Home Property News S$1.03b bid bags Jalan Anak Bukit site for Far East Organization, Sino Group

S$1.03b bid bags Jalan Anak Bukit site for Far East Organization, Sino Group

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THE Urban Redevelopment Authority (URA) has awarded a state tender for the 99-year leasehold commercial and residential site at Jalan Anak Bukit to Far East Organization and Sino Group, who jointly submitted the highest bid of around S$1.028 billion among the three shortlisted tenderers.

Based on the maximum gross floor area, this works out to about S$989.4 per square foot (psf).

“Overall, the concept proposal is compelling in its well-considered site planning, design response to tropical climate and integration of the various uses and public spaces,” the URA said of the winning bid.

Located at the junction of Upper Bukit Timah Road and Jalan Jurong Kechil, the 3.22 ha site next to Beauty World MRT station can be developed up to a maximum gross floor area (GFA) of 96,555 square metres (sq m).

The URA said in the release that the proposed mixed-use development will have an integrated transport hub with a bus interchange on the second storey, with civic and commercial spaces across the first three storeys.

Aside from the new Beauty World bus interchange, there will an underground pedestrian link that will connect to Beauty World MRT Station on the Downtown Line.

Marc Boey, executive director (planning and acquisition) at Far East, said: “Our vision is to create a bustling and vibrant urban village nestled within lushly landscaped gardens and spaces. The towers are carefully positioned so that many of the future residents will be able to enjoy panoramic unblocked views of Bukit Timah Nature Reserve.”

Features include about 20,000 sq m of retail, food & beverage and office space in a podium, which will be centred around an 1,800 sq m plaza that can be used to host community and special events. The development will also offer 700 residential units and 150 serviced residences, as well as about 2,000 sq m of community space.

The site was put up for tender under a dual-envelope tender system where bidders submit their concept proposals and tender prices in separate envelopes. Only concept proposals which are shortlisted go on to the second stage, which is based on price.

Launched for sale on June 30, 2020, the site, near Beauty World MRT, was on the confirmed list of the H1 2020 government land sales programme. The tender’s closing date was then extended from the original closing date of March 30 to June 29, 2021.

A total of five bids were received – which was below analysts’ expectations – of which three separate bids were from Far East and Sino Group.

The other bidders included Wing Tai Holdings which teamed up 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, CEO, Huttons Asia, said on Monday the blended land cost is in line with market after accounting for location and market sentiments.

Analysts have said that the Jalan Anak Bukit site would serve as a much-needed catalyst to rejuvenate the Beauty World precinct, with the new commercial development injecting vibrancy and fresh concepts.

As part of the evaluation criteria, the commercial, retail and public spaces have to be well-integrated with existing and proposed transportation nodes to keep it pedestrian-friendly. Meanwhile, the building has to feature lush landscapes, and the public spaces are to be well-designed and user-friendly. The developers and their design teams were also assessed on their relevant track record and workmanship quality.

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