Far East Org, Sino Group Acquires Bukit Timah Site For S$1.03bil
SINGAPORE – A joint venture (JV) comprising local real estate giant Far East Organization and its sister firm Hong Kong-based Sino Group has secured a 3.22ha mixed-use site at Jalan Anak Bukit, announced the Urban Redevelopment Authority (URA) on Monday (30 August, SGT).
The JV submitted a bid of S$1.03 billion, which works to S$989 psf per plot ratio (psf ppr).
The awarding of the site at the junction of Jalan Jurong Kechil and Upper Bukit Timah Road follows a Concept and Price Revenue Tender, in which concept proposals were first evaluated and screened. Thereafter, the bidder that submitted the highest price among these with shortlisted proposals was awarded the site.
Notably, Sino Land and Far East Organization submitted 3 concept proposals. Of this, the one chosen involved Singapore-based WOHA as the lead architectural firm.
Their proposed project will feature a 215,280 sq ft commercial podium containing office space and retail units. It will come with around 150 serviced apartments and 215,280 sq ft of community space intended as an “an intergenerational hub” for children, youth, and seniors.
Apart from a 19,375 sq ft plaza that can host various events, the integrated development will also come with 700 residential units, many of which will have unobstructed scenic views of Bukit Timah Nature Reserve.
“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,” said Marc Boey, Executive Director for planning & acquisition) at Far East Organization.
The 3.22ha site, which is near Beauty World MRT Station, was launched for sale in June 2020 as part of the H1 2020 Government Land Sales (GLS) Programme. However, the tender’s closing date was extended from the original date of 30 March to June 29 2021.
Overall, 5 bids were received, but all were below analysts’ expectations. Of this Far East Organization and Sino Group submitted 3 separate bids.
The other bidders were a JV between Allgreen Properties and Kerry Properties, as well as a partnership between Wing Tai Holdings and Mercatus Commercial Trust. The 2 groups respectively submitted a bid of S$808.99 million and S$1.011 billion.