The Urban Redevelopment Authority (URA) announced today that it has accepted an application from a developer to put up the commercial site at Stamford Road/ North Bridge Road for sale via the Concept and Price Revenue Tender process.

The land parcel was made available for sale through the Reserve List system on 18 December 2008. URA has received an application from a developer who has committed to bid at a price of not less than $100 million for the site.

URA will launch the tender for the site in about 2 weeks. The launch date will be announced later. The tender period for the land parcel will be about 16 weeks.

The 1.43 ha land parcel is prominently located in the heart of the city, facing the road junction at Stamford Road and North Bridge Road.

The parcel will be sold together with a subterranean parcel below North Bridge Road that provides direct connection to the City Hall MRT Interchange station and the underground pedestrian network extending to the Marina Centre area.

The developer of the this site is required to set aside 25% of the total gross floor area for hotel use so as to strengthen the hotel cluster in the area.

The land parcel also contains a cluster of three historically and architecturally significant buildings – Capitol Theatre, Capitol Building and Stamford House – that are to be retained and restored for adaptive reuse. The Capitol Theatre, which was designed as a purpose-built performance facility, is also required to be used as an arts or entertainment-related performance venue.