Far East-led group clinches Holland Rd site
The tender of Holland Road government land has been given to a consortium of subsidiaries of Far East Organizations. The Far East consortium had submitted the winning bid with price value of $1.213 billion which is $1,888 psf per plot ratio for this site. This site covers the area of e 247,214 sq ft. Other bids that were shortlisted submitted land prices between $950 million and $1.06 billion.
The residential and commercial mixed site was contested hotly and allured a total of 15 proposals when the tender got closed on March 20th. Few tenderers, such as Far East, submitted multiple proposals for this site. The 99-year leasehold site got launched for sale under Concept and Price revenue tender system, where the numerous concept proposals were initially evaluated. Just five bids were shortlisted, and the successful proposal was then evaluated based on bid price that was higher.