The Housing & Development Board has awarded Phoenix Commercial Pte Ltd and Phoenix Residential Pte Ltd a site next to the famous Pasir Ris MRT Station. The recipient companies are jointly owned by Kerry Properties and Allgreen Properties, which form a significant part of the Kuok Group of Companies that are run by Robert Kuok, a renowned Malaysian tycoon.

The winning bid is about $700 million. This translates to $684.48 for every square foot per plot ratio because the floor area is 1.02 million square feet. The tender and the dual envelop concept for the 99-year long leasehold plot of land attracted three serious bids that closed on 14th December 2018.

Allgreen Properties Pasir Ris White Site

The Far East Commercial Trustee and Laguna Garden, the other shortlisted tenderers, are units from Far East Organization. Their bid was $677.78 million, which leads to $662.75 psf ppr.
The third bidder interested …