CapitaLand, Mitsubishi Estate Asia clinches home site at Bishan Street 14

The bid was worth S$505.1m.

According to a release, CapitaLand and Mitsubishi Estate Asia Pte. Ltd. JV, a 75:25 joint venture has been awarded the residential site at Bishan Street 14 by the Housing & Development Board at a tender price of S$505.1 million in the government land sales tender which closed on 29 November 2012.

This works out to S$852.93 per square foot per plot ratio. CapitaLand will be the lead development manager for the project, responsible for the full spectrum of product design and development, project management as well as sales and marketing.

Located in the heart of the popular Bishan town, the 99-year leasehold site is next to the iconic Moshe Safdie-designed Sky Habitat, which is currently under development by a CapitaLand, MEA and Shimizu Corporation JV.

Both developments are conveniently located five minutes’ walk away from the Junction 8 shopping mall and Bishan transportation hub comprising the Bishan bus interchange and Bishan MRT interchange station (North-South Line and Circle Line).

Within close proximity are established schools like Raffles Institution, Catholic High School and the Australian International School. Raffles Girls School will also be in the vicinity by 2018 when it relocates to its new campus along Braddell Road.

A wide range of public amenities including the Bishan Sports Hall & Recreation Centre, Bishan Stadium, Bishan Public Library and Community Club, CPF Bishan Service Centre and the Bishan-Ang Mo Kio Park are also only minutes away.

The 11,227.80 sq m (120,856 sq ft) site has an estimated gross floor area of about 55,016.22 sq m (592,195 sq ft).

The joint venture plans to develop the site into a condominium with approximately 700 units, which is expected to be launched in the second half of 2013.

The condominium will have building heights of 38 and 39 storeys and future residents on the upper floors will enjoy panoramic views of Bishan-Ang Mo Kio Park.

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