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The Urban Redevelopment Authority (URA) has put up for sale a hotel site at River Valley Road, under the Reserve List of the 2019 Government Land Sales (GLS) Programme’s second half.
The site occupies 10,237.8 sq m (110,198.8 sq ft) and has a maximum gross floor area of 28,666 sq m (308,558.3 sq ft). It is also zoned “Hotel”, subject to a 99-year lease period, and has a maximum building height of 16 storeys.
This hotel site sits above the Fort Canning MRT station and is also located between the Singapore River and Fort Canning Park.
The Concept and Price Revenue Tender approach will be utilised for the site’s sale, under which tenderers must submit their tender prices and concept proposals separately.
Those concept proposals will initially be evaluated using a set of criteria outlined in the tender and only compelling concept proposals will be shortlisted to move on to the next stage of evaluation, which will only have a price basis.
URA also indicated that it will modify the existing Concept and Price Revenue Tender approach for the site, in relation to the evaluation of the tenders received.
A tenderer having an outstanding concept proposal identified during the first Concept Evaluation stage will have the option to top up its bid price to match the biggest bid price among the shortlisted concept proposals during the second Price stage, in case such tenderer is not the highest bidder.
This option will only be offered to one or two proposals considered as exceptionally outstanding among the shortlisted concept proposals during the first Concept Evaluation stage.
In the event where no outstanding proposal is identified, the award will go to the highest bidder.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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