Marina View white site attracts one bid
The tender for the white spot at Marina View closed on Tuesday 21Sept, with Boulevard View arising as the one and only offeror for the 99-year lease term spot.
During a release, the URA said: “This is not a report of tender award. A verdict on the verdict of the tender will be established when the proposal has actually been analyzed. This will definitely be revealed during a later period.”
Professionals indicated that Blvd View’s quote of $1.508 billion or $One thousand Three hundred Seventy Nine per sq ft per plot ratio coincides tender price that set off the location to become launched out of the Government Land Sales program’s Inventory Selection.
The 7thousand 8hundred 17 point 6 plot is planned for variable application development with hotel, housing, business and/or serviced apartments. It can generate 9hundred 5 private residential flats, 540 holiday accommodation rooms and also 2,000 square m in gross floor area of business space.
Huttons Asia Chief Executive Officer Mark Yip announced it is truly the number one bid to lure only one offeror since the Circuit Breaker.
“The past occasion a GLS bid noticed one bidder was actually for a site at Silat Avenue in 2K18,” he added.
Tricia Song, Head of Research Study for SEA at CBRE, mentioned the sole offer for the plot is in outright contradiction to the competing bidding witnessed in the five rural or city perimeter home plots.
All of these are Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden Executive Condominium including Northumberland locations, that caught the attention of 7 to 15 offers for each one with proposal fees outshining presumptions.
Tricia connected the lacklustre attraction for the location to “the larger quantum of accross $1.5 billion land cost, near-term uncertainness over the CBD ofc and holiday accommodation markets, and even challenge from projects which are not even sold and future fresh supply created by reconstructions around the location”.
With land tenders present in the Outside Central Region getting to $1thousand 2hundred 4 per square ft per PR and also Int’l Plaza moving collective sale for $2.170K per square foot ppr, Yip recorded that Blvd View’s $1thousand 3hundred 79 per square foot ppr offer appears to be on the low range, that may be deemed opportunistic by the Govt.
Furthermore since there is zero other bidder intended for the site, this offers the Govt another reason not to grant the location, he explained.