Kuok Group which consist of Kerry Properties and Allgreen Properties won the tender bid for the Pasir Ris Central Site.
The 99-yr leasehold site will be converted into a mixed Development project (Residential & Commercial). A 3-level Shopping mall will be built with 480 residential units on top of it.
The bid amounts for the site is about S$700 million which translate to S$684.48 psf ppr base on its 1.02 million square feet total gross floor area.
It is expected that this construction project will be integrated with a polyclinic, a town plaza, and a bus interchange.
Once completed, there will be a seamless public transport service connection for the residents in the area along with the other amenities. It will also be considered as a focal point for the community.
Such tender for its price revenue and dual-envelope tender of the site closed on Dec 14, 2018, which actually attracted three tenderers. Far East Organization, is one of the shortlisted tenderer bids for S$677.78 million.
Kajima Development and Singapore Press Holdings tie-up for a third bid in the tender though not shortlisted.
The unit land price of Kerry Properties and Allgreen Properties partnership, based on 832,480 square feet lower gross floor area excluding the site’s public facilities is S$840.86 psf ppr. This was disclosed by Allgreen’s spokesperson.
As per contract agreement, 70 percent of this joint venture will belong to Allgreen Properties and the remaining percentage will belong to Kerry Properties. Both companies are part of Malaysian tycoon Robert Kuok-operated Kuok Group companies.
According to the plan, the mall will have a basement and two above-ground levels. Car parking lots will also be available in the basement. Residents of the site’s apartments from Level 4 up to Level 11 will have their own, separate parking area on Level 3.
All the 480 apartments will have one up to four bedders.
The lucky bidder to win will have a maximum of eight years to develop the project fully.
Housing & Development Board (HDB) uses a price revenue tender system and dual-envelope concept in shortlisting the quality development concepts alongside the seamless well-designed public space and amenity integration.
HDB requires bidders to submit their tender prices and concept proposals in separate envelopes. Only the envelopes with three concept proposals (one of which comes from each tenderer) were opened upon the site tender closure in December.
HDB gave all the participating tenderers the opportunity to provide and present their respective proposals to its concept evaluation committee or CEC.
CEC made a decision indicating that two of the submitted concept proposals substantially met its assessment criteria and may proceed to tender evaluation’s second stage.
It could be noted that these proposals come from Kerry Properties and Allgreen Properties and Far East Organization.
Upon opening the price envelopes of the shortlisted tenderers, it was revealed that the site was awarded to Kerry Properties and Allgreen Properties with its higher bid compared to the other bidders or tenderers.
This means that the tie-up will complete the development in a significant time allotted.