The proposed development will comprise a commercial and residential project that is integrated with a bus interchange, town plaza and polyclinic.
The Housing and Development Board (HDB) has awarded the tender for a white site at Pasir Ris Central to Phoenix Residential and Phoenix Commercial, after the consortium submitted the highest bid of almost $700 million.
The other shortlisted tenderer – Laguna Garden Limited and Far East Commercial Trustee – offered $677.78 million for the site.
Launched for sale on 27 August, the 38,003.7 sq m site has a maximum gross floor area of 95,010 sq m and a gross plot ratio of 2.5.
The proposed development for the 99-year leasehold site next to Pasir Ris MRT station will comprise a commercial and residential project that is integrated with a bus interchange, town plaza and polyclinic – offering residents “seamless connection to public transport services and amenities”, said HDB in a release on Friday (22 Mar).
The concept and price revenue tender system was adopted to enable HDB to “shortlist quality development concepts with seamless integration of amenities and well-designed public spaces”.
With this, concept proposals that substantially satisfied the evaluation criteria were shortlisted at the first stage of the tender process.
“At the second stage, only the price envelopes submitted by the tenderers of the shortlisted concept proposals were opened for consideration. The site would then be awarded to the tenderer with the highest bid among the tenderers with shortlisted concept proposals.”
The site received three concept proposals from three tenderers during the close of its tender on 14 December.
Upon evaluation, the Concept Evaluation Committee concluded that two of the concept proposals submitted “substantially satisfied the evaluation criteria and could proceed to the second stage of tender evaluation”.
They were the ones submitted by Phoenix Residential and Phoenix Commercial and Laguna Garden Limited and Far East Commercial Trustee.
The price envelopes were then opened and the site was awarded to Phoenix Residential and Phoenix Commercial, which submitted the highest bid.
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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com