The Singapore government has awarded a prime commercial and residential site in the city’s upscale Bukit Timah neighbourhood to a consortium led by Far East Organization for S$1.2 billion ($904 million).
Far East Organization partnered with Hong Kong-based sister company Sino Group and Japanese homebuilder Sekisui House for the successful bid, which values the mixed-use, 99-year leasehold site at nearly S$1,888 per square foot of buildable area.
The 247,215 square foot (22,967 square metre) plot on Holland Road can be developed into a project with up to 570 residential units, which the winning developers will have seven years to complete. The property will have a maximum gross floor area of 642,767 square feet, including a 145,313 square foot retail component.
Philip Ng, chief executive of Far East Organization, controls Hong Kong-based developer Sino Group along with his brother Robert.
Prime Central SG Site Attracted 15 Bids
The Ng family-led group shouldered aside four other shortlisted bidders for the prized site, which drew a grand total of 15 tenders in March. The bidders were required to submit their concept proposals for the development and the tender prices in two separate envelopes.
A committee of the Urban Redevelopment Authority (URA) reviewed the concepts to create a shortlist of acceptable candidates before the government agency reviewed the tender offers and selected the winner. The winning trio picked up the site through their tenderer, Stirling Land Holdings and Company, according to a URA announcement Wednesday.
The site is located on Holland Road, in the westernmost part of Singapore’s Central Region, and connects to the Holland Village MRT station. A rebound in the city-state’s housing and commercial property markets is believed to have driven the intense interest in the parcel, which was estimated in March to be worth more than S$1 billion.
Concept Brings Homes, Public Spaces to Holland Village
The concept proposal by the winning team is “compelling in its design concept and planning of the public realm,” said the URA.
“The future development is envisioned to build on and reinforce the success of Holland Village by enhancing the area’s buzz with more activity generating uses such as retail and dining options, and providing more residences in the heart of Holland Village,” according the statement.
The winning concept, designed by MKPL Architects, calls for retail and food and beverage shops overlooking a public plaza in addition to the housing units. The new mixed-use, pedestrian-oriented development, which includes a shophouse street block, is designed to complement the existing Holland Village neighbourhood.
The concept incorporates public spaces divided into three zones, including a Commons Square, Communal Green and Pocket Park, along with a series of connected open walkways.
Far East Org & Partners Triumph Over CapitaLand, Lendlease
The other four shortlisted bids were placed by a consortium of GuocoLand, Hong Leong Holdings, TID and Hong Realty; a consortium of Perennial Real Estate Holdings and Qingjian Realty; a tie-up between CapitaLand and Hotel Properties; and a partnership of Pontiac Land and Lendlease. They bid S$1.06 billion, S$1.055 billion, S$1.02 billion, and S$950 million, respectively.
The winning consortium had submitted three bids to the URA, the greatest number of bids placed by any of the contenders. Far East Organization is Singapore’s largest privately held developer.