A mixed-use site (both residential & commercial) at Holland Road has drawn a total of 15 bids from various property developers as the tender closed on Tuesday (20 March 2018), 12 noon.
The bidders include the likes of City Developments Ltd, Allgreen Properties, Lend Lease, UOL Group and CapitaLand etc.
The 99-year leasehold Holland Road site was released for sale under the 2H 2017 GLS Programme and it was noted to be the 1st land parcel to be launched for sale – as part of the extension plan for Holland Village under the URA Master Plan 2014.
The Holland Road GLS site has a land area of around 247.216 square feet and the future new launch is expected to yield around 570 private homes.
It was also noted that site has a maximum gross floor area (GFA) of approximately 642,772 square feet and around 145,314 square feet can be used for retail purposes.
The Urban Redevelopment Authority (URA) has mentioned that the tender for the Holland Road site is being conducted with the dual-envelope concept.
Under this tender system, property developers are required to submit their tender bid price and concept proposals in 2 envelopes separately. Thus, only the concept proposals were being opened up on Tuesday.
According to URA, the concept proposals from bidders should showcase the attributes within each of their proposed new development at Holland Road – in terms of design quality, planning of public areas (such as parks, roads, walking paths and open spaces etc.) and their own track record.
Only those which fulfilled the evaluation criteria of the Concept Evaluation Committee (or CEC) will then move on to the 2nd stage of the tender – where their bid prices will be considered.
Market watchers expect that the evaluation timeframe for the Holland Road GLS site will take approximately 2 months before the site is being awarded to a property developer.
It was also noted that the winning bidder will be given 7 years to complete this new project at Holland Road.