A generous site located on Holland Road, which is capable of providing opportunities in both residential and commercial sectors, was just made available by the state. The Urban Redevelopment Authority offer a 99-year leasehold for this particular site, which is divided into two distinct zones, as mentioned earlier. Already some of the developers that want the site placed more than one bid to get it. Thus, the site managed to gather a total number of 15 bids so far. While the URA publicly released the name of the developers competing for the site, it did not provide any information concerning the value of their bids. Also, it is expected for the tender to last two months before the URA will decide which developer will win this site.
For example, Far East Organization together with an affiliate and Sekisui House, which compose a consortium, placed no less than 3 bids up to this point. Three other consortiums are trying to win the land by placing 2 bids each. These consortiums are composed as follows. Lendlease paired up with Pontiac Land, Perennial Real Estate Holdings joined forces with Qingjian Realty, and the GuocoLand company decided to fight alongside Intrepid Investments, which is a unit owned entirely by Hong Leong Holdings, plus TID and Hong Realty. The remaining bidders decided to try their chance by placing one bid only. Also, they all had to meet the requirements set by the URA, which asked each bidder to send two envelopes in order to be accepted as bidders. One of the envelopes must contain proposals concerning the future development of the area, while the second envelope must present the URA the tender price.
A specially assigned Concept Evaluation Committee will review each and every proposal closely, to see in which degree they manage to meet the desired criteria. Aspects such as the quality of the concept’s design, the future quality of the public domain, and track records will be taken into consideration. A developer must meet the criteria in the best way possible if they are to pass to the next stage of the tender, where will be further evaluated. Thus, only the developers that present acceptable concepts for the site will have their second envelope, the one containing the price they are willing to pay, opened by the committee. Of course, the highest bid will be selected as the winner. So, this is not a tender that marches on getting the highest monetary value, as the proposed concepts count the most.
Having a potential that can reach 59,715 square meters, the site on Holland Road has 13,500 square meters dedicated to retail developments. But, the URA set an upper limit when it comes to the residential units that can be developed here, which must not exceed the number of 570. Thus, out of the total GFA, a minimum percentage of 60% must be dedicated for residential projects, while the remaining space can be used for commercial purposes. Even if the site is split into two areas, there are high chances that units with dual purposes, meaning both residential and commercial, will be allowed in the future development.
New launches in other part of Singapore that will be releasing for sale soon