Tender for land parcel in Jalan Anak Bukit awarded to Far East Organization, Sino Group
The Urban Redevelopment Authority (URA) under the Government Land Sales Programme (GLS) has awarded a tender for the development of the The Reserve Residences site to a partnership of Far East Organization and Sino Group. This comes after the duo emerged winners for submitting a winning bid of $1.03 billion. Based on the maximum GFA, the price is equivalent to a land rate of $989.4 psf psf ppr.
FE Landmark, FEC Residences Trustee and FEC Retail Trustee are companies under Singapore real estate developer Far East Organization and its Hong Kong-based sister company Sino Group. They had submitted three different bids and concept proposals, according to property news portal EdgeProp.
The 3.22ha land parcel is located at the junction of Upper Bukit Timah Road and Jalan Jurong Kechil, and is next to Beauty World MRT Station.
It enjoys a strategic location close to Beauty World MRT Station. The upcoming development, The Reserve Residences is a mixed-use, residential and commercial development, and an integrated transport hub. The site is expected to yield up to 845 residential units with about 20,000 sqm set aside for commercial use.
The blended land cost including residential, commercial and community use is $989 per square foot, which is inline with the market after accounting for location and market sentiment.
Located at the foothills of the Bukit Timah Nature Reserve, the development is thoughtfully curated and features a dynamic blend of residential, retail, serviced residences, community and public spaces; a well-integrated urban community node in Jalan Anak Bukit that will contribute to the vibrancy of the existing precinct.
The large F&B, retail, and office space are expected to add vibrancy by creating a new urban heartbeat in the neighbourhood. The Reserve Residences also has an integrated transport hub featuring a bus interchange on the second floor that will enhance connectivity.
Developed by two reputable developers, the upcoming The Reserve Residences will feature modern facilities that make living easy for the residents. Taking advantage of the convenient location and the neighbourhood’s lush greenery with laid-back charm, the future owners can look forward to great living spaces.
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