Marina View white site attracts one bid
The bid for the white site at Marina View ended on Tue 21 September, with Boulevard View emerging as the sole bidder for the 99 yrs leasehold spot.
In a launch, the URA announced: “This is certainly not a news of tender grant. A selection on the grant of the bid will be conducted when the quote has actually gotten examined. This will definitely be made public during a future day.”
Professionals noted that Blvd View’s proposal of $1.508 bil or $1thousand 3hundred 79 per sq ft per PR is the identical bid cost that induced the site for being freed out of the Government Land Sales prog’s Reserve List.
The 7,817.6 plot is designed for various purpose project including holiday accommodation, house, business and/or serviced apts. It can produce 905 exclusive residential flats, Five hundred Forty accommodation rooms together with 2K square m in GFA of commercial space.
Huttons Asia CEO Mark Yip expressed it is truly the 1st tender to invite a single bidder since the Circuit Breaker.
“The past time a Government Land Sales tender observed a single bidder was actually for a location at Silat Avenue in ’18,” he added.
Tricia Song, Head of Research Study for SEA at CBRE, reported the one and only proposal for the location remains in complete contradiction to the competitive bidding procedure witnessed in the five rural or city edge house plots.
All of these are Tampines Street 62, Lentor Central, AMK Ave 1, Tengah Garden EC as well as Northumberland sites, which caught the attention of seven to 15 quotes for each one with tender rates exceeding presumptions.
Tricia attributed the lacklustre interest for the location to “the big quantum of over $1.5 billion land cost, near-term doubts on the CBD place of work and hotel industries, and rivalry from developments that are not sold and undeveloped brand-new source coming from reconstructions within the community”.
Having land offers just within the Outside Central Region coming to $One thousand Two hundred Four per sq ft ppr and also Int’l Plaza going on collective sale for $2,170 psf ppr, Yip observed that Boulevard View’s $1thousand 3hundred 79 psf per PR bid appears to be on the low side, which may be deemed opportunistic by the Govt.
And also since there is zero other offeror to get the location, this allows the Government a further excuse not to award the site, he explained.