressway (TPE), making the Central Business District and Orchard Road just a 25-minute drive away. Nearby amenities such as Waterway Point, Punggol Plaza and Seletar Mall provide comprehensive shopping, dining and entertainment options.

In addition, more than 10 primary schools are located within a two-kilometre radius of the site, including the popular Mee Toh School and Horizon Primary School. Punggol Town will also be home to the Singapore Institute of Technology’s (SIT) new campus. SIT’s co-location with JTC’s business parks will facilitate the cross exchange of knowledge and collaboration among students, faculty and industry professionals. Moreover, the Urban Redevelopment Authority has recently announced that Punggol will be Singapore’s first Digital District, integrating business and education, and driven by technology, social and urban innovation. This district will include sectors of the digital economy such as cyber security, artificial intelligence and Internet of Things (IoT) which will drive Singapore’s Smart Nation initiative.

In the event that CDL and TID are awarded the site, the JV will explore an EC project comprising 13 blocks of 10 to 17 storeys with about 820 units and a basement carpark. To maximise the scenic views, windows will be oriented towards Punggol Reservoir and My Waterway@Punggol. The sizable land area will also allow for generous landscaping.

The Sumang Walk site will be CDL’s ninth EC project, after The Florida, Nuovo, The Esparis, Blossom Residences, The Rainforest, Lush Acres, The Brownstone and The Criterion.

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