Pasir Ris 8

21/05/2021

[The Business Times, 23 March 2019]

Kuok Group plans mall and 480 apartments on Pasir Ris site

The 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.

14/05/2021

✔️Pasir Ris 8 is poised to be the Gem of D18
✔️No new launches in Pasir Ris since 2014 and will be the next highly-anticipated project
✔️An integrated mixed-use development developed by award-winning developers - Allgreen Properties & Kerry Properties.
✔️The residential component of about 480 units will comprise 1 to 4 bedroom units.
✔️Seamless connectivity & convenience for future residents
✔️Directly connected to the future Pasir Ris MRT Interchange Station (East-West Line & Cross Island Line), bus interchange, a new shopping mall, a brand new town plaza, a polyclinic, childcare and more
✔️A wide tenant pool awaits for investors
✔️Register your interest now!

14/05/2021

Pasir Ris 8 will enjoy convenient access to the Cross Island Line as the Pasir Ris Station (CR5) is located just next to it.

14/05/2021

A rare opportunity to be the select few to own an integrated mixed-use development!

14/05/2021

Rejuvenation of Pasir Ris.

Need some vitamin 'Sea' to escape the bustling city life? Look forward to a new elevated cycling and pedestrian path that will connect the revitalised Pasir ...

11/05/2021

[Source: The Straits Times, 24 Mar 2019]

SINGAPORE - The Housing & Development Board (HDB) has awarded a white site next to Pasir Ris MRT Station to Phoenix Residential Pte Ltd and Phoenix Commercial Pte Ltd. Both companies are owned by a joint venture between Allgreen Properties and Kerry Properties - the two companies are part of the Kuok Group of Companies controlled by Malaysian tycoon Robert Kuok.

Their winning bid is nearly $700 million, which works out to $684.48 per square foot per plot ratio (psf ppr) based on the total gross floor area of 1.02 million sq ft.

The dual envelope concept and price revenue tender for the 99-year leasehold plot closed on Dec 14, 2018, attracting three bids.

The only other shortlisted tenderer, Laguna Garden and Far East Commercial Trustee - both units of Far East Organization - bid nearly $677.78 million, translating to $662.75 psf ppr.

There was a third bidder that took part in the tender but was not shortlisted - a tie-up between Singapore Press Holdings and Kajima Development.

HDB said in its release on Friday evening (March 22) that the proposed development, comprising a commercial and residential development integrated with a bus interchange, a polyclinic and a town plaza, will offer seamless connection to public transport services and amenities for residents. The completed development will also serve as a community focal point.

In line with this vision, HDB adopted a concept and price revenue tender system to shortlist quality development concepts with seamless integration of amenities and well-designed public spaces.

At the first stage of the tender process, concept proposals which substantially satisfied the evaluation criteria were shortlisted by the Concept Evaluation Committee (CEC) to proceed to the second stage of tender evaluation.

At the second stage, the price envelopes submitted only by the tenderers of the shortlisted concept proposals were opened for consideration. The site is then awarded to the tenderer with the highest bid among the tenderers with shortlisted concept proposals.

The tender for the site was launched for sale on Aug 27, 2018 and closed on Dec 14.

The three tenderers submitted a concept proposal each. All tenderers were given the opportunity to present their proposals to the CEC.

After evaluation, the CEC concluded that two of the three concept proposals - the ones 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 opened and the site awarded to the Allgreen-Kerry partnership which had submitted the higher bid of the two shortlisted tenderers.