Tender closing for the commercial and residential site at Holland Road
Description
The response to the tender was not unexpected given the attractiveness of the site, the upturn in the residential and commercial property sectors and the stabilizing retail property segment.
As expected, many major players submitted bids with a number of them as consortiums. The huge capital outlay with a land price possibly exceeding $1 billion and the necessary experience in developing and managing the non-residential component would have led to the tie-ups.
The fact that four bidders submitted multiple bids shows their earnestness in trying to secure the site.
If the tender results are not announced by 26 April, the question arises as to whether some of the parties involved in the current tender might be constrained in bidding for the sites at Cuscaden Road, Silat Avenue and Mattar Road, due to the huge capital commitment to the subject site, if awarded. Tender for the parcels at Cuscaden Road, Silat Avenue and Mattar Road closes on 26 April.