21/06/2020
"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."
Credit: The Straits Times
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 Kuo...
