Landmark site at City Hall draws 14 bids
Far East submits 3 separate bids, Wing Tai and a consortium 2 each
By UMA SHANKARI
(SINGAPORE) Ten developers and consortiums handed in 14 different bids to buy and redevelop a landmark commercial site at City Hall - with the historic Capitol Theatre, Capitol Building and Stamford House on it - by the close of the state tender yesterday.
Far East Organization submitted three separate bids while two bids were put in each by Wing Tai Holdings and a consortium made up of Perennial Real Estate, Chesham Properties and TOP Property Investment.
And one bid each was submitted by: CapitaMalls Asia and parent company CapitaLand; GuocoLand; Park Hotel Group; United Engineers; YTL Corporation; private equity fund manager GAW Capital Partners; and a consortium made up of Sin Heng Chan Group, Kim Eng Group and Japan's Takenaka Group.
The amount of each bid was not revealed by the Urban Redevelopment Authority (URA) as the land parcel is being sold through a 'concept and price revenue' tender process.
Under this system, tenderers are required to submit their concept proposals and tender prices in two separate envelopes. The concept proposals will be first evaluated against a specified set of criteria and only those that meet the criteria will be considered. The site will then be awarded to the tender with the highest bid price among those with acceptable concept proposals.
Developers can therefore choose to submit multiple bids, as Far East Organization, Wing Tai Holdings and the consortium led by Perennial Real Estate have done. Perennial Real Estate is led by Pua Seck Guan, ex-CapitaLand head of retail.
The 99-year leasehold site, which is located at the junction of Stamford Road and North Bridge Road and which also comprises Capitol Centre and a subterranean parcel that will link directly to City Hall MRT station, was launched for sale in April this year.
The tender was triggered after an unnamed developer committed to bid at least $100 million - or $184 per square foot per plot ratio (psf ppr) - for it.
Analysts said then that the plot can fetch $400-$600 psf ppr.
The eventual developer of the site is required to retain and restore three 'historically and architecturally significant buildings' - Capitol Theatre, Capitol Building and Stamford House - for re-use. In particular, URA said that Capitol Theatre is required to be used as an arts or entertainment-related performance venue. Capitol Centre, on the other hand, can be torn down.
The winning bidder is also required to set aside 25 per cent of the total gross floor area for hotel use. This will help to strengthen the hotel cluster in the area, which now includes Swissotel The Stamford, The Fairmont and Grand Plaza Park Hotel.
The bidders will now present their concepts to a concept evaluation panel put together by URA.
Copyright © 2010 Singapore Press Holdings Ltd. All rights reserved.
Capitol Building: The eventual developer of the site must retain and restore three buildings' - Capitol Theatre, Capitol Building and Stamford House - for re-use. Bidders will now present their concept to an evaluation panel
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