The Urban Redevelopment Authority (URA) said Monday that FEC Residences Trustee, FE Landmark, and FEC Retail Trustee were granted a $1.03 billion contract for the commercial and residential site at Jalan Anak Bukit.
The 3.22-hectare plot of property is near the Beauty World MRT station, at the intersection of Jalan Jurong Kechil and Upper Bukit Timah Road.
Far East Organization and its Hong Kong-based sister firm Sino Group own FE Landmark, FEC Residences Trustee, and FEC Retail Trustee, which are all subsidiaries of Far East Organization. According to property news site EdgeProp, they had filed three separate bids and idea concepts.
They are the only ones that have filed many proposals. According to EdgeProp, all three proposals were a 50-50 joint venture between Far East Organization and Sino Group.
$1.03 billion was the top offer.
Mr Mark Yip, chief executive of Huttons Asia, said the blended land cost, which includes residential, commercial, and community usage, is $989 per square foot, which is in line with the market after factoring for location and market emotions.
Last year’s tender began on June 30 and ended on June 29 this year.
To select “excellent development ideas that are appealing and react well to the surrounding environment,” URA used a concept and price revenue tender method.
It went on to say that such ideas include the integration of facilities that link to pedestrian-friendly roadways and well-designed public areas.
For the location, three tenderers submitted a total of five idea concepts.
According to URA, the land parcel will be developed as a mixed-use development with an integrated transportation hub that “enhances Beauty World’s character as an urban green village with outstanding public transportation connections.”
The winning concept is also “compelling in its well-considered site planning, design response to the tropical climate, and integration of the different uses and public areas,” according to the report.
Along Upper Bukit Timah Road and Jalan Jurong Kechil, the planned mixed-use building would include an integrated transit hub with a bus interchange on the second floor, as well as civic and commercial areas across the first three stories.
“In its widely spaced building blocks, the project combines a well-conceived design approach with a well-considered tropical design response,” URA stated.