14 bids received for commercial site at Stamford Rd/North Bridge Rd

The Urban Redevelopment Authority (URA) has received a total of 14 bids for the closely-watched commercial site at Stamford Road and North Bridge Road.

Many bidders have submitted multiple concept proposals for the 1.43-hectare site.

Among them, Perennial Trust, Real Estate and Chesham Properties jointly put in two bids, while Far East Organization submitted three.

Wing Tai Group also submitted two bids for the for the 99-year-leasehold site.

URA said the bids received will be evaluated via a concept and price tender system.

This means it will first evaluate the concept proposals. And among those with acceptable concepts, the URA will award the tender to the highest bidder.

The price must also meet the government’s minimum reserves price of S$100 million.

The site is slated for commercial use with a hotel component and a maximum permissible gross floor area of 50,389 square metres.

Of that space, a minimum of 25 per cent is to be set aside for hotel use.

URA said that the award of the tender will be announced on a later date.

Source : Channel NewsAsia – 18 Aug 2010

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