A 3.8ha white site at Pasir Ris Central saw three bids from developers at the close of the tender yesterday.
Among the bidders was Far East Organization, while Singapore Press Holdings and Kajima Development submitted a joint bid.
The third bid was from Phoenix Residential and Phoenix Commercial. Both companies are owned by Allgreen Properties and Kerry Properties, which are in turn linked to prominent Malaysian business magnate Robert Kuok.
The 99-year leasehold site, which has been launched for sale off the Government Land Sales confirmed list, is to be developed into a mixed-use commercial and residential development.
This is in line with the Housing Board's plan to rejuvenate Pasir Ris Town under its Remaking Our Heartland programme.
The renewal plan for Pasir Ris includes key points such as giving a new lease of life to the town centre, refreshing park spaces and improving the walking and cycling experience there.
Number of private homes the land parcel, which is next to Pasir Ris MRT station, could yield. The development must be integrated with a bus interchange, a polyclinic and a town plaza.
The bids received are being evaluated under a concept and price revenue tender system, as tenderers had to submit their concept proposals and tender prices in two separate envelopes.
The land parcel next to Pasir Ris MRT station must be integrated with a bus interchange, a polyclinic and a town plaza, and can yield up to 600 private homes.
The maximum permissible gross floor area is 95,010 sq m, with a proposed gross plot ratio of 2.5.
Analysts had earlier noted that there is not much new land supply in the area, which could see demand from young families and upgraders.
The size of the plot and other conditions would most likely draw joint ventures and real estate investment trust sponsors, they added.
Under the concept and price revenue tender system, only the envelopes containing concept proposals were opened yesterday.
HDB said a decision on the award of the tender will be made after the tenders have been evaluated, and it will be published at a later date.