Monday, January 23, 2012

SPH-UE joint venture bags Sengkang commercial site

Straits Times: Sat, Jan 21
A JOINT venture by Singapore Press Holdings (SPH) and United Engineers has been awarded the tender for a Sengkang commercial site.


The winning bid of $328 million from Earth Holdings - the name of the joint venture - works out to $1,156 per sq ft per plot ratio (psf ppr). It will be funded by internal resources and external borrowings.


An SPH spokesman said yesterday: 'We hope to create a commercial development catering to the lifestyles and needs of Sengkang residents as well as those living in the north-eastern regions of Hougang, Punggol and Serangoon.


'The land parcel's easy accessibility by road and rail makes it an ideal location to serve as a hub for shopping, dining and entertainment activities.'


The spokesman said the development would be 'purely retail' on the 99-year leasehold site of 94,619 sq ft, which can be developed to a maximum gross floor area of 283,856 sq ft...

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