http://www.businesstimes.com.sg/sub/...82229,00.html?
April 21, 2010, 10.16 am (Singapore time)
Prime site at City Hall for sale
By BERNICE BONG
SINGAPORE - The Urban Redevelopment Authority (URA) has launched the sale of a 1.43 ha prime commerical site at the junction of Stamford Road and North Bridge Road by a public tender.
An unnamed developer triggered the sale after he bid $100 million - or $184 per square foot per plot ratio - for the 99-year leasehold site. It had been on the government's reserve list since December 2008.
The retail-cum-hotel development has a maximum permissible gross floor area of about 542,400 sq ft. A minimum 25 per cent is to be for hotel use.
The URA said the land parcel will be sold through a 'concept and price revenue' tender process.
Under this system, tenderers are required to submit their concept proposals and tender prices in two separate envelopes. The concept proposals will be first evaluated against a set of specified criteria. Only those tenders that meet the criteria will be considered for award.
At the second stage, the price envelopes of the proposals with acceptable concepts will be opened for consideration. The site will then be awarded to the tender with the highest bid price among those with acceptable concept proposals.
The developer of the site is required to retain and restore the three historically and architecturally significant buildings on the land parcel - Capital Theatre, Capital Building and Stamford House - for re-use.
The tender will close on Aug 18,2010.