The Urban Redevelopment Authority (URA) has awarded a consortium that’s led by the Far East Organization a residential and commercial development in Holland Road Site. The property which has a 99-year leasehold received a total of 15 bids.
One Holland Village Pricing Details
The $1.213 billion winning bid for One Holland Village which is an equivalent of around $1,888 psf ppr was the highest received for the tender. Note that the URA needed tenderers to submit a dual-envelope tender which contains the concept plus price. Out of the all bids received, only five were shortlisted.
A total of 10 consortiums submitted all the bids. The Far East consortium had a total of 3 bids while 3 consortiums each had 2 bids. Note that tenderers with multiple bids submitted a unique concept proposal in every bid. The tender prices and concept proposal were to be submitted in separate envelopes.
One Holland Village Pricing Details by Far East Organization
Apart from the Far East Organization, the remaining four bids that were shortlisted were from a consortium which comprised of TID, GuocoLand, Hong Realty, and Hong Leong Holdings. This consortium had a $1.06 billion bid or an equivalent of $1,650 psf ppr. Additionally, there was a tie between Qingjian Realty and Perennial Real Estate Holdings. They had a bid of $1.055 billion or an equivalent of $1,641-psf ppr. Hotel Properties and CapitaLand also had a $1.02billion tie or an equivalent of $1,585-psf ppr. Last on the list was Lendlease and Pontiac Land which also had a tie. They had a bid of $950 million or about $1,478-psf ppr.
URA’s committee analyzed each proposal based on the evaluation criteria including One Holland Village Price. Furthermore, all the tenderers had an opportunity to not only present to the committee but also to explain the details of their concept proposals. This was the first stage of the evaluation process and only five tenderers qualified.
Concept Tender Details Considered other Pricing
The qualified tenderers were then subjected to a 2nd evaluation criteria other than One Holland Village Pricing. This is where the envelopes containing prices were opened. The URA proceeded to award the tenderer with the highest bid. According to the URA, Far East Organization’s consortium had an outstanding concept proposal. Not only did they have the highest bid price but their planning and design concept was impeccable.
The group led by the Far East Organization plans to build a development that complements Holland Village’s low-rise features. There will be multiple ground-floor spaces for the public and open walkways. The public spaces will feature a communal green, pocket park, and commons square. The development’s open walkways will also provide seamless connectivity to the public spaces as well as the surrounding areas.