With most countries and development turning their focus to real estate, URA has taken one of the best moves by launching residential site tender. This has been the trend in the recent past with great positive changes seen in Singapore after the real estate influenced on the GDP. The new project will be called The Antares.
Tender for Mattar Road Site
This is believed to be one of the greatest government sales to be done in 2018 that focus on new development. The whole process that involved many interested parties was done under public tender with transparency put at the centre. The move to settle the sale and handover the development site to three world-class companies has been seen as a major boost to the expected new plan.
Keong Hong and Hock Lian Seng made it to the top of the tender at a price of $223 million to finalize on the sale. Following the huge amount that was needed for development, the joint venture was the best way to help simplify and accomplish the project. The joint venture who submitted the top bid for the site is FKSH Development.
Joint Venture for Mattar Road Site
They will be working on a joint venture in Mattar Road development which is set to give a new image to Mattar Road where the development will sit. All the companies involved have already set their financial positions on the development and the ownership already made public among the companies. Different sources of funding are set to support including loans and other contribution from individual parties.
10 Companies Bid for Mattar Road Development
Even though the tender process had seen tight competition from a total of 10 companies, it was fairly awarded. The 6230.2 sqm site area will be under direct control of the new developers for 99 years when the lease is set to expire. The land sale that was done by the government under GLS is set to being a difference following the estimated 250 units that is set for development.
A unique development that is targeting both commercial and residential will have the commercial done on the first storey. The ideal features of the site will enable the development and they are likely to have varying heights once the development is complete. The two sites are set to help achieve the dream of many who desire to live around Matter road and enjoy the unique development that already exists.
Upon completion, the site will be marked with a better look and friendly environment for business and residential. Following the history of companies that are involved in the joint venture, there is great confidence that the development will have the best finish.