Jalan Anak Bukit site awarded to Far East Organization, Sino Group
The offer for a commercial plus residence plot at Jalan Anak Bt has been awarded to FEO and Sino Group, which collectively filed the strongest offer of approximately $1.028 mil through numerous entities namely, FE Landmark, FEC Residences Trustee, also FEC Retail Trustee.
Introduced for transaction on 30Jun2020 for the dual-envelope approach and also price earnings tender strategy, the 3.22 hectare plot is situated on the crossroads of Jln Jurong Kechil and Upper Bukit Timah Road, next to the Beauty World train Terminal.
The 99 yr lease term site, that possesses an authorized gross floor area of 96,555 sq metre, drew in 5 proposals during the close of its offer on 29Jun’21.
Urban Redevelopment Authority identified that the method and price revenue tender method was utilized to “shortlist quality project principles that are eye-catching and also respond efficiently to the neighbourhood context, with significant combination of amenities connected by using a smooth transport of pedestrian compatible St also well-designed social spaces”.
FEO and also Sino Grp had forwarded three unique quotes and strategy plans with respect to the site.
URA announced the succeeding idea proposal “is powerful in its thoughtful plot planning, design action to sunny weather condition furthermore assimilation of the numerous benefits and social places”.
Specifically, the recommended mixed-use project by Far East Org and Sino Grp presented a combined transport hub that possesses a bus interchange on the second storey in addition to business and civic spaces at the 1st three floors along Jln Jurong Kechil and also Upper Bt Timah Road.
“The scheme demonstrates a satisfactorily think up design strategy in its widely area foundation with a well-considered sunny concept action,” mentioned Urban Redevelopment Authority.
Concurrently, Huttons Asia chief exec officer Mark Yip announced the blended land price is $9hundred 89 per sq ft per PR, which is in path with market following accounting for place and industry views.
“Under the tender files, the peak GFA for the home part is close to Seventy Five percentage of complete GFA which shows the projected land value is around $One thousand Three hundred per square feet ppr. This might deviate relying on ways the real estate investor style the entire concept,” he continued.