URA launches plum Holland Road site on confirmed list

[reporter2]

URA launches plum Holland Road site on confirmed list


An artist’s impression of the first sale site at Holland Village Extension.PHOTO: URBAN REDEVELOPMENT AUTHORITY

55 min ago


SINGAPORE - The Urban Redevelopment Authority (URA) launched on Thursday (Nov 30) the tender for a commercial and residential site in Holland Road under a dual-envelope concept and price tender that will close on March 20, 2018.

Located near Holland Village MRT Station, the site can have a maximum gross floor area of 59,715 square metres, of which up to 13,500 sq m can be for retail use. The URA has also set a cap of 570 residential units for the project.

It has also launched the tender for a private housing site along Handy Road in the Dhoby Ghaut area that can yield about 130 residential units. The tender for this site will close on Jan 30, 2018, together with another private residential site at Chong Kuo Road and the executive condominium or EC site at Sumang Walk under a batched-tender exercise.

The Holland Road and Handy Road sites are being launched for sale under the confirmed list of the second-half 2017 Government Land Sales (GLS) Programme.

Sites on the confirmed list are launched for tender according to schedule, regardless of demand.

The URA also made available for application under the reserve list two private housing sites - one in Mattar Road that can yield about 255 units and another in Canberra Drive that can yield about 765 units.

Sites on the reserve list are launched for tender only upon successful application by a developer or when there is sufficient market interest in a site.

All four sites have 99-year leasehold tenure. Together, they can potentially yield about 1,720 residential units, the URA said in its release.

The land parcel at Holland Road is the first sale site to be launched as part of the Holland Village Extension plan unveiled in the Master Plan 2014.



"As the design quality of the new development is critical to set Holland Village apart as a distinctive and endearing Identity Node, a concept and price revenue tender system will be adopted to evaluate the tenders received for the commercial and residential site," the URA said.

Under this system, tenderers are required to submit their concept proposals and tender prices in two separate envelopes. The concept proposals should demonstrate how the proposed development on the land parcel will address the following evaluation criteria: quality of design concept, quality of public realm, and track record.

A Concept Evaluation Committee (CEC) will first evaluate the concept proposal against the evaluation criteria. Only concept proposals that substantially satisfy the evaluation criteria will be short-listed by the CEC for the second stage of the tender evaluation.

At the second stage, the price envelopes of proposals with acceptable concepts will be opened for consideration. The site will then be awarded to the tender with the highest bid among those with acceptable concept proposals.

The URA will be conducting a briefing session on the key planning and urban design requirements as well as the evaluation criteria for the Holland Road site on Dec 8, 2017.

[Kelonguni]

I have waited for you for the longest time.

Why don’t you be released when the market was flat bottom, but now when things have picked up soooo much?

[Arcachon]

I have waited for you for the longest time.

Why don’t you be released when the market was flat bottom, but now when things have picked up soooo much?

Because Ah Kong need to made sure they suck the most from the Developer before the Developer suck the SP.

[reporter2]

Plum Holland Road land site put up for tender

Dec 1, 2017


3 other plots also launched for sale; all 4 can potentially yield 1,720 residential units

A commercial and residential site in Holland Road was put up for sale yesterday under a dual-envelope concept and price tender that will close on March 20.

Located near Holland Village MRT station, the site can have a maximum gross floor area of 59,715 sq m, of which, up to 13,500 sq m can be for retail use. The Urban Redevelopment Authority (URA) has set a cap of 570 residential units for the project.

A private housing site in Handy Road that can yield about 130 residential units was also launched for tender in October.

The tender for this site will close on Jan 30, together with those for a private residential site in Chong Kuo Road and an executive condominium site in Sumang Walk under a batched-tender exercise.

The Holland Road and Handy Road sites are launched for sale under the confirmed list of the Government Land Sales programme for the second half of this year.

Sites on the confirmed list are put up for tender according to schedule, regardless of demand.

The URA also made available for application under the reserve list two private housing sites - the one in Mattar Road can yield about 255 units and the one in Canberra Drive, about 765 units. Sites on the reserve list are launched for tender only on successful application by a developer or when there is sufficient market interest in a site.

All four sites, which have a 99-year leasehold tenure, can potentially yield about 1,720 residential units, the URA said in a statement.

The Holland Road parcel is the first sale site to be launched as part of the Holland Village Extension unveiled in the 2014 Master Plan.

"As the design quality of the new development is critical to set Holland Village apart as a distinctive and endearing 'identity node', a concept and price revenue tender system will be adopted to evaluate the tenders," the URA said.

Under this system, tenderers must submit their concept proposals and tender prices in two envelopes. The concept proposals should demonstrate how the proposed development on the land parcel will address the following evaluation criteria: quality of design concept, quality of public realm and track record.

A Concept Evaluation Committee (CEC) will first evaluate the concept proposals against the evaluation criteria. Only those that substantially satisfy the evaluation criteria will be shortlisted by the CEC for the second stage of the tender evaluation.

At the second stage, the price envelopes of proposals with acceptable concepts will be opened for consideration. The site will then be awarded to the bidder with the highest bid among those with acceptable concept proposals.

