More government sites up for redevelopment

Over the last two weeks, the government has signaled an interest to release iconic projects and substantial land parcels for redevelopment.

Capitol Building, Stamford House and Capitol Theatre are part of a huge parcel of land that will go on sale within this month, after a property developer committed to put in a bid of at least S$100 million for the commercial site. The site has been on the government’s reserve list since December 2008.

The bid has triggered a public tender for the 1.43ha plot, which is situated at the key junction of North Bridge Road and Stamford Road, and also includes Capitol Centre. The site is conveniently located in close proximity to key districts such as the Marina Centre, Bras Basah, Bugis, and Orchard Road.

According to the Urban Redevelopment Authority of Singapore (URA), the winning developer of the site is required to retain and restore the three 'historically and architecturally significant buildings' - Capitol Theatre, Capitol Building and Stamford House. In particular, Capitol Theatre is required to be used as an arts or entertainment-related performance venue. The winning bidder has to also set aside 25 per cent of the total gross floor area for hotel use, which will help to strengthen the hotel cluster in the area, which now includes Swissotel The Stamford, The Fairmont and Grand Plaza Park Hotel. Capitol Centre, on the other hand, can be torn down and renovated.

Analysts expect the 99-year leasehold site to be a mix of retail, lifestyle and hotel activity on a maximum permissible gross floor area of 542,400 sq ft, and are looking at an eventual selling price of S$400-600 psf.

The site will be awarded to the tender with the highest bid price among those with acceptable concept proposals, after a tender period of 16 weeks.

The government also announced on Thursday that they will be launching a tender of the first site at the Jurong Lake District in 2 weeks’ time, after a developer has committed at least S$350 million for the 1.9-hectare land parcel. This is the first site to be released as part of the government’s plan to develop Jurong Gateway into a major regional commercial centre.

The plot, which will occupy a total land area of around 360 hectares, is located at Jurong Gateway Road and sits strategically next to the Jurong East MRT station. Developments within the same precinct include JTC Summit and the Jurong Entertainment Centre, which is currently undergoing redevelopment. Other upcoming developments within the area include the Jurong General Hospital and the West Campus for Continuing Education and Training.

Around 107,000 sq m of potential gross floor space can be built on the land parcel, 30 percent of which is intended for office use, while the remaining space can be used for commercial, hotel and residential purposes.


Analysts feel that the parcel can potentially attract bids ranging between S$440 million and S$520 million, and can comfortably yield 400 residential units. The tender will last for 8 weeks.