Far East Organization and Sino Group joint venture win Jalan Anak Bukit site with a bid of $1.03 bil

SINGAPORE (EDGEPROP) - On Aug 30, URA announced that it has awarded the residential and commercial site at Jalan Anak Bukit to a joint venture between Singapore-based property giant Far East Organization and its sister company, Hong Kong-based Sino Group. The joint venture partners won the 3.22 ha mixed-use commercial-and-residential site at the junction of Upper Bukit Timah Road and Jalan Jurong Kechil with a bid of $1.03 billion, which translates to $989 psf per plot ratio (psf ppr). The tender was conducted under a two-envelope system.

Read also: Far East Organization and Sino Group submits three out of five bids for Jalan Anak Bukit GLS site

“We are delighted to have secured the Jalan Anak Bukit site,” says Marc Boey, executive director of planning and acquisition at Far East Organization. “We look forward to creating a new landmark mixed-use development in the prime Bukit Timah area.”

Far East Organization and Sino Land had submitted three proposals. The one that won the tender was the design where Singapore-based architectural firm WOHA was the lead architect.

The design was said to be inspired by “the beauty of the site’s surrounding nature, especially the much-loved Bukit Timah Nature Reserve, which is close by”, according to Far East in a statement. “Our vision is to create a bustling and vibrant urban village nestled within lushly landscaped gardens and spaces.,” adds the developer. “The towers are carefully positioned so that many of the future residents will be able to enjoy panoramic unblocked views of Bukit Timah Nature Reserve.”

The development will have about 20,000 sqm (215,280 sq ft) commercial podium with a mix of retail, F&B and offices. There will be a 1,800 sqm (19,375 sq ft) plaza that can be used to host various community and special events. The mixed-use development will include 700 residential units, many of which will enjoy unblocked panoramic views of Bukit Timah Nature Reserve; about 150 serviced apartments; as well as another 2,000 sqm (215,280 sq ft) of community space that will be designed as “an intergeneration hub” for seniors, youth and children. (See: Find Singapore commercial properties with our commercial directory)

The entire mixed-use development will be linked to an integrated transport hub with a new Beauty World Bus Interchange, a direct underground pedestrian link to the Beauty World MRT Station on the Downtown Line and include childcare and after-school care services. “It will become a key transport hub for the greater Bukit Timah precinct,” says Far East’s Boey.

This is not the first mixed-use development with integrated transport hub that Far East Organization and Sino Group have won in recent years. In 2018, Far East Organization, together with Sino Group and Japanese developer Sekisui House, had won the tender for the GLS site at Holland Road with a bid of $1.213 billion ($1,888 psf ppr). It was also a two-envelope system and the Far East Organization-led consortium had submitted three out of the 15 bids for the 247,214 sq ft, 99-year leasehold site. The project has since been launched as One Holland Village in November 2019.

The second highest bid for the Jalan Anak Bukit site was submitted by a joint venture between Singapore-listed property group Wing Tai Holdings and Mercatus Commercial Trust, which is in turn linked to Mercatus Co-operative Ltd, the real estate subsidiary of NTUC Enterprise. The third bidder was Kuok Group’s Allgreen Properties and Kerry Properties (See table below).

"The blended land cost including residential, commercial and community use is $989 psf ppr, after accounting for location and market sentiments," comments Mark Yip, CEO of Huttons Asia. "It is a mere 1.7% higher than the second bidder, which means that this is a fair market price."