Singapore's Urban Redevelopment Authority closed March 20 its dual-envelope tender for a commercial and residential plot at the prime Holland Road stretch in the city-state after receiving 15 bids.
A dual-envelope tender involves bidders submitting a concept proposal and bid price separately.
The URA noted that its committee will first review the concept proposal of each bidder before a second-phase evaluation considers the bid levels for the roughly 2.30-hectare site, which has a 2.6 gross plot ratio, a 99-year leasehold period and a capacity to yield an estimated 570 housing units and 13,500 square meters of commercial space. The local authority has already opened the concept proposal envelopes from the bidders as of March 20, according to a URA announcement.
According to The (Singapore) Business Times, three of the bids were from a consortium led by Far East Organization, while six more were from separate partnerships involving Lendlease Corp. Ltd., Perennial Real Estate Holdings Ltd. and GuocoLand Ltd. Other contenders who submitted individual bids were joint ventures comprising companies like City Developments Ltd., Kerry Properties Ltd., UOL Group Ltd. and United Industrial Corp. Ltd., the March 21 report noted.