The Urban Redevelopment Authority (URA) has awarded a state tender for a 99-year residential and commercial lease at Jalan Anak Bukit to Far East Organization and Sino Group, who jointly submitted high bids. about S$1.028 billion among the three shortlisted bidders. New Launch Condo - Based on maximum total floor space, this works out to approximately S$989.4 per square foot (psf).
"Overall, the concept proposition is compelling in well-thought-out site planning, design responsive to tropical climates, and integration of different uses and public spaces," said URA. about winning the contract.
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Located at the intersection of Upper Bukit Timah and Jalan Jurong Kechil Roads, the 3.22 hectare New Launch Condo next to Beauty World metro station can be developed with a maximum gross floor area (GFA) of 96,555 square meters (m2).
URA said in the release that the proposed mixed-use development would feature an integrated transportation hub with a bus interchange on the second floor, with residential and commercial spaces on the first three floors. first. In addition to the new Beauty World bus interchange, there will be an underground pedestrian route that will connect to the Beauty World MRT Station on the Downtown Line.
Marc Boey, managing director (planning and acquisition) at Far East, said: "Our vision was to create a bustling and vibrant urban village nestled in gardens and spaces. The towers are carefully arranged so that many future residents can enjoy unobstructed panoramic views of the Bukit Timah Nature Reserve."
New Launch Condo features include approximately 20,000 square feet of retail, food & beverage and office space in a podium, which will cluster around an 1,800 square foot plaza that can be used to host community events and special. The development will also offer 700 residential and 150 serviced apartments, as well as approximately 2,000 square feet of community space.
Places are offered for bidding under a two-envelope bidding system, in which bidders submit their concept proposals and bid prices in separate envelopes. Only shortlisted idea proposals will be moved to the second stage, which is based on price.
Launching for sale on June 30, 2020, the location near Beauty World MRT, is on the confirmed listing of the government's H1 2020 land sale program. The bid closing date was subsequently extended from the original closing date of March 30 to June 29, 2021.
A total of five bids were received - well below analyst expectations - of which three separate bids were from Far East and Sino Group.
Other bidders including Wing Tai Holdings have partnered with Mercatus Commercial Trust (which is linked to Mercatus Co-operative) to submit a bid of S$1.011 billion. Meanwhile, Allgreen Properties partnered with Kerry Properties to submit a bid of S$808.99 million.
Mark Yip, Managing Director, Huttons Asia, said on Monday the cost of mixed land is in line with the market after taking into account location and market sentiment.
Analysts have said that the Jalan Anak Bukit site will act as a much-needed catalyst for the rejuvenation of the Beauty World, with new commercial development bringing fresh and vibrant ideas to life.
At this New Launch Condo, as part of the evaluation criteria, commercial, retail and public spaces must be well integrated with existing and proposed interchanges to keep it pedestrian-friendly. Meanwhile, the building must have a lush landscape, and the public spaces must be well designed and user-friendly. Developers and their design teams are also evaluated based on their relevant track record and quality of workmanship.
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