Marina View white site attracts one bid
The tender for the white plot at Marina View sealed on Tue 21September, with Blvd View coming out as the only bidder for the 99-year land rental plot.
At a publicity, the Urban Redevelopment Authority announced: “This is definitely not a report of bid verdict. A verdict on the grant of the bid will be performed after the quote has actually gotten reviewed. This will be publicised at a later date.”
Professionals indicated that Blvd View’s proposal of $1.508 billion or $One thousand Three hundred Seventy Nine psf per PR coincides tender pricing that set off the spot to be issued from the GLS prog’s Inventory Selection.
The 7thousand 8hundred 17 point 6 location is intended for mixed-use property consisting holiday accommodation, house, commercial and/or serviced apts. It can generate 905 exclusive home apartments, 5hundred 40 hotel bedrooms and 2K sq meter in GFA of business space.
Huttons Asia CEO Mark Yip claimed it is actually the number one bid to lure a single offeror since the COVID CB.
“The previous time a GLS bid saw one offeror was actually for a spot at Silat Ave in 2K18,” he further mentioned.
Tricia Song, Head of Research Study for SEA at CBRE, stated the only one tender for the plot remains in stark reverse to the challenging bidding activity witnessed in the five suburban or city perimeter residential spots.
All of these involve Tampines St 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden EC including Northumberland sites, that brought in 7 to Fifteen bids for each one with proposal pricings outshining expectations.
Tricia associated the lacklustre attraction for the site to “the big quantum of more than $1.5 billion land expense, near-term doubts over the Central Biz District workplace and hotel sectors, and also competition from properties that are not even sold and future new inventory from redevelopments in the area”.
Having land tenders within the Outside Central Region reaching $1,204 per sq ft per plot ratio as well as International Plaza going collective sale for $2.170K psf per PR, Yip noted that Boulevard View’s $1,379 per sq ft per plot ratio tender resembles on the nominal range, that can be considered as opportunistic by the Govt.
Furthermore because there is no other bidder to get the location, this allows the Government one more reason not to grant the location, he pointed out.