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News Release

SINGAPORE

Fair interest for residential site at Hillview Rise


Mr Ong Teck Hui, National Director, Research & Consultancy

王德辉, 研究与咨询部董事(新加坡)

The subject site has a land area of 14,269.1 sqm with a maximum permissible GFA of 40,030 sqm. The purpose of this tender is to elicit innovative construction solutions from tenderers besides the price bid. Therefore, a Concept and Price revenue tender approach was adopted, which closed today with concept submissions. The Concept Evaluation Committee will shortlist proposals that demonstrate comparable or higher construction productivity outcomes than those that are achieved by the most advanced method of Design for Manufacturing and Assembly (DfMA) technologies adopted for sites sold under the Government Land Sales (GLS) programme.

 

9 tenders were submitted by 8 bidders. This level of participation is not indicative of particularly strong interest in the tender and neither does it reflect dampened demand due to the concept and price tender nor the technicalities of the requirements. In the previous tenders in the Hillview area, the Hillview Peak site had 7 bidders in March 2012 while The Hiller's parcel was contested by 12 parties in April 2011. During the last concept and price tender for the Holland Village mixed use site in March 2018, 15 concept submissions were made by 10 tenderers reflecting higher interest due to the site's location.

 

The participation level in this tender also shows firm demand for sites by developers notwithstanding many sites being clinched in both collective/en bloc sales and GLS in recent times.

 

Interest level in the subject site is positive since quite a number of parties are prepared to compete for the site with the fairly technical evaluation criteria under which construction productivity plan takes up 75% of the evaluation weightage. This criterion takes into account the overall construction productivity concept and level of prefabrication and integration across architectural, structural, mechanical, electrical and plumbing works.

 

The construction background and experience of many of the tenderers explains their interest in the tender notwithstanding a more protracted bidding process. 

 

 

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specialises in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com

 

JLL has over 50 years of experience in Asia Pacific, with over 37,000 employees operating in 96 offices in 16 countries across the region. The firm won 23 awards at the International Property Awards Asia Pacific in 2017 and was named number one real estate investment advisory firm in Asia Pacific for the seventh consecutive year by Real Capital Analytics. www.ap.jll.com.