Marina View white site attracts one bid
The bid for the white spot at Marina View wrapped up on Tue 21September, with Blvd View becoming the sole offeror for the 99-year lease term plot.
On an announcement, the URA expressed: “This is certainly not an announcement of bid grant. A decision on the grant of the bid are going to be generated following the tender has been analyzed. This will definitely be disclosed during a later day.”
Examiners documented that Blvd View’s tender of $1.508 bil or $One thousand Three hundred Seventy Nine psf per plot ratio is the exact tender fee that triggered the plot to become dispensed out of the GLS program’s Reserve Selection.
The 7,817.6 site is intended for mixed-use property with hotel, house, business and/or serviced apts. It can supply Nine hundred and Five private house apartments, 540 holiday accommodation rooms together with Two thousand sq metre in gross floor area of commercial spot.
Huttons Asia CEO Mark Yip said it is actually the first bid to captivate just one offeror since the COVID CB.
“The previous instance a GLS bid witnessed 1 bidder was actually for a location at Silat Ave in ’18,” he said further.
Tricia Song, Head of Research for SE Asia at CBRE, mentioned the sole quote for the plot is in complete contradiction to the competitive bidding procedure noticed in the five rural or city fringe residence sites.
These include Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden Executive Condo including Northumberland locations, which enticed 7 to 15 proposals for each one with bid prices outshining assumptions.
Song referred the lacklustre attraction with regards to the site to “the big quantum of more than $1.5 bil land amount, near-term doubts on the CBD workstation and hotel markets, furthermore competition from developments which are unsold and future brand-new source via rebuilts located in the area”.
Having land offers throughout the Outside Central Region entering $1thousand 2hundred 4 per sq foot per plot ratio as well as Int’l Plaza moving collective sale for $2,170 psf per PR, Yip noticed that Blvd View’s $One thousand Three hundred Seventy Nine psf per PR tender appears to be on the inexpensive range, that can be considered as opportunistic by the Govt.
Moreover since there is zero other bidder intended for the spot, this gives the Government one more excuse not to grant the location, he stated.