SINGAPORE (Mar 16): Ho Bee Land has been awarded the concept and price tender for a new mixed-use biomedical sciences development on a site next to its flagship commercial office development, The Metropolis, at one-north.
Ho Bee had submitted a bid of $223.6 million, knocking out three other companies.
The contract, which was secured through its wholly-owned subsidiary HB Universal, will see the group build, own and operate Biopolis Phase 6, the latest development in the Biopolis precinct.
Jurong Town Corporation (JTC) had put up the site for tender on August 14, 2019 via a two-envelope Concept and Price Tender. The tender closed on December 4, 2019, with a total of four submissions received.
Ho Bee says the payment will be financed by its internal funds and bank borrowings.
Ho Bee has commissioned architecture design firm, Skidmore Owings & Merill as the lead design architect, and partnered local architect firm DCA Architects to conceptualise the landmark building.
When completed in 2022, the 12-storey facility will add another 35,000 sqm of business park space for biomedical sciences research and supporting activities, and 6,000 sqm for office and retail uses.
“The intent of the development is to spearhead the creation of a new generation of labs that help foster research and discovery,” says Ho Bee Land’s deputy CEO Nicholas Chua.
“This is timely as the government hopes to incubate more biotech startups in Singapore as part of its drive to transform Singapore into the biomedical sciences hub of Asia,” adds Chua.
Shares in Ho Bee Land closed 16 cents lower, or 7.6% down, at $1.94 on Monday prior to the announcement.
