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It is almost as big as 14 football fields, stretching 8.2 ha, Kampong Bugis white site under Government Land Sales (GLS), reservation been started By URA or Urban Redevelopment Authority, the application started last December 05.
Stationed right at the doorstep of the popular Kallang River and close to Lavender, Bendemeer, and Kallang MRT Stations, this talk of the town 99-year leasehold area covers a maximum 390,000 sq m Gross Floor Area )GFA) which can build a topmost of 4,000 residential units, explained by URA.
For the time being, the 50,000 sq m Gross Floor area spared for Kampong Bugis white area will be assigned for courtesy uses, which covers, retails, serviced apartments, offices, veterans activity centre, sports and other recreational amenities.
The whole precinct is forecasted an Eleven to Thirteen years for its total completion.
A “Future Waterfront Residential Precinct”, Kampong Bugis: URA
The so-called, the white site is predicted by URA as the incoming waterfront residential development that levels up to a car-lite, local-centric and feasible, would be thrown for sale over the famous developer. Being part of the development, the current Kallang Riverside Park will be upgraded with more public hubs to cater more locals needs and luxury.
To catch a developer’s interest, URA confessed that it yields to what they call as ” option scheme,” which means an adjustable payment mode, ” phased property development approach” which permits the developer to divide the development of each site that synchronizes with market needs in lesser upfront outlays and liabilities.
To assure that developer’s design proposal is congruent with the government’s plan for the area, the theory and its corresponding price profit tender strategy will be implemented, wherein each concept or theory proposals plus its tender prices are submitted to tenderers separately.
Only concept propositions that appear compelling would be the ones to be shortlisted to continue for the second phase evaluation which only the prices will be used as its bases.
Twist To Bidding Strategies Over Kampong Bugis Site
For this area, URA will impose some revisions in terms of the concept and its price profit tender strategy.
“Categorically, a tenderer that holds an exceptional concept proposal acknowledged during the initial concept evaluation will have the chance top up over the price to bid in order to match the highest figure amongst the waiting list concept proposals during the second price phase, in cases where the highest bidder is not the tenderer, ” told URA.
” It is to inspire tenderers to come up with a broad and outstanding concept proposal because this has more chances of acquiring the tender while gaining the great possible development results towards the two sites. ”
Nonetheless, URA stressed that top-up status will be given “very selectively” of either one or double proposals that can be considered flawlessly outstanding of all in the waiting lists concept proposals.”
In a situation where no suitable proposal spotted, then the highest bidder gets the award.