CDL subsidiary CDL Constellation acquires 16,630 sq m site from Tan Chong International for $126.3 million

CDL Constellation Pte Ltd, a subsidiary of Singapore-based City Developments Limited (CDL), has acquired a 16,630 square metre site at the junction of Sin Ming Avenue and Upper Thomson Road. The site was sold by Tan Chong International Limited (TCIL) and its affiliates for a total consideration of $126.3 million.

The site, which is located along the Upper Thomson Road corridor, is zoned for residential use with a maximum permissible gross floor area of 14,000 sq m. It has a lease term of 99 years, with the top bid of $126.3 million translating to a land rate of approximately $902 per sq ft per plot ratio (psf ppr).

CDL Constellation was formed in 2017 to pursue opportunities in the residential market. The acquisition of this site is the company’s first foray into the residential development sector. It is expected to yield about 146 condominium units with an average size of about 100 sq m.

The site is well-positioned for the residential development, being close to the future Lentor MRT station. It is also in close proximity to the existing retail amenities and educational institutions in the surrounding area.

The acquisition is in line with CDL’s focus on strengthening its core businesses and creating value for shareholders. CDL has been actively expanding its presence in the residential market, with recent acquisitions in Australia, the United Kingdom, China, Japan and the United States.

CDL’s Chief Executive Officer, Sherman Kwek, said: “This is an exciting opportunity for us to enter the residential development sector in Singapore. We are delighted to have secured this site at Upper Thomson Road, which is well-positioned for residential development. We believe that this is the right time to enter the residential market and we will leverage on our expertise and experience to create value for our shareholders.”

The acquisition of the site marks a new chapter in CDL’s expansion in the residential market. The company is confident that the acquisition will further boost its presence in the residential sector and create long-term value for its shareholders.

CDL Constellation, a subsidiary of City Developments Limited (CDL), has acquired a 16,630 sq m site from Tan Chong International Limited (TCIL) for S$126.3 million.

The site, located at 17 Choa Chu Kang Loop, is within the Bukit Panjang Planning Area and is expected to yield a total of about 260 residential units. It is currently zoned for residential use with a maximum permissible gross floor area of 48,000 sq m.

CDL Constellation is a joint venture between CDL and Mitsubishi Estate Co. Ltd, a Japanese real estate firm. The acquisition marks the third joint venture between the two companies, following the acquisition of two sites in Tanjong Rhu in 2019.

The 16,630 sq m site is located within the popular Bukit Panjang Planning Area and is close to the Bukit Panjang Integrated Transport Hub and the upcoming Bukit Panjang MRT station. It is also near to numerous amenities such as schools, shopping malls, and parks.

The site is expected to yield a total of about 260 residential units. It has excellent transport links and is within close proximity to the Bukit Panjang Integrated Transport The Myst Hub and the upcoming Bukit Panjang MRT station, providing excellent connectivity to the rest of the island. It is also near to numerous amenities such as schools, shopping malls, and parks.

The acquisition is part of CDL Constellation’s strategy to acquire residential sites, as the group believes that Singapore will continue to be an attractive destination for residential development. The group also believes that the site is in line with its long-term objective of creating high-quality living environments for its customers.

CDL Constellation plans to develop the site into a high-quality residential development, and is currently in the process of planning and designing the scheme. The development is expected to be launched in the next few years.

The acquisition of the 16,630 sq m site from Tan Chong International Limited is a strategic move by CDL Constellation to expand its portfolio of residential sites. The site is located in a prime location, within close proximity to numerous amenities and excellent transport links. This is in line with CDL Constellation’s strategy of creating high-quality living environments for its customers. The development is expected to be launched in the next few years.