Marina View white site attracts one bid
The tender for the white spot at Marina View sealed on Tue 21September, with Blvd View becoming the sole offeror for the 99 yrs leasehold spot.
During an announcement, the Urban Redevelopment Authority mentioned: “This is not really an announcement of tender verdict. A decision on the award of the bid are going to be made shortly after the quote has actually been examined. This will definitely be publicised over a future date.”
Examiners observed that Boulevard View’s bid of $1.508 billion or $1,379 per sq ft per PR coincides quote that prompted the location for being launched from the Govt Land Sales programme’s Reserve Listing.
The 7thousand 8hundred 17 point 6 spot is reserved for multi use development with hotel, home, business and/or serviced apartments. It can supply 9hundred 5 personal housing units, Five hundred Forty hotel rooms and also 2K square m in GFA of retail space.
Huttons Asia CEO Mark Yip mentioned it is actually the 1st bid to pull only one bidder since the Circuit Breaker.
“The latest occasion a Government Land Sales bid noticed only one offeror was for a location at Silat Ave in 2K18,” he continued.
Tricia Song, Head of Research for SEA at CBRE, reported the only one tender for the location remains in complete reverse to the more competitve bidding process seen in the 5 rural or city edge home locations.
All of these involve Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden EC also Northumberland sites, which brought in seven to Fifteen bids each with tender fees outdoing forecasts.
Tricia referred the lacklustre interest with regards to the spot to “the huge quantum of beyond $1.5 bil land expense, near-term unpredictabilities on the Central Business District place of work and holiday accommodation industries, and also competitiveness from properties that are not even sold and potential new supply created by redevelopments around the community”.
With land tenders throughout the Outside Central Region coming to $One thousand Two hundred Four per sq ft per plot ratio and Int’l Plaza going on en bloc for $2thousand 1hundred 70 per square feet per plot ratio, Mark recorded that Blvd View’s $1.379K psf per PR tender seems on the inexpensive side, which can be viewed as opportunistic by the Government.
And due to the fact that there is no other bidder intended for the location, this allows the Government one more excuse not to grant the location, he mentioned.