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Another new site to compete with Piermont Grand

The HDB Board has given the rights to Phoenix Residential Pte Ltd and Phoenix Commercial Pte Ltd, a new site next to the popular Pasir Ris MRT Station. The awarded companies are owned jointly Allgreen and Kerry Properties. This group is part of the well known Kuok Group of Companies. It is owned and managed by Robert Kuok, a well known Malaysian tycoon.

The winning bid price is about $700 million. This works out to $684.48 for each square foot per plot ratio. The total floor area is 1.02 million square feet. The tender with the two envelop concept is a 99-year leasehold plot of land drawn by three bids that closed on 14th December 2018.

Another competitor is Laguna Garden and Far East Commercial Trustee. They came out with a bid price of $677.78 million. This works out to $662.75 psf ppr.
The third bidder that is interested in the deal that couldn’t get through was between Kajima Development and Singapore Press Holdings.

HDB’s has publicly mentioned that the idea development consist of commercial and residential construction. It also stated to have a bus interchange, polyclinic and a town plaza. This gives an improved accessibility to the use of public transport system for residents. This wonderful project Piermont Grand offers a good vital point for the public.

HDB introduced the concept of price revenue tender approach with the objective to take note of the initial project with seamless integration of the special public amenities and spaces. The first few steps of the tender is the rules, the Concept Evaluation Committee has directed the procedure to meet the evaluation requirement before proceeding to the evaluation phase. Secondly on phase, the committee people took the price submitted by a few shortlisted bidders. The committee is set to award the site to the bidder with the applicants for the best concept proposals.

Launched on during the third quarter 2018, the tender is for the white site that scheduled to close on 14th December. Among those, only to the three most aspiring tenderers that has submitted the preceptive proposal. They are presented with the opportunity to present the ideas to their proposals to the concept evaluation committee. During the decision on the objective of very proposal, the management will determined which of the two have met the evaluation criteria. The proposals submitted by Far East Organization is a tie-up between Kerry Properties and Allgreen Properties for the second tender evaluation phase.