The bid works out to S$1,330 per square foot per plot ratio (US$11,080 per square meter ppr) for the Bedok Rise site, whose state tender opened in September and closed last Thursday, as reported by The Business Times.
Allgreen’s offer edged out the closest competition, Hoi Hup Realty’s S$1,324 psf ppr, by a narrow 0.4%. The third-highest bid came from a consortium of ABR Holdings, LWH Holdings, Macly Group and Roxy-Pacific Holdings at S$1,291 psf ppr.
The site attracted 10 bids, the biggest turnout for a government land sale since September 2021. Other contenders for the plot included Singaporean billionaire Kwek Leng Beng’s Hong Leong Holdings; Frasers Properties of Thai property and beverage magnate Charoen Sirivadhanabhakdi; and UOL Group, Singapore’s largest developer by market capitalization.
Spanning 20,294 square meters in Bedok, a town in eastern Singapore, the 99-year leasehold site is slated for a residential condominium development with up to 380 units, according to the Urban Redevelopment Authority. It allows buildings of up to 12 stories, with a maximum gross floor area of 32,470 square meters.
The site is the last land parcel facing Tanah Merah MRT Station, which is being developed as an interchange linking the East-West MRT line with the Thomson-East Coast line to improve connectivity to Changi Airport and Changi Business Park.
Justin Quek, deputy group CEO of Realion Group, said the site is “well-located” and offers “strong connectivity for future residents,” as quoted by Forbes.
 |
|
The Bedok Rise site as seen on Urban Redevelopment Authority’s map. Photo courtesy of Urban Redevelopment Authority |
Allgreen is expanding its residential footprint in the city-state following strong sales at Promenade Peak, a 596-unit luxury condominium near Orchard Road that saw around 54% of its units sold in its August launch weekend.
The developer also manages several well-known retail properties across Singapore, including Great World, Tanglin Mall, Pasir Ris Mall and The Seletar Mall.
Early last month, it unveiled plans to revamp Johor Bahru City Square, a mall it owns near the Singapore-Johor Causeway that draws both locals and Singaporean day-trippers. The upgrade comes ahead of the upcoming Johor Bahru-Singapore Rapid Transit System, expected to boost connectivity and increase cross-border retail demand.
Allgreen is a member of the Kuok Group, a multinational conglomerate owned by Malaysian tycoon Robert Kuok, Malaysia’s richest man with a net worth of US$13.4 billion, according to Forbes.
