2 more sites have been made available for sale under the Government Land Sales (GLS) programme. These are under the reserve list in H2 of 2019 and have been carried forward to H1 of 2020.
8.2-hectare Kampong Bugis site could yield 4,000 housing units
One of the 2 sites is an 8.2-hectare white site in Kampong Bugis with a maximum gross floor area (GFA) of 390,000 sq m. Situated at the mouth of the Kallang River and with the Kallang MRT station nearby, the site could potentially yield 4,000 housing units as well as serviced apartments and retail, office and community spaces spanning a GFA of 50,000 sq m.
The site will likely be released for sale to a master developer who is able to implement district-wide car-lite initiatives and sustainable urban solutions.
National Stadium. Picture: iProperty
With a view of the Kallang River and looking across to the National Stadium, the entire precinct is expected to be completed over 11 to 13 years.
Fort Canning MRT entrance. Picture: iProperty
The second is a 1.02-hectare site zoned for hotel use in River Valley. It is located near the Fort Canning MRT station and thus has a good location. It is also closed to Clarke Quay and the Central Expressway and sits between Fort Canning Park and Singapore River. It has a maximum GFA of 28,666 sq m and can potentially yield 530 hotel rooms. Plans are for the next development on this site to be a distinctive waterfront landmark.
See more: Neighbourhood guide: Museum
New tender scheme to encourage exceptional concept proposals
The Urban Redevelopment Authority (URA) will modify the requirements for these 2 sites in order to encourage developers to come up with exceptional proposals for the sites. The current tender scheme requires developers to submit concept proposals and tender prices separately. Only when the concept proposals are accepted will the shortlisted candidates be considered based on prices.
Fitness area in Kallang Riverside Park. Picture: iProperty
With the modification on the scheme or a “top-up option“, URA will offer the bidder with the exceptionally outstanding proposals an opportunity to top up their bid price to match that of the higher bidder should their bid be lower than the highest bid. The bidder can choose whether or not to take up the offer.
Should the offer not be taken up, the option will be offered to the bidder with the next highest-ranking proposal. The new top-up option will be limited and only offered selectively to proposals considered to be outstanding amongst those shortlisted in the first stage.
See more: Bugis land site likely to attract bidding interest
