Marina View white site attracts one bid
The bid for the white site at Marina View closed on Tuesday 21September, with Blvd View arising as the sole bidder for the Ninety Nine yrs land rental plot.
On an announcement, the Urban Redevelopment Authority stated: “This is certainly not an announcement of tender grant. A determination on the verdict of the bid will only be made following the tender has actually gotten assessed. This will definitely be advertised in a later day.”
Experts recorded that Blvd View’s bid of $1.508 bil or $1thousand 3hundred 79 per sq ft per PR coincides proposal fee that stimulated the location to get discharged out of the GLS programme’s Reserve List.
The 7,817.6 plot is expected for mixed-use project consisting resort, home, retail and/or serviced apartments. It can yield 905 personal housing flats, 5hundred 40 resort living areas along with 2,000 square m in gross floor area of commercial space.
Huttons Asia CEO Mark Yip pointed out it is definitely the number one bid to invite only one offeror since the COVID CB.
“The last occasion a Government Land Sales tender noticed only one bidder was actually for a location at Silat Ave in 2018,” he further mentioned.
Tricia Song, Head of Research Study for Southeast Asia at CBRE, reported the single offer for the plot is in outright reverse to the competitive bidding witnessed in the five rural or city fringe housing plots.
All of these include Tampines Street 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden Executive Condo as well as Northumberland plots, that brought in 7 to Fifteen bids each with offer pricings surpassing forecasts.
Tricia associated the lacklustre attraction with regards to the site to “the substantial quantum of accross $1.5 billion land cost, near-term unpredictabilities on the Central Business District workplace and holiday accommodation sectors, as well as competitiveness from properties that are unsold and prospective fresh supply from redevelopments located in the area”.
With land offers present in the OCR coming to $1thousand 2hundred 4 psf per plot ratio and also Int’l Plaza starting en bloc for $2.170K psf per plot ratio, Mark noticed that Boulevard View’s $One thousand Three hundred Seventy Nine per square ft ppr offer seems on the inexpensive side, which may be viewed as opportunistic by the Government.
Furthermore considering that there is zero other bidder to get the location, this allows the Govt one more justification not to award the site, he pointed out.