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 in the deal was not shortlisted. It was a strong tie-up between Kajima Development and Singapore Press Holdings.
On Friday 22nd March, HDB’s release revealed that the proposed development that comprised of residential, commercial construction, a bus interchange, a town plaza, and a polyclinic, will provide improved access to amenities and public transport system for residents. The incredible development will also offer an excellent focal point for the community.
Allgreen Properties Pasir Ris Central New Development
HDB introduced the concept of price revenue tender approach in line with the vision to identify innovative development ideas with flawless integration of unique public spaces and amenities. In the first step of the tender evaluation procedure, the Concept Evaluation Committee shortlisted the proposals that met the evaluation criteria before proceeding to the second evaluation phase. In the second phase, the committee members opened the price proposals submitted by the shortlisted tenderers. The committee awards the site to the bidder among the applicants with the desired concept proposals.
Concept and Tender Plan for Pasir Ris White Site
Launched on 27th August 2018, the tender for the white site was closed on 14th December. Each of the three innovative tenderers submitted a concept proposal. They also had an opportunity to present the ideas in their proposals to the concept evaluation committee. After objective evaluation of each proposal, the CEC determined that two of the project proposals that had met the evaluation criteria. The proposals by Far East Organization and the tie-up between Kerry Properties and Allgreen Properties proceeded to the second tender evaluation phase. The CEC opened the price envelopes submitted by the shortlisted tenderers and awarded the site to the Allgreen-Kerry team, which has a higher bid among the shortlisted tenderers.