Nearly the size of 14 football fields, a sprawling 8.2 ha white site at Kampong Bugis on the Government Land Sales (GLS) reserve list has been made available for application by the Urban Redevelopment Authority (URA) on 5 December.
Located at the mouth of Kallang River and located near to Lavender, Kallang and Bendemeer MRT stations, the 99-year leasehold site has a maximum gross floor area (GFA) of 390,000 sq m, which could yield a maximum of 4,000 housing units, according to URA.
Meanwhile, 50,000 sq m of GFA for the Kampong Bugis white site will be designated for complementary uses, which may include serviced apartments, retail, offices and community uses such as a senior activity centre, as well as sports and recreational facilities.
The entire precinct is expected to take 11 to 13 years to complete.
Kampong Bugis a “future waterfront residential precinct”: URA
The white site, envisioned by URA to be a future waterfront residential precinct that is car-lite, community-centric and sustainable, will be released for sale to a master developer. As part of the project, the existing Kallang Riverside Park will be enhanced with new public spaces to better serve the public.
To attract developer interest, URA revealed that it has drawn up an “option scheme”, which is a flexible payment scheme, and a “phased-development approach” that allows the developer to phase the development of the site in tandem with market demand with lower upfront costs and risks.
To ensure that the developer’s concept proposal is aligned with the government’s vision for the site, the concept and price revenue tender approach will be adopted, in which concept proposals and tender prices are separately submitted by tenderers.
Only concept proposals deemed compelling will be shortlisted to proceed to the evaluation’s second stage, which will then be based on price only.
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Tweak to bidding system for Kampong Bugis site
For this site, URA will introduce a modification to the concept and price revenue tender approach.
“Specifically, a tenderer with an outstanding concept proposal identified at the first concept evaluation stage will be offered the option to top up its bid price to match the highest bid price amongst all the shortlisted concept proposals in the second price stage, in the event that the tenderer is not the highest bidder,” said URA.
“This is to strongly incentivise tenderers to draw up exceptional concept proposals, as they would have a greater chance of securing the tender while achieving the best possible development outcomes for these two sites.”
However, URA clarified that the top-up option will only be offered “very selectively” to one or two proposals which are considered “exceptionally outstanding amongst all shortlisted concept proposals”.
In case no outstanding proposal is identified, the award will be given to the highest bidder.
Looking for a home near the up-and-coming Kampong Bugis development? Check out these properties for sale in an around the area on PropertyGuru
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email email@example.com