URA will certainly customize the dual-envelop strategy for these 2 websites. Of the 2 GLS websites, the white website at Kampong Bugis is situated along Kallang Roadway and also attributes over 1.1 kilometres of river frontage. This is the biggest GLS white website the federal government has actually made offered for sale in terms of website location, states Mak. If efficiently activated for sale, it will certainly additionally be the very first white website marketed in 4 years. The last white website at Central Blvd was offered to IOI Characteristics in November 2016, for a record land quote of $2.57 billion ($1,689 psf) currently known as The Treasure At Tampines.
A white website at Kampong Bugis as well as a resort website at River Valley Roadway have actually been launched offer for sale under the 2H2019 Government Land Sales (GLS) program. Both websites are under the Get Listing.
The idea as well as rate earnings tender strategy will certainly be embraced for both land sales. This implies tenderers send principle propositions and also tender costs independently, and also just effective principle propositions will certainly be examined based upon the rates.
URA will certainly change the dual-envelop technique for these 2 websites. Especially, a tenderer with a shortlisted principle proposition could be used the alternative to cover up its quote rate to match the greatest quote cost amongst the shortlisted idea propositions. This alternative will certainly be supplied uniquely to just one or more “extremely superior” propositions, claims URA.
” This is to highly incentivise tenderers to prepare outstanding principle propositions, as they would certainly have a higher opportunity of safeguarding the tender while accomplishing the very best feasible advancement results,” URA includes.
According to Nicholas Mak, head of research study and also working as a consultant at PERIOD Real estate, this brand-new strategy might not produce URA’s wanted end result. “If a prospective buyer thinks that his principle might be excellent sufficient to pass the very first round yet might not be the most superior principle, he might select to send a hostile land cost to boost his opportunities of winning the tender.
As an outcome, the prospective buyer with the highest possible quote however not the most superior idea would certainly still be granted the tender. They can have the most exceptional idea and also still offer the land parcel at the greatest rate.”
The 8.2 ha website at Kampong Bugis can fit an optimum gross flooring location (GFA) of 4.2 million sq ft. This consists of an optimum of 4,000 domestic systems as well as much as 538,195 sq ft of non-residential flooring room for retail, serviced homes, and also workplaces. Various other usages consist of older treatment or an elderly task centre, in addition to sporting activities and also leisure centers.
According to Mak, the brand-new white website Treasure At Tampines location will certainly be a famous job to revitalize the Kallang area and also change the location right into an appealing waterside industrial as well as property center.