SINGAPORE: A commercial and residential site at Holland Road has attracted 15 bids after the tender closed at noon on Tuesday (Mar 20), the Urban Redevelopment Authority (URA) announced in a media release.
The 99-year leasehold site was launched for sale last November, under the confirmed list of the Government Land Sales programme for the second half of 2017.
The land parcel is the first sale site to be launched as part of the Holland Village Extension plan, which was unveiled in Master Plan 2014.
According to URA, the site has an area of 22,967 sq m and is expected to yield 570 housing units. It can have a maximum gross floor area of 59,715 sq m, of which up to 13,500 sq m can be for retail use.
The bids were submitted by several joint ventures and consortiums, with some submitting multiple bids. They include Far East Organisation, which put forward three bids as part of a joint venture.
One analyst Channel NewsAsia spoke to said the winning bidder is expected to fork out at least S$2.5 billion for the project.
AdvertisementAdvertisement“The developers find this site very attractive, despite the over probably billion-dollar quantum that is required to buy this piece of land,” said CEO of International Property Advisor Ku Swee Yong.
“At least four organisations submitted multiple bids, which shows how much resources these developers are willing to put into this bidding process.”
The bids will be evaluated using a concept and price revenue tender system, with a committee assessing the developers’ concept proposals, using criteria including the quality of the design concept, quality of public realm and track record.
Those who meet the criteria will then be shortlisted, with the site awarded to the highest bidder among those with acceptable concept proposals.
“The quality of the public realm is central to the new extension of Holland Village with a network of pedestrianised streets and public spaces that connect seamlessly with the surrounding lorongs and the housing estate beyond,” said URA in a previous release.
“The development will build on and reinforce the continual success of Holland Village while creating new community spaces for people to gather and interact.”
“It is definitely significant – there is a need for preservation of the community, the identity within Holland Village,” said Desmond Sim, who is Singapore research head at CBRE.
“Everybody knows that that area - Lorong Mambong, Lorong Liput - is an F&B spot, for some people it’s a nightlife spot.”
“It’s considered at the fringe or the gateway to one-north, and we know how successful one-north has established itself as a commercial node and to some extent a media and R&D node. So Holland Village is definitely a central point for a lot more commercial and community activities,” he added.
URA said a decision on the award of the tender will be made after the tenders have been evaluated, which will be announced at a later date.
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