The five bids were from Far East Organization and Sino Group (three separate bids); Allgreen Properties (one bid); and a joint venture between Wing Tai Holdings and Perpetual (Asia) (one bid).
The tender for a commercial and residential site at Jalan Anak Bukit attracted five bids when it closed on Tuesday (29 June).
Since the site was launched under the dual-envelope concept and price revenue tender system, the Urban Redevelopment Authority (URA) revealed only the names of the bidders but not their bid prices.
Far East Organization and Sino Group submitted three separate bids via various entities – FE Landmark, FEC Residences Trustee, and FEC Retail Trustee.
“With the most number of bids submitted under the two-envelope system, FEO is determined to win the site. This strategy has been used by them in the two-envelope tender for Holland Village,” said Huttons Asia CEO Mark Yip.
Allgreen Properties, through Dragon Commercial and Dragon Residential, also submitted a bid for the integrated transport hub at Jalan Anak Bukit.
Yip noted that Allgreen has been “submitting bids for integrated developments under a two-envelope system”.
“They had participated in Holland Village and Pasir Ris Central tenders and won the Pasir Ris Central site. It may be part of their strategy to have multiple projects along the Bukit Timah stretch,” he said.
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The final bid came from a joint venture between Wing Tai Holdings’ entity Winchoice Investment and Perpetual (Asia), the trustee of Mercatus Commercial Trust.
Launched for sale on 30 June 2020, the 99-year leasehold site has an area of 32,185 sq m and a maximum permissible gross floor area (GFA) of 96,555 sq m.
“This site will be the centrepiece in the rejuvenation of the entire Beauty World area,” said Yip.
The concept and price revenue tender system requires bidders to submit their concept proposals and tender prices in two separate envelopes.
URA noted that only those with acceptable concepts will advance to the second stage.
“The site will then be awarded to the tenderer with the highest bid price among those with acceptable concept proposals,” it said.
However, URA also noted that this is not an announcement of the tender award; the decision on the award of the tender will be announced at a later date.
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Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: victorkang@propertyguru.com.sg
