3 Bids Submitted For Pasir Ris Central Mixed-Use Site
A 3.8-hectare mixed-use site that sits at Pasir Ris Central was the target of three different bids that were presented on December 14, 2018. Far East Organization was one of the bidders. Kajima Development and Singapore Joint Holdings submitted a joint bid. The third bid came from Phoenix Residential and Phoenix Residential, both of which are owned by Kerry Properties and Allgreen Properties. Both Kerry Properties and Allgreen Properties are connected to a prominent Malaysian business magnate by the name of Robert Kuok.
Mixed-Use Commercial & Residential Development – Pasir Ris 8
The 99-year leasehold site is expected to turn into a mixed-use commercial and residential development. This move is a part of the Housing Board’s plan to recreate Pasir Ris Town under the Remaking Our Heartland program. This plan includes some really important points such as breathing new life into the town center, improving both the walking and the cycling experience in Pasir Ris, and refreshing the town’s park spaces. Learn more about the upcoming mixed-use commercial and residential development, Pasir Ris 8.
Tender Prices & Concept Proposal
It is important to note that all tenderers are expected to submit their tender prices and concept proposals in two separate envelopes. It is important for the land parcel that is located next to the Pasir Ris MRT station to have a polyclinic, a town plaza, and a bus interchange – it should also be noted that the maximum number of private homes that the land parcel can yield is 600. Also, the gross plot ratio of 2.5 has been proposed, with the maximum permissible gross floor area being 95,010 square meters.
It has been noted that there is not much new land supply in the area, which could see demand from both young families and upgraders. The size of the plot and some other important conditions of the area would most likely attract the attention of real estate investment trust sponsors and joint ventures.