The Urban Redevelopment Authority (URA) has awarded the tender for a commercial and residential site in Holland Road to a consortium led by Far East Organization together with Sekisui House and Sino Group. The 99-year leasehold site at Holland Road was awarded to the highest of five shortlisted tenderers based on the dual-envelope (concept and price) system. The winning bid was $1.213 billion or around $1,888 per square foot per plot ratio (psf ppr). URA received 15 bids from 10 consortiums, including three from the Far East Organization consortium. Five proposals were then shortlisted based on the evaluation criteria for the concept, and at the second stage, the price envelopes of those shortlisted were open and the site awarded to the highest bidder. The future development will include a series of ground-floor public spaces divided into three zones: Commons Square for events such as weekend markets and outdoor performances; Communal Green, which is a courtyard flanked by shops leading to a water court and a terraced water feature; and Pocket Park, which opens into Lorong Mambong in Holland Village. A series of open walkways will connect these public spaces to the surrounding areas.
Photo credit: URA