As per the modified regulations of the Urban Redevelopment Authority (URA), the process of application for a white site situated in Kampong Bugis and a hotel site right at the heart of River Valley Road has been initiated for the Government to put it up on the reserve list. Interestingly, the sites that were enlisted in the reserve list for the second half of 2019 of the Government Land Sales (GLS) program has been pushed to the former half of the upcoming year.
The primary objective underlying the release of the Kampong Bugis site located at the mouth of the Kallang River to a master developer is to open doors for its architectural developments followed by the implementation of several modern solutions and car-lite ingenuities across the entire district. If reports are to be believed, the circumscribing area of Kampong Bugis that is nearly about 8.2ha can bear up to 4,000 houses and a maximum of 50,000 square meters for miscellaneous purposes including communities, offices, retails and serviced apartments. Taking all of this into consideration, the entire Gross Floor Area (GFA) of the site sums to 390,000 sq. m.
Apart from this, to make things easier for the developer, URA has opted for a much more flexible plan where both the payment plans and development through phases can be commenced in order to meet the market expectations and formulate an approach that is associated with lesser risks and escalated profits. If everything moves according to plans, the project can be completed within a span of 11 to 13 years.
On the other hand, the second site in concern, essentially the River Valley Site positioned right between the Singapore River and Fort Canning MRT can offer a GFA of about 28,666 sq. m and is being designed to make way for at least 530 hotel rooms of standard sizes. Therefore, to help the developers going and keep their working spirits high, URA will be generating the top-up choice which is the upgraded version of its usual notion comprising of the yielding price revenue through the tender approach. The conventional approach compelled the tenders to produce their propositions and their quotes separately; however, with the modifications at play, the first stage of the selection process will include the procedure of browsing through the proposed schemes and the shortlisted ones will then move on to get evaluated on the basis of their prices. Additionally, this clause automatically implies that the tender that comes with the highest bid will be procured with the developmental contract.
Nevertheless, as the URA has mentioned, the top-up option is a privilege that will be made available only to the top one or two shortlisted tenders at the first stage itself. The idea is to encourage the tenderers to bring in innovations in their presentations and thereby, obtain a higher chance of securing the tender in either of the two sites or even both the sites. But, if the brilliant proposals do not come up with the highest bid, the top-up recourse will be handed over to the tender that holds a higher position compared to others in the list of the highest bidders and outstanding proposals. Additionally, with no worthy proposals, the option will be acquired by the highest bidder.
Find out more from here
https://www.straitstimes.com/business/property/kampong-bugis-and-river-valley-sites-up-for-application-ura
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