A mixed-development site in Holland Village initially placed on H2 2014 confirmed list, has been moved to the reserve list of H1 2015 Government Land Sales (GLS) Programme, reported the media.
The Urban Redevelopment Authority (URA) revealed that a concept and price revenue tender system, otherwise known as the “two-envelope system”, will be adopted for the site.
Under this system, developers must submit their bid prices and design proposals separately.
Colliers’ Director of Research and Advisory Chia Siew Chuin noted the move indicates the redevelopment of Holland Village into an identity node has taken a “more thoughtful and introspective approach.”
Notably, the plum 2.3ha site will be the first sale site under the Holland Village Extension plans (pictured) as unveiled in the Master Plan 2014.
“URA has assessed that there is a need to give tenderers more time to study the site and tender evaluation criteria before triggering it for sale,” explained a URA spokesperson.
“This is because tenderers must submit concept proposals to be evaluated against URA’s vision to ensure a future development which enhances the unique charm and character of the Holland Village identity node.”
Meanwhile, CBRE Research Head Desmond Sim noted that a change in tender system also implies that financial muscle will not be the sole determinant for winning the tender.
Image source: URA
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email muneerah@propertyguru.com.sg
