UOL, CLD, CICT collaborate on Hougang GLS development bid

Development aims to become major civic hub precinct.

A consortium consisting of UOL, CapitaLand Development (CLD), and CapitaLand Integrated Commercial Trust (CICT) have submitted the highest bid for the Hougang Central Government Land Sales (GLS) site for $1.5b.

In a joint statement, the companies said the total amount is equal to $1,179 per square foot (sq. ft.) per plot ratio.

The 99-year leasehold mixed-use development has a total area of 504,820 sq. ft. It is located above Hougang MRT station on the North-East Line, connecting it to the Cross Island Line by 2030 and within walking distance of primary schools and community amenities including Punggol Community Club, Hougang Sports Centre, and Punggol Park.

UOL and CLD will equally share in the development of the residential component of the site, whilst CICT will develop and retain full ownership of the commercial component.

“With around 830 residential units and about 300,000 sq ft of net lettable area for retail and lifestyle offerings, the project will be the largest mall in Hougang and a key anchor for future growth of the precinct,” the consortium said in a joint statement.

In a separate statement, CICT said the heads of terms agreement have been signed amongst concerned entities as costs and returns will be portioned based on each component’s proportion.

Their Audit and Risk Committee also reviewed the terms of the contract and confirmed that the transaction is under normal commercial terms and not prejudicial to the interests of the company and its minority unitholders.

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