Business Times: Tue, Dec 20
JTC Corporation has launched a concept and price tender (CPT) for the fifth phase of Fusionopolis.
'The Fusionopolis Phase 5 tender is based on a two-envelope system,' JTC said yesterday. 'Both price and non-price criteria, such as development concept, design intention and business proposal, will be evaluated in two separate stages.'
The 207,560 square feet (sq ft) land parcel at Fusionopolis Way, located right above the one-north MRT station, has a lease of 60 years and is to be a multi-tenanted facility.
Space-wise, the site has a plot ratio of 3.5, which translates to a maximum gross floor area (GFA) of 726,456 sq ft and is zoned 'Business Park White - 15', implying a maximum of 15 per cent of GFA can be used for 'white' or commercial type activities.
As the tender for Fusionopolis Phase 5 is based on a 'two-envelope system', consultants have highlighted that the top bid may not necessarily garner the site.
Director of industrial at Colliers International, Tan Boon Leong highlighted: 'Under the two-envelope system, the owner (JTC) must agree on the proposed design first before opening the price envelope. As such, whoever gives the highest price may not be the winner.'
However, Mr Tan was quick to point out that he expects a good response for the mixed-use site, noting that the one-north region is an 'up and coming area', likening it to the 'Orchard Road of industrials'.
Analysts concur that the land parcel is likely to draw keen interest due to its good location and easy accessibility to major transport nodes such as the MRT and major expressways. Furthermore, being a cross between an industrial and commercial space, the completed property is expected to draw a higher yield as compared to pure-type spaces.
One name that was highlighted by two consultants as a potential bidder is Ascendas, which already has a stake in the earlier phases of Fusionopolis.
Mr Tan said: 'Singapore-listed real estate investment trusts of a certain size that are able to go into greenfield developments are also likely candidates to bid for the site.'
The tender for the parcel will close on Mar 9.
Fusionopolis is JTC's prime development within the one-north research cluster, which has been expanding since the completion of the first phase back in 2008. The development continues to support research and development activities as well as infocomm technology and media industries.
Source: Business Times © Singapore Press Holdings Ltd
Martin Koh/ Sherry Tang