Marina View white site attracts one bid
The bid for the white plot at Marina View concluded on Tuesday 21Sept, with Blvd View coming out as the only bidder for the 99-year land rental plot.
In an announcement, the URA announced: “This is not really a report of tender grant. A choice on the award of the tender will certainly be conducted when the bid has been assessed. This will certainly be made known during a later date.”
Experts observed that Boulevard View’s quote of $1.508 billion or $1,379 per sq ft per PR is the exact tender value that sparked the location to get dispensed from the Govt Land Sales program’s Reserve Listing.
The Seven thousand Eight hundred Seventeen point Six location is expected for mixed-use property consisting resort, house, business and/or serviced apartments. It can yield 9hundred 5 exclusive residential apartments, 5hundred 40 hotel rooms as well as Two thousand square metre in GFA of business area.
Huttons Asia Chief Executive Officer Mark Yip announced it is definitely the 1st bid to get only one offeror since the CB.
“The previous time a GLS bid saw 1 bidder was for a location at Silat Ave in 2018,” he further mentioned.
Tricia Song, Head of Research Study for SE Asia at CBRE, mentioned the only one proposal for the location is in complete reverse to the challenging bidding procedure viewed in the 5 suburban or city edge house sites.
All of these consist of Tampines St 62, Lentor Central, AMK Avenue 1, Tengah Garden Exec Condo also Northumberland sites, which lured seven to 15 offers each with quote prices exceeding assumptions.
Tricia connected the lacklustre interest with regards to the location to “the substantial quantum of in excess of $1.5 billion land expense, near-term concerns on the CBD workstation and resort fields, and rivalry from projects which are not sold and potential fresh supply out of reconstructions inside the region”.
With land tenders in the Outside Central Region attaining $1thousand 2hundred 4 per square feet per plot ratio and even International Plaza going on en bloc for $2thousand 1hundred 70 per square feet ppr, Yip recorded that Blvd View’s $1,379 psf per PR offer appears to be on the economical range, that may be viewed as opportunistic by the Government.
And given that there is zero other bidder for the site, this presents the Govt another excuse not to grant the plot, he announced.