The Pasir Ris mixed use project includes a bus exchange, a city square, and a medical clinic. Pasir Ris provides smooth access to public transportation and services for residents. In order to complete by 2030, the CRL will provide passengers in Pasir Ris with an alternative to the current East-West line and connect to other main lines to serve as the main transportation line. In addition to linking residents with crucial business areas, CRL will help the next Smart City Pongal, which will house the new campus of the Singapore Institute of Technology. HDB which is the housing and project commission has awarded a nice tender for a mixed-use project site in Pasir Ris Central up to Phoenix, which made the highest bid of $ 700 million, according to an announcement.
Proposed Site at Pasir Ris Central
The proposed project consists of a commercial and residential project integrated with the intersection of the bus, the clinic, and the town square. It is also very close to Pasir Ris. The real estate at Pasir Ris will surely be exciting with a lot of government investments to develop the city and build the Cross Island Line investments to provide new amenities. With this strong private and public investment, property prices in Pasir Ris will be heavily subsidized and improved over the next 10 to 15 years.
HDB Bank awards the tender for Pasir Ris Central for $ 700 million
The concept of revenue and price bidding for the site in question in Pasir Ris Central was put up for sale on August 27, 2018, and the tender was closed on December 14, 2018. A total of three concept proposals were received — three bidders for the site.
Christine Lee, director of research at Cushman and Wakefield, said the project is expected to work well, as there is little competition in the surrounding area. Ms. Lee said the last new release was Jovel on Flora Drive last September, which is not within walking distance of the subway station.
Selling Price of Pasir Ris Central by Allgreen Properties
The executive expects $ 1,500 to have a price of psf. Pasir Ris has a large number of public and private housing projects that have been completed in recent years and should be a good omen for the components that are retail with mixed-use project due to the expansion of housing complexes.
However, although the site is attractive, the relatively silent bidding response may be affected by the bidding status of this versatile site. Lee said the contractor is required to build Town Plaza and medical clinics on a money-recovery means. It may be a daunting work for them. As stated earlier, the multi-use project of Pasir Ris Central will also benefit from a vibrant transportation network that is likely to receive more visitors from Punggol Estate. Overall, I think Allgreen Properties became the crown jewel of Pasir Ris.