The plum 3.5ha site in Beach Road has been clinched by a consortium led by CityDev, with its tender price of $1.69b. It includes four conservancy buildings - including the former NCO Club building - which are to be restored for adaptive reuse.
A GROUP led by property firm City Developments (CityDev) has clinched a plum commercial site in Beach Road - seen by some as the last iconic site in town - at $1.69 billion.
CityDev's subsidiary company Scottsdale Properties had teamed with Dubai state investor Istithmar and Israeli developer Elad for the bid, said the Urban Redevelopment Authority (URA) in a statement on Monday.
The historic 3.5ha site is just up the road from Raffles Hotel. The land parcel is bounded by Beach Road, Bras Basah Road, Nicoll Highway and Middle Road and located at the crossroads of Marina Centre and the Civic District.
The Marina Centre area is Singapore's key convention and hotel hub with a number of major hotel developments - Ritz-Carlton Millenia, Marina Mandarin, Pan Pacific and The Oriental together with the Suntec Singapore International Convention & Exhibition Centre. The Civic District includes several historical buildings and places - the former Supreme Court and City Hall, War Memorial Park and the Padang and the world-renowned Raffles Hotel.
URA said the site includes four conservation buildings along Beach Road - the former NCO Club building and Block 1, 9 and 14 of the former Beach Road Camp - which are to be restored for adaptive reuse.
Hot competition
Competition was so keen in the red-hot market that some property heavyweights submitted two bids in the hope of increasing their chances.
Among the big names, Indonesia's Lippo Group - which already has extensive interests in Singapore - and Keppel Land (KepLand) put in two proposals each.
Lippo submitted its proposals under Beach Development and Nicoll Development.
KepLand tied up with a partner, Billion Rise - believed to be a vehicle for
Hong Kong giant Cheung Kong Holdings, another foreign group with interests in Singapore - for both of its bids. It tendered under Ocean & Capital Properties and Mansfield Developments.
CapitaLand submitted its proposal under various parties, all featuring the name 'Brilliant'.
The sixth proposal was from Colonnade Properties and Beacon Strategic Investments. This is led by Pontiac Land's Pontiac Investments.
The site can be built up to a gross floor area of 146,827 sq m and allows for a high-quality mixed-use development featuring mostly prime office space and hotel rooms.
Property experts say it is a large site affording the opportunity for an eye-catching development.
When the tender was launched in March, consultants had said the site could fetch $1 billion to $1.4 billion. URA had said the hotel and office space will add to the critical mass of such space in the area.
Concept proposal
The URA gave details of the CityDev consortium's concept proposal in a statement:
'Central to the concept proposal of the winning bid is the adoption of environmental design approach and green technology to create a distinctive, high-quality development for the site that responds well to the tropical climate and the urban context.
'The key feature in the design is a large 'environmental filter' canopy that covers over the open spaces and ties together the new and conservation buildings within the site. This structure provides protection from the sun and rain, yet maintains a naturally ventilated and attractive environment below it.
' The concept proposal also provides an attractive 1st storey layout which is highly permeable, open and welcoming. It contains a series of internal streets, inspired by the finer grain street network at the nearby Seah Street and Purvis Street area, sunken courtyards and tiered gardens lined with activity-generating uses, such as shops, cafes and F&B outlets.
'The well-conceived connection from the MRT Station features a 'green axis' that ascends gradually from the basement level where the MRT entrance and exit are located to the street level through a series of cascading steps and multi-tiered garden spaces.
'This pedestrian-friendly setting with an attractive series of sheltered public spaces and a variety of uses will help to enhance street level vibrancy and facilitate pedestrian movement through the site and to the surrounding areas.
'In terms of building form, the Concept Proposal features distinctive tower forms with sun-shading louvres, glass fa?ade treatments and extensive sky gardens that will contribute very positively to the skyline profile of the city.
'The building shape and slanting facades of the towers are also oriented and designed to catch prevailing winds and direct air flow down to the lower areas of the development to improve the micro climate of the ground level spaces. The undulating geometry of the environmental filter canopy is also designed to help induce cooling air currents through the spaces below.
'All these elements, together with the other 'green' features, such as incorporation of photovoltaic cells on the building facades and the environmental canopy, contributed to the scheme potentially being able to achieve a Green Mark Platinum rating. This is the highest possible rating awarded by the BCA for buildings in Singapore that feature energy-efficient, water-efficient and environmentally friendly design.
'Overall, the concept proposal offers a compelling and attractive scheme which, once implemented, would create a truly distinctive development and an exemplary showcase of 'green' architecture in Singapore.'
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