The active three-story frontages that run along Upper Bukit Timah Road and Jalan Jurong Kechil create a vibrant and multi-layered pedestrian experience. This experience can be seen from the street. FE LANDMARK PTE. LTD., FEC RESIDENCES TRUSTEE PTE. LTD. (AS TRUSTEE-MANAGER OF THE FEC RESIDENCES TRUST), FEC RETAIL TRUSTEE PTE. LTD. (AS TRUSTEE-MANAGER OF THE FEC RETAIL TRUST), AND WOHA ARCHITECTS PTE. LTD.
Far East and Sino Group were chosen as the winners of a state tender for a 99-year leasehold commercial and residential site on Jalan Anak Bukit by the Urban Redevelopment Authority (URA). The Reserve Residences is the name of this project. Far East and Sino Group submitted the highest bid of approximately S$1.028 billion of the three shortlisted tenderers.
Based on the maximum gross floor area available, this works out to approximately S$989.4 per square foot (psf). The cost of The Reserve Residences will be determined later.
The Urban Redevelopment Authority (URA) praised the winning proposal for its “overall, the concept proposal is compelling in its well-considered site planning, design response to tropical climate, and integration of the various uses and public spaces.”
The 3.22-hectare plot of land adjacent to the Beauty World MRT station, at the intersection of Upper Bukit Timah Road and Jalan Jurong Kechil, has the potential to be developed into a space with a maximum gross floor area (GFA) of 96,555 square meters (sq m).
According to a press release from the Urban Redevelopment Authority (URA), the proposed mixed-use development will include a bus interchange on the second storey of the integrated transport hub. The first three storeys will be civic and commercial areas.
Aside from the newly built bus interchange at Beauty World, an underground pedestrian link will connect to the Beauty World MRT Station on the Downtown Line.
“Our vision is to create a bustling and vibrant urban village nestled among lushly landscaped gardens and spaces,” said Marc Boey, Far East’s executive director of planning and acquisition. Many future residents will have unobstructed panoramic views of the Bukit Timah Nature Reserve due to the towers’ thoughtful placement.
In a podium, there will be approximately 20,000 square meters of retail space, food and beverage space, and office space, centered on a 1,800 square meter plaza that can be used to host community events and special events. The development will also include 700 residential units, 150 serviced residences, and approximately 2,000 square meters of community space.
The site was bid on using a dual-envelope tender system, which requires prospective buyers to submit both their concept proposals and tender prices in separate envelopes. The price-based second stage is only open to the concept proposals that were shortlisted in the first stage.
When the The Reserve Residences location was put up for sale on June 30, 2020, it was on the confirmed list of the government’s land sales program for the first half of 2020. The tender’s original closing date of March 30 was then pushed back to June 29, 2021. This was done to make room for the extension.
It was determined that there were five bids, one fewer than industry experts had predicted, and that Far East and Sino Group had submitted three separate bids.
Wing Tai Holdings was one of the other potential buyers, submitting a joint proposal with Mercatus Commercial Trust (a company with ties to Mercatus Co-operative) for S$1.011 billion.
During this time, Allgreen Properties and Kerry Properties banded together to make a joint bid of S$808.99 million.
Huttons Asia CEO Mark Yip stated on Monday that the blended land cost is comparable to the market after taking into account both the location and the general sentiment of the market.
Analysts believe that the new commercial development on Jalan Anak Bukit has the potential to serve as a much-needed catalyst for revitalizing the Beauty World precinct. This is because the new commercial development will bring new life and ideas.
To maintain a pedestrian-friendly environment, one of the evaluation criteria is that all commercial, retail, and public spaces be well integrated with both existing and proposed transportation nodes. Meanwhile, the structure must have lush landscaping and public areas that are thoughtfully designed and easy to navigate. Furthermore, the developers and design teams that they hired were evaluated based on their relevant track records and the quality of their work.
Those interested in viewing the The Reserve Residences showflat should visit the website to register
For those who may looking for other choices, may consider Lentor Hills Residences and Tenet EC.
Lentor Hills Residences is situated next to the integrated development called Lentor Modern. You will still be able to enjoy the convenience as the retail and MRT is right across the road.
For those who find the price too high and are eligible for Executive condo may consider Tenet EC which is just minutes walk to Tampines North MRT