A commercial landmark site at City Hall, which includes Stamford House, Capitol Building and Capitol Theatre, received a total of 14 bids from ten developers and consortiums.
Three separate bids were offered by developer Far East Organization, while two bids were handed in each by Wing Tai Holdings and a consortium made up of Perennial Real Estate and Chesham Properties and TOP Property Investment.
Other bidders for the site also include a private equity fund manager GAW Capital Partners, GuocoLand, United Engineers, CapitaMalls Asia and parent company CapitaLand, Park Hotel Group, YTL Corporation and a consortium made up of, Sin Heng Chan Group, Kim Eng Group and Japan’s Takenaka Group.
The URA did not disclose the amounts offered by each developer, as the land site was being sold through a “concept and price revenue” tender process.
Under the process, bidders are required to submit their tender price and concept proposal for the site in two separate envelopes. The URA will first evaluate the concept proposals against a specific set of criteria, then only those developers that meet the set criteria will be considered. The land parcel will then be awarded to the highest bidders with acceptable concept proposals.
The site is located at the junction of North Bridge Road and Stamford Road, and a subterranean parcel that will link to City Hall MRT station. It was launched for sale in April.
The tender for the 99-year leasehold site was triggered after a developer committed to bid at least $100 million, or about $184 psf ppr. Some analysts said the land parcel can fetch between $400 psf ppr to $600 psf ppr.
The winning bidder is required to restore and retain the three “historically and architecturally significant buildings” Stamford House, Capitol Building and Capitol Theatre as well as set aside at least 25 percent of the total gross floor area for hotel use.