URA has put a prime commercial site at Stamford Road/North Bridge Road up for sale by public tender.
The launching of the site was triggered after URA received an application from a developer who committed to bid at least $100 million, or about $184 psf ppr. The 99-year leasehold site has been on the government’s Reserve List since December 2008.
The site has a maximum permissible gross floor area (GFA) of 50,389 sq m, and 25 percent of this will be used for hotel development.
URA said the 1.43-ha land site, which is slated for commercial use with a hotel component, will be sold through a “concept and price revenue” tender process.
Under this system, interested developers are required to submit tender prices and concept proposals in two separate envelopes. The concept proposals from participated developers will be first evaluated against a set of specified criteria, and only those that pass the concept evaluation will be considered for award.
At the second stage, the price envelopes with acceptable concept proposals will be opened next. The site will then be awarded to developers with the highest tender price among those with acceptable concept proposals.
The land parcel lies in the heart of the city and is surrounded by three unique and vibrant districts – Bras Basah, Marina Centre and the Civic District. It also contains a cluster of three historically and architecturally significant buildings – Stamford House, Capitol Theatre and Capitol Building – which the developer is required to restore and retain for adaptive re-use.
Additionally, the land parcel will be sold along with a subterranean parcel below North Bridge Road, which provides seamless access to City Hall MRT Interchange Station, as well as to the underground pedestrian network which connects Esplanade MRT Station and the Marina Centre area.
The tender for the site will close on 18 August 2010.