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The URA says that the selection of the successful tenderer will be based on the tendered land price only.

Interested developers have about three months to decide how much they want to bid, but market watchers are already predicting that the winning bid will top that of Orchard Turn and Glutton Square.

In December 2005, CapitaLand Retail and Hong Kong's Sun Hung Kai Properties paid $1.38 billion or $1,020 per square foot per plot ratio (psf ppr) for Orchard Turn.

Far East Organization then paid $1,085 psf ppr in January for Glutton Square.

Knight Frank's head of research, Nicholas Mak, predicts that the top bid for Somerset Central could be as much as $1,140 psf ppr.

The 0.7 ha site that is above the Somerset MRT Station can yield a maximum gross floor area (GFA) of 39,419 sq m, but at least 60 per cent must be set aside for retail, F&B and/or entertainment use.

The remaining GFA can be used for other commercial and complementary hotel and residential uses.

Although mostly cut off from the busy Grange Road/Orchard Road junction by Orchard Shopping Centre, one of the special features of the site is for the winning developer to construct a deck over part of the Stamford Canal within the site, creating an open pedestrian mall lined with shops and outdoor refreshment areas, to enhance pedestrian connectivity.

In addition, the new development will also have a through-block pedestrian link at the first storey to provide a direct connection to the Somerset MRT Station.

The tender will close at noon on Aug 16.