Far East Organisation bags Holland Road GLS site for $1.2 billion
The coveted mixed-used (residential & commercial) site at Holland Road have been clinched by a consortium led by real estate giant Far East Organization for a whopping $1.213 billion or $1,888 psf ppr.
With a maximum GFA (gross floor area) of 642,766 square feet, the future new launch at Holland Road will comprise of residential homes for sale (60% of GFA), offices and retail spaces (the remaining 40% of GFA).
It was noted by the winning consortium that part of the GFA allocated for residential use will be spilt into around 400+ private homes for sale, and another 100+ units being used as serviced apartments.
The Holland Road GLS tender drew a total of 15 bids in total and together with Sekisui House and Sino Group, the Far East-led consortium’s top bid price was the highest among the top 5 tenders which were submitted by various property developers under the “dual-envelope” system.
The other 4 shortlisted bids submitted for the Holland Road tender came from the likes of a consortium led by GuocoLand (developer of Martin Modern) together with Hong Leong Holdings, TID and Hong Realty and a joint-venture between Perennial Real Estate and Chinese firm Qingjian Realty.
According to Far East Organization, their proposed scheme (designed by MKPL Architects) for the new development at Holland Road will comprise of 2 towers (at 33 and 25 storeys each) housing 400+ residential apartments and another 10-storey tower housing serviced apartments.
On top of that, the Holland Road project will have 5 levels of office spaces sitting right above the retail and F&B spaces. It was also added that there will be dual residential/office units being planned out, as part of the components under office spaces.
The Urban Redevelopment Authority (URA) said that the winning concept was compelling in terms of design and the planning of the external spaces for public access.
It was also noted that this is Far East Organization’s 1st acquisition over the $1 billion mark in 7 years – since partnering Frasers Centrepoint (now known as Frasers Property) and also Sekisui House back in 2011, to clinch a plot located at Punggol Central for $1.02 billion to develop today’s mixed-use project named Watertown.