URA project will disclose bid price

In order to increase the transparency of the sale of land for bidding, the government started the fiscal year and after the completion of the transaction on the land, announced the bidding price of all bids in an anonymous manner. The Urban Renewal Authority (hereinafter referred to as the URA) has also announced that it will announce the bid price and the bidder’s bid when the next development project announces the tender results.

The URA Board of Directors announced yesterday the new arrangements for the information on the results of the joint development project tender. After the approval of the cooperative development contract for the project, in addition to continuing to announce the name of the successful bidder and its parent company, the bid winner will also announce the amount of successful bids and other bid invitations. Required but unsuccessful bidders and their parent company names.

The name of the loser is also public

In addition, after the completion of the successful bid transaction procedure, the bid amount that meets the tender request but fails to tender will be announced in an anonymous manner.

In the past, the URA only announced the name of the successful bidder. A spokesperson for the bureau said that the new approach follows the new arrangements for the government to announce the successful bidder’s data in the tender for the relevant land in March this year. It is believed that this will help increase the transparency of the results of the tender for development projects.