Prime Capitol site tender draws 14 submissions
By Joyce Teo
THE much anticipated tender for the stretch of colonial buildings along Stamford Road that includes the Capitol Theatre has drawn a strong response, with 14 submissions lodged by nine firms.
Big-gun developers here and overseas, including Far East Organization and CapitaLand, have lined up for the prime land, which could go for more than $300million.
The high number of tenders surprised experts, as the Government has placed some tough constraints on how the 1.43ha plot at the junction of Stamford and North Bridge roads can be used.
The 99-year leasehold site comprises Stamford House, Capitol Building, Capitol Theatre and Capitol Centre.
The dingy Capitol Centre can be demolished but the other three buildings must be conserved.
The winning developer must use Capitol Theatre as an arts or entertainment-related performance venue. It must also build an underground walkway lined with shops and restaurants to link the site to City Hall MRT station.
A quarter of the land parcel's total gross floor area of 50,389 sqm must also be used for hotel rooms, to add to the existing hotel cluster in the area.
'The challenges for the developers and designers will be quite intense because the buildings are in the civic precinct, which is the the original heart of Singapore and they have to be conserved,' said architect John Ting.
Stamford House was built in 1904 in a neo-classical style by Regent Alfred John Bidwell, the architect behind the Raffles Hotel.
Capitol Theatre, which housed Singapore's first cinema, was built in 1929, and Capitol Building, previously known as Shaw Building, was built in 1933.
The buildings also mark the time when the same neoclassical language was used in the civic precinct. They are private developments, but belong to the same era as government buildings such as City Hall and the Supreme Court, added Mr Ting. 'The designers have to be very creative to come up with something that is relevant to today's use,' he said.
Knight Frank group managing director Danny Yeo added: 'What you are putting into the site is key. I think the conserved buildings could house a unique, upmarket hotel, while the new development there could house a mall. Whoever can bring something new to the site will have an extra edge.'
Far East submitted three ideas for the land while Wing Tai Group lodged two. United Engineers, GuocoLand Group, CapitaLand, Hong Kong-based Park Hotel Group, Malaysia's YTL Corporation and private equity firm Gaw Capital Partners made submissions as well.
A proposal also came from a consortium formed by Mr Pua Seck Guan, former chief executive of CapitaMall Trust Management, comprising Perennial (Capitol), a subsidiary of his Perennial Real Estate Group, Mr Kwee Liong Seen's Chesham Properties and Top Global's Top Property Investment.
'The high number of bids reflects optimism in the commercial and hospitality sectors,' said DTZ's head of South-east Asia research, Ms Chua Chor Hoon.
Bids were not revealed yesterday as the tender is on a two-envelope system, in which developers submit their design proposals and tender prices in two separate envelopes.
The Urban Redevelopment Authority will first shortlist the designs and then choose the one with the highest bid. The South Beach and Clifford Pier plots were also sold this way.
CBRE Research expects bids to be in the range of $220million to $270million. This would work out to $400 to $500 per sq ft (psf) of total floor area.
Said Mr Yeo: 'We expect the bids to be high because of the conservation requirements and the underground link. The price could easily be about $550 to $600 psf per plot ratio.'
The 1.43ha plot comprises Capitol Theatre (above), Capitol Centre, Capitol Building and Stamford House. -- ST FILE PHOTO
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