Marina View white site attracts one bid
The tender for the white location at Marina View closed on Tue 21September, with Blvd View becoming the one and only bidder for the 99 years lease term site.
At a publicity, the URA mentioned: “This is certainly not a statement of bid award. A judgment on the grant of the bid are going to be conducted following the bid has gotten looked at. This will definitely be made known in a later stage.”
Analysts recorded that Blvd View’s offer of $1.508 billion or $One thousand Three hundred Seventy Nine per sq ft per PR coincides offer pricing that set off the plot to be issued from the Govt Land Sales prog’s Reserve Selection.
The Seven thousand Eight hundred Seventeen point Six spot is expected for various purpose development with holiday accommodation, housing, business and/or serviced apartments. It can generate Nine hundred and Five nonpublic housing flats, Five hundred Forty resort rooms as well as Two thousand square m in gross floor area of retail zone.
Huttons Asia Chief Executive Officer Mark Yip said it is the first bid to invite one bidder since the CB.
“The previous occasion a GLS bid saw 1 offeror was for a spot at Silat Ave in 2018,” he continued.
Tricia Song, Head of Research Study for SEA at CBRE, pointed out the one and only bid for the plot is in outright comparison to the competing bidding procedure encountered in the 5 rural or city edge residence locations.
All of these consist of Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden EC as well as Northumberland plots, which caught the attention of seven to Fifteen offers each with bid rates exceeding assumptions.
Tricia connected the lacklustre interest with regards to the plot to “the substantial quantum of beyond $1.5 bil land value, near-term unpredictabilities over the CBD place of work and hotel fields, and competition from properties that are unsold and prospective brand-new source coming from reconstructions within the location”.
With land tenders just within the Outside Central Region coming to $1.204K per sq feet ppr and also International Plaza starting en bloc for $Two thousand One hundred Seventy per sq foot per PR, Mark recorded that Boulevard View’s $1,379 per square ft per PR quote appears to be on the low range, which may be viewed as opportunistic by the Govt.
Furthermore given that there is zero other bidder intended for the spot, this allows the Government a further excuse not to grant the plot, he said.