HOLLAND VILLAGE EXTENSION
Holland Village is identified by The Urban Redevelopment Authority (URA) as one of Singapore’s endearing Identity Nodes and a distinctive lifestyle destination. URA then hatched a plan for a new extension to the existing Holland Village.
THE DUAL-ENVELOPE (CONCEPT AND PRICE) TENDER PROCESS
The Concept and Price Revenue tender for the subject site at Holland Road was launched for sale on 30 November 2017, and its tender had closed on 20 March 2018. A total of 15 Concept Proposals from 10 bidders were received for the site as some of them submitted multiple Concept Proposals. Only five concepts were shortlisted before the developers tendered based on price.
The strong emphasis on the concept is to ensure the whole project must enhance the area’s buzz with more activity generating uses such as retail and dining options, and providing more residences in the heart of Holland Village.
THE WINNING BID
In May 2018, in a dual-envelope (concept and price) tender process, URA awarded the project for the commercial and residential site at Holland Road to the consortium of Far East Organisation, Sinoland, and Sekisui House through their tenderer Stirling Land Holdings and company. The winning bid was $1.213 billion or nearly $1,888 per square foot per plot ratio (psf ppr).
The other four shortlisted bids came from:
- a consortium comprising GuocoLand, Hong Leong Holdings, TID and Hong Realty, which bid $1.06 billion or $1,650 psf ppr;
- a tie-up between Perennial Real Estate Holdings and Qingjian Realty, which bid $1.055 billion or $1,641 psf ppr;
- a CapitaLand and Hotel Properties tie-up, which bid $1.02 billion or $1,585 psf ppr;
- and a Pontiac Land and Lendlease tie-up, which bid $950 million or $1,478 psf ppr.
THE FUTURE DEVELOPMENT: ONE HOLLAND VILLAGE
The future development will include a series of public spaces which will have three zones.
Firstly, a Commons Square which can hold events such as weekend markets and outdoor performances.
Secondly, a Communal Green, which is a courtyard flanked by shops leading to a water court and a terraced water feature.
And thirdly, a Pocket Park, which opens into Lorong Mambong in Holland Village.
A series of open walkways will connect these public spaces to the surrounding areas. Through street-paving design, the existing Lorong Liput and Lorong Mambong will be linked to the future extension, creating a consistent and distinctive streetscape for a grander Holland Village precinct.
The project will take as long as seven years to complete. The 22,967.0 m2 site will be a mixed development with a GFA of 59,715 m2 (Retail: 13,500 m2). The number of housing units will be capped at 570.