Marina View white site attracts one bid
The bid for the white plot at Marina View closed on Tuesday 21 September, with Boulevard View emerging as the one and only bidder for the Ninety Nine yrs land rental location.
In an announcement, the URA reported: “This is definitely not an announcement of tender verdict. A declaration on the award of the tender will only be produced soon after the proposal has already been analyzed. This will definitely be revealed at a future date.”
Experts marked that Boulevard View’s offer of $1.508 billion or $1thousand 3hundred 79 per sq ft ppr is the identical proposal rate that caused the spot to become dispensed from the GLS prog’s Reserve Selection.
The Seven thousand Eight hundred Seventeen point Six plot is designed for mixed-use property with holiday accommodation, residence, business and/or serviced apartments. It can generate Nine hundred and Five nonpublic residential units, Five hundred Forty holiday accommodation living areas along with 2thousand sq metre in gross floor area of business zone.
Huttons Asia CEO Mark Yip stated it is definitely the first tender to get just one offeror since the Circuit Breaker.
“The latest time a GLS bid regarded one bidder was for a site at Silat Avenue in 2K18,” he said further.
Tricia Song, Head of Research Study for SEA at CBRE, reported the only one proposal for the plot remains in outright contradiction to the competing bidding observed in the 5 suburban or city edge residential locations.
All of these are Tampines St 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden EC as well as Northumberland spots, that attracted 7 to Fifteen offers each with offer rates extending past assumptions.
Tricia traced the lacklustre attraction with regards to the location to “the big quantum of beyond $1.5 bil land value, near-term doubtfulness on the Central Business District office and hotel sectors, and competitors from properties that are unsold and future brand-new source via reconstructions inside the community”.
With land offers present in the OCR attaining $1.204K psf per plot ratio and even Int’l Plaza moving collective sale for $2,170 per square ft ppr, Yip marked that Boulevard View’s $1thousand 3hundred 79 psf per plot ratio tender resembles on the inexpensive range, that might be viewed as opportunistic by the Government.
And also considering there is zero other bidder intended for the plot, this permits the Govt a further reason not to award the location, he mentioned.