Allgreen has awarded a white site next to Pasir Ris MRT Station and beside White Sands Shopping Mall which will be transformed into an Integrated Development. This will be a joint venture between Allgreen Properties and Kerry Properties - the two companies are part of the Kuok Group of Companies controlled by Malaysian tycoon Robert Kuok.
Allgreen winning bid is nearly $700 million, which works out to $684.48 per square foot per plot ratio (psf ppr) based on the total gross floor area of 1.02 million sq ft. The dual envelope concept and price revenue tender for the 99-year leasehold plot closed on Dec 14, 2018, attracting three bids.
The integrated development, comprise of a commercial and residential development which will be names as Pasir Ris 8. Integrated with a bus interchange, a polyclinic and a town plaza, will offer seamless connection to public transport services and amenities for residents. The completed integrated development will also serve as a community focal point.