Pasir Ris white site clinched by Allgreen Properties, Kerry Properties tie-up

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.

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