[reporter2]

Holland Rd plot to have dual office-residential use component

The interchangeable dual use for the newly-launched site aims to create a vibrant 'live, work and play' setting

Fri, Dec 01, 2017

Kalpana Rashiwala


THE Urban Redevelopment Authority (URA) is allowing a dual office/residential use component in the plum Holland Road site that it has just launched for tender.

The dual use, aimed at creating a vibrant "live, work and play" setting, will be considered as part of the project's commercial gross floor area (GFA), URA indicated in the tender conditions for the site.

Each unit for this component is allowed to be used for both office and/or residential uses interchangeably without planning permission - the first time that URA is allowing this in a Government Land Sale (GLS) site.

Despite the commercial and residential site's plum location near Holland Village MRT Station, most property consultants expect fewer than 10 bids given the big-ticket investment and the dual-envelope concept and price tender mode for the site's sale.

Some also said that having the dual-envelope tender system for this site might sieve out overly-exuberant bids.

Edmund Tie & Co research head Lee Nai Jia said: "The shortlisting for the first round will be based on factors like design and quality. Those who bid too high for the land will have to maximise floor area - which may not be ideal for the best concept for this site's development."

Agreeing, veteran property consultant Donald Han, now managing director of Hospitality Strategies Asia Pacific, said: "Going by past experience, the two-envelope bidding system has generally resulted in more realistic pricing.

"Established developers with relevant track record with strong/unique design concepts know what URA wants to see and these schemes may not necessarily be in the interest of generating maximum saleable area."

He expects five to eight bids for the site, with the highest coming in at S$1,300-S$1,400 per square foot per plot ratio (psf ppr), which works out to a lump sum bid price of S$836 million to S$900 million.

Dr Lee of ET & Co expects five to six bids, with the highest at S$1,500-S$1,600 psf ppr.

JLL Singapore head of research and consultancy Tay Huey Ying expects fewer than 10 bids, but declined to forecast bid prices.

Cushman & Wakefield director of research Christine Li is more sanguine. She predicts eight to 12 bids for the site with the winning bid at S$1,800-S$1,900 psf ppr (or S$1.15 billion to S$1.22 billion), assuming the developer opts to build serviced apartments for the project's residential component.

She noted that in previous concept and price tenders, it has been "not uncommon" for some parties to submit two different concepts to boost their chances of being shortlisted.

URA also launched on Thursday a private housing site on Handy Road near Dhoby Ghaut MRT Station, which can yield about 130 residential units.

Both sites were launched under the confirmed list of the second-half 2017 GLS Programme. Also made available for application under the reserve list are two private housing sites - one near Mattar MRT Station, and the other on Canberra Drive in the Sembawang area. All four plots are 99-year leasehold and can potentially yield about 1,720 residential units, URA said.

The Holland Road site can have a maximum gross floor area of 59,715 square metres (642,766 sq ft), of which up to 13,500 sq m can be used for retail. The URA has also set a cap of 570 residential units for the project.

At least 60 per cent of the total GFA shall be for residential use and the remaining 40 per cent may be for commercial use.

The land parcel is divided into two zones. Zone 1 is intended for residential development. The types of housing units that can be allowed in this zone are flats, serviced apartments and/or strata landed houses.

Zone 2 is intended for commercial and/or serviced apartment uses. The dual office/residential use units, which will be subject to compliance with government requirements, are part of this zone.

No strata subdivision is allowed in Zone 2.

The plot is the first sale site to be launched as part of the Holland Village Extension plan unveiled in the 2014 Master Plan.

As the design quality of the new development is critical to set Holland Village apart as a distinctive and endearing Identity Node, URA has adopted a concept and price revenue tender system to evaluate the tenders received for the Holland Road site.

Under this system, tenderers are required to submit their concept proposals and tender prices in two separate envelopes. The concept proposals should demonstrate how the proposed development on the land parcel will address the following evaluation criteria: quality of design concept, quality of public realm, and track record.

A Concept Evaluation Committee (CEC) will first evaluate the concept proposals against the evaluation criteria. Only those that substantially satisfy the evaluation criteria will be shortlisted by the CEC for the second stage of the tender evaluation.

At the second stage, the price envelopes of proposals with acceptable concepts will be opened for consideration. The site will then be awarded to the tenderer with the highest bid.

The tender for the Holland Road site will close on March 20, 2018.

As for the Handy Road site, property consultants' forecasts of the winning bid vary widely, from S$1,200-S$1,650 psf ppr. Mr Han predicts a "record turnout" for this site, given that it is a fairly small albeit prime site.

"The Handy Road site comes with technical conditions such as site setbacks, greenery replacement and preservation of a building - being in a congested part of the city. Developers may need to incorporate a higher construction budget, hence over-pricing the site could lead to deterioration of profit margin," he said.

The tender for the Handy Road site will close on Jan 30, together with those for a private residential site in Chong Kuo Road and an executive condominium site in Sumang Walk under a batched-tender exercise.

Ms Tay of JLL notes that the release of the Holland Road and Handy Road sites brings to four the total number of GLS sites launched in the prime districts 9, 10 and 11 this year. The other two are the Jiak Kim Street and Fourth Avenue sites, the tenders for which will close on Dec 5.

Together, these four sites can potentially add some 1,680 new residential units in the prime districts.

"Given the recovery in interest in the high-end private residential market, we expect developer interest in these prime district sites to be robust, especially since the bulk of collective sales have been outside the prime districts," said Ms Tay.