Marina View white site attracts one bid
The tender for the white plot at Marina View sealed on Tue 21 September, with Boulevard View appearing as the single offeror for the 99-year leasehold spot.
On an announcement, the URA mentioned: “This is definitely not a statement of tender verdict. A judgment on the grant of the bid will certainly be made soon after the offer has already been reviewed. This will be made known during a later stage.”
Professionals recorded that Boulevard View’s bid of $1.508 billion or $One thousand Three hundred Seventy Nine psf ppr is the identical tender fee that caused the spot to be freed from the Government Land Sales program’s Inventory List.
The 7thousand 8hundred 17 point 6 location is designed for mixed-use project including hotel, housing, retail and/or serviced apartments. It can supply 905 personal residential units, Five hundred Forty hotel living areas together with 2thousand square m in GFA of business spot.
Huttons Asia CEO Mark Yip claimed it is certainly the 1st bid to draw only one bidder since the CB.
“The previous occasion a Government Land Sales bid observed 1 offeror was actually for a location at Silat Avenue in 2018,” he continued.
Tricia Song, Head of Research for SEA at CBRE, stated the only one offer for the site remains in stark contradiction to the competing bidding procedure seen in the 5 rural or city perimeter house sites.
All of these consist of Tampines St 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden Executive Condominium as well as Northumberland plots, which drew in seven to Fifteen offers for each development with quote rates exceeding presumptions.
Song referred the lacklustre attraction for the location to “the substantial quantum of accross $1.5 bil land price, near-term doubtfulness on the CBD ofc and hotel fields, and competitors from properties which are unsold and undeveloped fresh source via reconstructions throughout the location”.
Having land offers throughout the Outside Central Region reaching $1.204K psf per plot ratio and International Plaza starting en bloc for $2,170 psf per PR, Yip marked that Blvd View’s $1.379K psf per PR proposal resembles on the low range, which may be viewed as opportunistic by the Government.
Furthermore since there is zero other bidder to get the site, this offers the Government one more reason not to award the site, he said.