by Wong Mei-Hwen

In July last year, URA launched the Reserve List system to give the market and developers greater flexibility in determining the supply and location of sites that should be launched for tender. On 14 March 2002, Land Parcel B at Marina Boulevard became the first site to be launched for public tender in such a manner.

Under the Reserve List system, a reserve site will be put up for public tender if the government receives an application from a developer who commits, by signing an agreement and paying a deposit, to bid for the site at a price that is acceptable to the government. On 1 March 2002, the government accepted an application from a developer to bid at least $280 million for the Marina Boulevard site.

In accordance with the procedures of the Reserve List system, URA will disclose the applicant's bid price but not the applicant's identity. This means that any other developer intending to bid for this site must put in a bid of at least $280 million.

The prize at stake

Land Parcel B at Marina Boulevard is a "white" site in the Marina South New Downtown. A "white" site refers to a site where the developer has maximum flexibility to decide on the use, for example, commercial, residential or hotel use or any mix of these uses. The developer is also free to change this mix of uses at any time.

With a site area of 0.91 ha and a gross plot ratio of 13.0, a total gross floor area of about 118,200 sqm can be built on the site. Located close to Raffles Place, around the scenic Marina Bay, the high-rise development will enjoy a panoramic view of the Singapore skyline. With such a prime location, the future development on the site will be part of Singapore's vibrant and fast-growing financial centre.