Question 8
What is considered an acceptable minimum price?
Answer 8
The minimum bid must be at least 85% of Chief Valuer's (CV) Estimated Market Value (EMV) for the site for the bid to be accepted. The EMV will be determined by CV after an application has been received and forwarded to the land sales agency in a sealed envelope. The CV's envelope and the applicant's envelope will be opened at the same time for the evaluation of the application.
Question 9
Under the procedure the government will require the applicant to sign the Agreement and furnish the deposit within two weeks. Will the applicant be allowed to request for more time, for reasons such as seeking the approval of the Board of Directors.
Answer 9
The offer by the government will lapse if the applicant does not sign the Agreement and furnish the deposit within two weeks. The applicant should seek in-principle approval of the Board of Directors and arrange for the deposit prior to the submission of application.
Question 10
What is the reason that the government does not announce the name of the successful applicant?
Answer 10
The government will not reveal the identity of the successful applicant, as the information is not material to the competitiveness of the public tender of the site.