HDB awards white site in Pasir Ris Central to Allgreen Properties, Kerry Properties tie-up.
THE Housing & Development Board (HDB) has awarded a white site next to Pasir Ris MRT Station to Phoenix Residential Pte Ltd and Phoenix Commercial Pte Ltd. Both companies are owned by a joint venture between Allgreen Properties and Kerry Properties - the two companies are part of the Kuok Group of Companies controlled by Malaysian tycoon Robert Kuok.
Their winning bid is nearly S$700 million, which works out to S$684.48 per square foot per plot ratio (psf ppr) based on the total gross floor area of 1.02 million sq ft.
The dual envelope concept and price revenue tender for the 99-year leasehold plot closed on Dec 14, 2018, attracting three bids.
The only other shortlisted tenderer, Laguna Garden and Far East Commercial Trustee - both units of Far East Organization - bid nearly S$677.78 million, translating to S$662.75 psf ppr.
Adapted from The Business Times 22 March 2019