Marina View white site attracts one bid
The tender for the white location at Marina View wrapped up on Tuesday 21September, with Blvd View becoming the one and only bidder for the Ninety Nine years leasehold location.
In a publicity, the URA reported: “This is not a news of bid verdict. A determination on the verdict of the bid are going to be produced only after the bid has been analyzed. This will certainly be advertised at a future period.”
Analyzers indicated that Blvd View’s offer of $1.508 bil or $One thousand Three hundred Seventy Nine per sq ft per PR coincides bid rate that stimulated the site becoming launched out of the GLS program’s Inventory Listing.
The 7thousand 8hundred 17 point 6 spot is meant for mixed utilization development with resort, home, commercial and/or serviced apartments. It can yield 905 exclusive residence units, Five hundred Forty accommodation bedrooms together with 2,000 square meter in GFA of business spot.
Huttons Asia CEO Mark Yip announced it is definitely the 1st tender to pull only one offeror since the CB.
“The past instance a Government Land Sales bid witnessed one offeror was actually for a spot at Silat Avenue in ’18,” he continued.
Tricia Song, Head of Research Study for SEA at CBRE, expressed the single offer for the location is in downright contradiction to the competitory bidding process witnessed in the 5 suburban or city fringe home spots.
All of these include Tampines Street 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden EC also Northumberland spots, which captivated 7 to 15 offers for each one with bid quotes extending past expectations.
Song associated the lacklustre attraction for the site to “the huge quantum of more than $1.5 billion land cost, near-term uncertainness over the CBD ofc and holiday accommodation sectors, furthermore competition from properties that are not sold and undeveloped new supply coming from rebuilts inside the community”.
With land tenders throughout the OCR reaching $1,204 psf per PR as well as Int’l Plaza moving en bloc for $Two thousand One hundred Seventy per sq foot per plot ratio, Yip documented that Blvd View’s $1.379K psf per plot ratio proposal seems on the low range, which might be considered as opportunistic by the Government.
And considering that there is no other offeror for the plot, this permits the Government one more factor not to award the location, he pointed out.