On 24 August 2015, the tender for a land parcel at Choa Chu Kang Avenue 5 has been awarded to a consortium led by Qingjian Realty (Residential) Pte Ltd at a tendered sale price of SGD 156,157,000. The land parcel is designated for Executive Condominium Housing Development. ZACD Investments Pte Ltd is partnering the consortium via its newly incorporated SPV “ZACD (CCK) Pte Ltd” and will take a 15% equity stake in the development company. The Executive Condominium site measures 16,386 sqm, allowing for 529,135 sf of gross floor area with an estimated 490 units.
Located within a few minutes’ drive from the Choa Chu Kang MRT station, the site is complemented by a selection of shopping malls, such as Sunshine Plaza and Lot One Shoppers’ Mall. There is also convenient access to Singapore’s expressway network as the site is close to the Kranji Expressway.
With this latest project, ZACD Investments Pte Ltd (“ZACD”) has the opportunity to expand its portfolio of Executive Condominium Housing Developments in Singapore. ZACD is pleased to be partnering Qingjian Realty (Residential) Pte Ltd in its 7th joined residential development. We are confident that this long-term partnership will contribute significantly towards the overall success of this project.