| PROCEDURES FOR THE RESERVE
LIST SYSTEM |
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Application
for sites on the reserve list |
| 1. |
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A developer who is interested in purchasing
a site on the reserve list will have to submit an application
on a prescribed
form and in a sealed envelope to the land sale agency indicating
the minimum price that he is willing to bid for the site if
it is put up for tender
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| 2. |
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The completed
form must be enclosed in a sealed envelope with a label
as shown in Appendix
1 and forwarded to Deputy Director, Land Sales Department, SLA.
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| 3. |
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As a start, no application
fees will be charged. However, if there is any misuse of
the system, e.g. repeated
frivolous applications, then application fees or other appropriate
measures may be introduced.
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| 4. |
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The applicant will be informed of the outcome
of his application within 2 weeks.
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| 5. |
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The application will be accepted if: |
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(a)the
minimum price is acceptable; and |
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(b)the applicant
is not disqualified from participating in land sale tenders
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| 6. |
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Upon acceptance of the application, the
applicant will be advised to execute
an agreement to submit a tender price not less than the
minimum price stated in his application and to pay a
deposit of 5% of the minimum price by way of a cashier's
order or bank
guarantee within
a period of 2 weeks. If he fails to do so, the acceptance
of the application will lapse and no further action will be
taken on the application. |
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Tender
of a reserve site |
| 7. |
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Upon the execution of the agreement and
payment of the deposit by the applicant, the land sales agency
will make a public announcement about the acceptance of the
application and the accepted minimum price.
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| 8. |
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The identity
of the applicant will not be disclosed to the public.
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| 9. |
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Under the agreement, the government will
have to launch the site for tender within
6 weeks from the date of signing the agreement, failing
which the agreement will lapse and the deposit will be refunded
to the applicant. In practice, the land sales agency will usually
launch the site for sale within 2 weeks. Most sites will have
a tender
period of 4 weeks, i.e. tender will close 4 weeks after
the launch. The exceptions will be large, complicated sites
which will have a longer tender period. Therefore, for most
sites, the actual interval between the signing of the agreement
and the tender closing will be about 6 weeks.
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| 10. |
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Under the agreement,
if the applicant fails to submit a bid in the tender, puts in
an invalid bid or bids below the submitted bid price, the deposit
will be forfeited.
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| 11. |
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The successful applicant may submit a tender
price higher than the minimum price in the tender.
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| 12. |
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The applicant will be allowed to use the
deposit for the agreement as full or part payment of the tender
deposit. This will be applicable also in the event the tender
is submitted by the applicant jointly with another party. If
he puts in a bid in accordance with the agreement, but is not
the highest bidder in the tender, his deposit will be refunded.
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