URA Board approves new arrangement for publishing information on joint venture development tenders
The Board of the Urban Renewal Authority (URA) today (Tuesday) approved a new arrangement for publishing information on joint venture development tender results, which will be implemented in the announcement of the next development tender award, in response to the Government’s new initiative introduced in March on disclosing information about successful tenderer under its land sale programme.
At present, upon the URA Board’s approval for tender award, the URA would issue a press release to announce to the public the identity of the successful tenderer and its holding company. Under the new arrangement approved by URA Board, in addition to publishing the name of the successful tenderer and its holding company through a press release at the time of the tender award by the URA Board, the URA will also disclose the tender amount offered by the successful tenderer and the identities of unsuccessful tenderers which submit conforming tenders.
In addition, after the execution of the Development Agreement with the successful tenderer (usually within 21 business days after the tender award), the URA will further publish on an anonymous basis the tender amounts of these unsuccessful conforming tenders.
A spokesman for the URA said the Authority believed the new arrangement will help increase the transparency of development tender results.