Allgreen Properties and Kerry Properties tie-up that clinched the 99-year leasehold white site next to Pasir Ris MRT station is planning to develop about 480 apartments above three levels of retail space.
Its winning bid of nearly S$700 million works out to S$684.48 per square foot per plot ratio (psf ppr), based on a total gross floor area of 1.02 million sq ft.
The commercial and residential development will be integrated with a bus interchange, a polyclinic and a town plaza, offering seamless connection to public transport services and amenities for residents. The completed development will also serve as a community focal point.
The dual-envelope concept and price revenue tender for the Pasir Ris Central site closed last Dec 14, attracting three tenderers.
The only other shortlisted tenderer, Far East Organization, bid nearly S$677.78 million, translating to S$662.75 psf ppr.
There was a third bidder that took part in the tender but was not shortlisted; this was a tie-up between Singapore Press Holdings and Kajima Development.
The Allgreen Properties and Kerry Properties tie-up’s unit land price based on a lower gross floor area of 832,480 sq ft, excluding the public facilities, works out to S$840.86 psf ppr, a spokesman for Allgreen said when contacted by The Business Times.
Allgreen will hold 70 per cent of the joint venture, and Kerry Properties, the rest. The two companies are part of the Kuok Group of companies controlled by Malaysian tycoon Robert Kuok.
The mall will have three levels – two above ground and a basement. There will also be basement car parking lots for the retail mall.
The residents will have a separate car parking facility on Level 3 of the project; the apartments will be from Levels 4 to 11.
The residential component of about 480 units will comprise one- to four-bedders.
The winning bidder has eight years to complete the development.
HDB adopted a dual-envelope concept and price revenue tender system to shortlist quality development concepts with seamless integration of amenities and well-designed public spaces.
Bidders were required to submit their concept proposals and tender prices in two separate envelopes.
When the tender for the site closed last December, only the envelopes containing the three concept proposals, one from each tenderer, were opened.
All tenderers were given the opportunity to present their proposals to the concept evaluation committee (CEC).
Following evaluation, the CEC decided that two of the three concept proposals – those submitted by Far East Organization and the tie-up between Allgreen Properties and Kerry Properties – had substantially satisfied the evaluation criteria and could proceed to the second stage of tender evaluation.
The price envelopes of the two shortlisted tenderers were then opened and the site awarded to the Allgreen-Kerry partnership, which had submitted the higher bid of the two shortlisted tenderers.