Marina View white site attracts one bid
The tender for the white site at Marina View ended on Tue 21September, with Blvd View becoming the one and only offeror for the 99-year land rental site.
On a launch, the URA reported: “This is not a news of tender verdict. A conclusion on the award of the bid will only be performed after the bid has actually been reviewed. This will definitely be disclosed in a future period.”
Examiners marked that Boulevard View’s quote of $1.508 billion or $1thousand 3hundred 79 psf per PR coincides offer pricing that set off the spot to get issued out of the GLS program’s Inventory Selection.
The 7,817.6 location is expected for mixed-use property including hotel, home, commercial and/or serviced apts. It can generate Nine hundred and Five exclusive residential apartments, Five hundred Forty resort bedrooms along with Two thousand square metre in GFA of commercial zone.
Huttons Asia CEO Mark Yip pointed out it is definitely the 1st bid to invite one bidder since the CB.
“The past instance a Government Land Sales tender noticed a single offeror was actually for a site at Silat Avenue in ’18,” he said further.
Tricia Song, Head of Research Study for SEA at CBRE, announced the one and only offer for the site remains in outright reverse to the challenging bidding operation observed in the five suburban or city edge home plots.
All of these consist of Tampines St 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden Exec Condo also Northumberland plots, that drew 7 to 15 quotes for each development with quote prices outshining assumptions.
Song connected the lacklustre interest for the plot to “the huge quantum of beyond $1.5 billion land cost, near-term uncertainness over the Central Biz District workstation and hotel industries, and also competitiveness from developments which are unsold and potential new source created by redevelopments inside the community”.
With land tenders within the Outside Central Region coming to $1thousand 2hundred 4 per sq foot per plot ratio and also Int’l Plaza going en bloc for $2thousand 1hundred 70 psf per PR, Yip observed that Blvd View’s $1,379 per square feet per plot ratio tender appears to be on the cheap side, which may be viewed as opportunistic by the Government.
And also due to the fact that there is zero other offeror to get the location, this gives the Govt a further justification not to grant the location, he said.