The 3.8ha white site next to Pasir Ris MRT station has been awarded to Phoenix Residential and Phoenix Commercial, said HDB in a press release. The companies are subsidiaries of a joint venture between Allgreen Properties and Kerry Properties. Both companies are part of Malaysian tycoon Robert Kuok’s Kuok Group of companies.
Location of the land parcel at Pasir Ris Central (Credit: HDB)
The winning bid of nearly $700 million works out to $648.48 psf per plot ratio (ppr) based on the total gross floor area of 1.02 million sq ft.
The sale is a dual-envelope exercise under the confirmed list of the government land sales (GLS) programme for the second half of 2018. The tender for the 99-year leasehold plot closed on Dec 14, 2018, and received three bids.
HDB has adopted a concept and price revenue tender system to shortlist development concepts in line with its vision for the completed development to serve as a community focal point.
At the first stage of the tender process, concept proposals which substantially satisfied the evaluation criteria were shortlisted by the Concept Evaluation Committee (CEC). At the second stage, only the price envelopes submitted by the shortlisted tenderers are considered. The site is then awarded to the highest bid among them.
The only other shortlisted tenderer comprises Far East Organization units Laguna Garden and Far East Commercial Trustee with a bid of $677.78 million or $662.75 psf ppr.
The proposed development will have a commercial and residential development integrated with a bus interchange, a polyclinic and a town plaza, according to HDB. This will provide residents with seamless connection to public transport services and amenities.