Award of Tender for Proposed Commercial / Hotel Development at Collyer Quay

Award of Tender for Proposed Commercial / Hotel Development at Collyer Quay

The Urban Redevelopment Authority (URA) has awarded the tender for Collyer Quay sale site to Precious Treasure Pte. Ltd.

MARINA BAY – A 24/7 ‘LIVE-WORK-PLAY’ ENVIRONMENT

Marina Bay is envisaged to be a waterfront ‘Garden City by the Bay’, and an international business and financial hub. It will reflect Singapore’s position as a dynamic Asian city and a great place to live, work and play in.

With its prominent location and distinctive waterfront, Marina Bay will become a key urban venue where Singaporeans and visitors of all ages can come to enjoy its varied attractions. Today, the attractions around Marina Bay already include the MerlionPark, the Esplanade – Theatres on the Bay, and One Fullerton. In the next few years, new attractions such as The Singapore Flyer and the Marina Bay Integrated Resort will be completed. The Collyer Quay site will add to this necklace of attractions around Marina Bay.

The Collyer Quay site is envisaged to be developed into a distinctive waterfront destination that features a hotel component together with commercial and recreational uses that will transform the area into an exciting and lively precinct.

TWO-ENVELOPE TENDER

In order to ensure that the development at Collyer Quay is of an appropriate quality that will complement and enhance the plans and vision for Marina Bay, a two-envelope system was used to evaluate tender proposals for the site.

Under the two-envelope system, tenderers were required to submit their concept proposals and tender prices in two separate envelopes. The concept proposals were first evaluated by a Concept Evaluation Committee (CEC) based on the evaluation criteria of use, business and design concept and track record.

In terms of use concept, the CEC considered whether the mix of uses in the concept proposals were distinctive, have a strong public orientation and draw and could make the development a must-visit destination. For business concept, the CEC assessed whether the concept proposals would result in a development that would have a sustainable appeal for both locals and visitors. Considerations such as good public / pedestrian access to the waterfront and the appropriateness of the new structures and extensions in relation to the existing CliffordPier and former Customs Harbour Branch building were looked at when the CEC evaluated the design concept of the proposals. The tenderers’ experience in developing or operating good quality facilities in hotels or similar mixed-use developments was considered under the track record criterion.

Only concept proposals that were short-listed by the CEC as having satisfied the above evaluation criteria were considered for award.At the second stage, only the price envelopes of proposals with short-listed concepts were opened for consideration. The site was then awarded to the tender with the highest bid among the short-listed concept proposals.

DETAILS OF TENDER

The Collyer Quay site was launched for tender on 29 Jun 2006 and the tender closed on 17 Oct 2006. A total of 8 tenders were received for this site.

The concept proposals from Park Hotel Orchard Pte. Limited, PreciousLand Pte. Limited and Precious Treasure Pte. Ltd., were short-listed for the next stage of tender evaluation. These tenderers offered concept proposals that were able to meet the evaluation criteria and vision to create an exciting and lively waterfront lifestyle destination along this stretch of Marina Bay. Each of their concept proposals contained a good mix of uses with public-oriented attractions and programming of activities that could help to activate and open up the entire stretch of Collyer Quay waterfront for public enjoyment. In addition, the proposals contained exciting and unique hotel, retail and entertainment concepts that can contribute to the positioning of Marina Bay as a leading business and lifestyle hub.

The price envelopes of these 3 short-listed tenderers were opened and the details of the price bids are as shown in Annex A. In accordance with the two-envelope system, the Collyer Quay site is awarded to Precious Treasure Pte. Ltd which submitted the highest price bid of $165.8 million for a 60-year lease.

CONCEPT PROPOSAL BY PRECIOUS TREASURE PTE. LTD

Precious Treasure Pte. Ltd.’s proposal for the Collyer Quay site features a luxury boutique hotel, occupying 45% of the Gross Floor Area (GFA) with a good mix of complementary uses including F&B, retail and entertainment uses, to create a compelling lifestyle destination for locals and visitors. These include fine-dining restaurants, more casual family-oriented restaurants as well as fashion-inspired retail shops that have potential to be attractions themselves. This will allow the development to attract a diverse group of visitors, thus opening up the waterfront for public enjoyment.

In line with the vision to create a vibrant waterfront destination, other proposed attractions include unique floating pods, which can be used as function rooms or for retail uses, and a floating public plaza cum discotheque within the water space near One Fullerton. This structure will be connected to the adjacent waterfront promenade and deck via an illuminated floating glass walkway and a retractable bridge.

To enhance the development’s public orientation and draw, Precious Treasure Pte. Ltd. also plans to use the Collyer Quay development as the venue for internationally renowned local events in the like of Singapore Arts Festival, WOMAD, Singapore Biennale and the Singapore Music Festival. A Maritime Gallery in the former Customs Harbour Branch building is also proposed. Overall, the proposal offers a compelling scheme for the Collyer Quay waterfront and will contribute to the attractiveness of Marina Bay.