Allgreen Properties and Kerry Properties Have Got the Pasir Ris Tender to Develop the Ryse Residences Condo
The Ryse Residences Condo is the newest mixed development, which is going to comprise a town plaza, bus interchange, and a polyclinic along with the 480 private homes and commercial space.
Singapore’s HDB given this tender to Allgreen Properties and Kerry Properties tie-up because these partners had presented the best concept proposal along with the highest winning bid of S$700 million. All these details were made public in the recent announcement by the HDB.
The upcoming project will and be going to serve as the main community focal point in the region. This commercial and residential development will also include a bus interchange, a town plaza, and a polyclinic. The SGD$700 mil winning bid estimated as S$684.48/sq-ft, per plot ratio according to the whole gross floor area of 1.02 million sqft.
HDB launched the tender for the Ryse Residences condo site on August 27, 2018. The sale closed on December 14, 2018, and three bidders had submitted their concept proposal during this time. All three tenderers had gotten a chance to feature their concept proposals to the CEC to get this site for development.
HDB had followed the dual envelop concept for the sale of this 99-year leasehold plot. Laguna Garden and Far East Commercial Trustee, the units of Far East Organization had placed a bid of almost S$677.78 million, which was translated into S$662.75 psf ppr.
Singapore Press Holdings and Kajima Development had also partnered to bid on this project, but their tie-up did not work and their proposal was not shortlisted. The CEC evaluated each concept proposal and came to a decision that two of three shortlisted proposals were the best.
The Far East Organization and Allgreen-Kerry Properties tie-up were two shortlisted bidders with their concept proposals. Their concept proposals were considered the best to meet the demands of the tender and evaluation criteria. Their proposals were sent to the second stage of tender assessment.
The price envelopes submitted by both tenderers were opened and then the development site was awarded to Allgreen-Kerry Properties tie-up. They had submitted a higher bid in comparison to Far East Organization. Their winning bid was almost S$700 million, which helped them in buying this 99-year leasehold land for mixed-use development.
Tender conditions might have affected the interest tenderers:
The site location is pretty attractive. It will be the closest residential space near Singapore’s Changi airport, but there was still a muted response for this project. The experts believe that tender conditions affected this mixed-use site’s sale. Any developer, who places the winning bid, will also be responsible for building a Bus Interchange, a Town Plaza, and a Polyclinic along with the main structure.
The Allgreen Properties and Kerry Properties are now going to collaborate for the development of this site. Ryse Residences is going to feature around 480 private homes, commercial space, and the required three structures. Therefore, it is going to be one of the most attractive residential structures in the region.