Source : AsiaOne News, Thu, Dec 18, 2008
A 1.46 ha land parcel is now available for sale on the Reserve List of the second half 2008 Government Land Sale (GLS) Programme.
The land parcel, which is prominently located fronting the key road junction at Stamford Road and North Bridge Road, occupies a prime location in the heart of the city. It is strategically located along the commercial and mixed use corridor at North Bridge Road that extends through the Civic District.
According to a press release by the Urban Redevelopment Authority (URA), it also contains a cluster of three historically and architecturally significant buildings - Capitol Theatre, Capitol Building and Stamford House - that are to be retained and restored for adaptive reuse.
The Capitol Theatre, which was a purpose-built performance facility, is required to be restored into an arts or entertainment-related performance venue. The integration of a performance venue within the development will enhance the vibrancy and attractiveness of the project and strengthen the arts and cultural positioning for the Civic District and the nearby Bras Basah Bugis area.
The developer of the site will also be required to develop a minimum of 40% of the total gross floor area (GFA) for hotel use to synergise with the existing hotels - Swissotel The Stamford, The Fairmount, Grand Plaza Park Hotel and Peninsula-Excelsior Hotel - located in the vicinity.
The remaining can be for more hotel use or other commercial uses such as retail, food & beverage, entertainment and other uses to add to the diversity of amenities and vibrancy of the surrounding area.
A Concept and Price revenue tender system will be adopted to evaluate the tenders for the site, in line with the vision to create a distinctive development to match the strategic location of the site.
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 set of criteria which include overall development concept and composition of uses as specified in the tender. Only tenders that meet the criteria will be considered for award.
At the second stage, the price envelopes of the proposals with acceptable concepts will be opened for consideration. The site will then be awarded to the tender with the highest price bid among those with acceptable concept proposals.
Meanwhile, the release of a hotel site at Kallang River which was originally scheduled to be made available on the Reserve List in December 2008 will be deferred to June 2009.
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