SINGAPORE - A $1.03 billion tender for the commercial and residential site in Jalan Anak Bukit has been awarded to FE Landmark, FEC Residences Trustee and FEC Retail Trustee, the Urban Redevelopment Authority (URA) said Monday (Aug 30).
The 3.22ha land parcel is located at the junction of Upper Bukit Timah Road and Jalan Jurong Kechil, next to Beauty World MRT Station.
FE Landmark, FEC Residences Trustee and FEC Retail Trustee are companies under Singapore real estate developer Far East Organization and its Hong Kong-based sister company Sino Group. They had submitted three different bids and concept proposals, according to property news portal EdgeProp.
They are the only ones who submitted multiple bids. All three bids were a 50-50 joint venture between Far East Organization and Sino Group, said EdgeProp.
The highest bid was $1.03 billion.
The blended land cost including residential, commercial and community use is $989 per square foot, which is inline with the market after accounting for location and market sentiments, said Mr Mark Yip, chief executive of Huttons Asia.
The tender was launched on June 30 last year and closed on June 29 this year.
A concept and price revenue tender approach was adopted to shortlist "quality development concepts that are attractive and respond well to the surrounding context", URA said.
Such concepts involve the integration of amenities that connect to pedestrian-friendly streets and well-designed public spaces, it added.
A total of five concept proposals from three tenderers were received for the site.
The land parcel is envisaged as a mixed-use development with an integrated transport hub that "enhances the identity of Beauty World as an urban green village with excellent public transport connectivity", said URA.
It added that the winning proposal "is compelling in its well-considered site planning, design response to tropical climate and integration of the various uses and public spaces".
The proposed mixed-use development will have an integrated transport hub with a bus interchange on the second storey, and civic and commercial spaces that span the first three storeys along Upper Bukit Timah Road and Jalan Jurong Kechil.
"The scheme demonstrates a well-conceived design strategy in its generously spaced building blocks with a well-considered tropical design response," said URA.