There may be some promising news for property investors or buyers who favouring living near Holland Village. The large site at Holland road has just been sold to a consortium led by Far East Organization. And the area may see a revival in a few years’ time.
Consortium led by Far East Organization won with $1.213 million bid
The consortium which consists of Far East Organization, Sekisui House and Sino Group won with a bid of $1.213 billion or about $1,888 psf ppr. The site is situated next to the Holland Village MRT station in an area popular with expatriates, university students and has a good mix of public, private non-landed and landed housing from different eras.
For this tender, developers were considered not only by bid-price but also by the concept and how they propose to integrate the new development into the existing Holland Village district. Each bid had to be submitted in 2 different envelopes – one with the concept proposal and one with the tender price.
On the day the tender closed, only the envelopes with the concept proposal were opened. A committee then convened to evaluate the proposals against the evaluation criteria.
5 bidders were then shortlisted for the second stage where the envelopes with the tender prices were opened and only then was the tender awarded to the highest bidder. 15 bids were received by the time the tender closed in March.
A total of 10 consortiums submitted bids for this tender. The Far East partnership submitted a total of 3 bids, each with different concepts.
Future development includes 3 unique zones
The new development will be an exciting one with 3 proposed zones.
- The Commons Square will provide spaces for events such as weekend markets and outdoor performances
- The Communal Green area will be a courtyard with shops by the sides, leading to a water court where there will be water features
- The Pocket Park opens up into Lorong Mambong in Holland Village
These areas are designed to integrate the new development comfortably into the existing Holland Village layout and to enhance the atmosphere. There will be open walkways connecting these public areas to the original public spaces that are already in place.
The new development will also provide seamless extension into the Lorong Mambong and Lorong Liput areas, creating a new and distinctive landscape for the Holland Village precinct.