The mixed-use development comprises a bus interchange, a polyclinic, and a town plaza.
The Housing & Development Board (HDB) awarded the tender for the mixed-use development site at Pasir Ris Central to Phoenix Residential & Phoenix Commercial, which submitted the highest bid of $700m, an announcement revealed.
The proposed development comprises of a commercial and residential development integrated with a bus interchange, a polyclinic, and a town plaza.
The concept and price revenue tender for the subject site at Pasir Ris Central was launched for sale on 27 August 2018 and the tender was closed on 14 December 2018. A total of three concept proposals from three tenderers were received for the site.
Cushman & Wakefield research senior director Christine Li said that the project is expected to do well as there is not much competition in the vicinity. “The last new launch was Jovell at Flora Drive last September, which is not within walking distance from the MRT station,” Li said.
The executive forecasts that prices could be priced $1,500 psf onwards. “Pasir Ris has seen quite a number of public and private housing developments being completed in recent years and should bode well for the retail component in the mixed-use development due to the enlarged residential catchment,” she added.
However, although the site is attractive, the relatively muted tender response could have been affected by the tender condition for this mixed-use site, Li said. “The developer is required to construct a polyclinic and Town Plaza on a cost recovery basis. It will be an onerous task for them.”
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