Marina View white site attracts one bid
The tender for the white site at Marina View terminated on Tue 21 Sept, with Boulevard View emerging as the one and only bidder for the 99-year leasehold plot.
On a launch, the Urban Redevelopment Authority expressed: “This is definitely not a news of tender award. A choice on the verdict of the bid will only be made only after the bid has been assessed. This will definitely be announced during a future date.”
Experts noticed that Blvd View’s quote of $1.508 bil or $One thousand Three hundred Seventy Nine per sq ft per plot ratio is the identical proposal pricing that activated the site to be launched out of the Govt Land Sales program’s Inventory List.
The 7thousand 8hundred 17 point 6 location is planned for variable application development including hotel, house, commercial and/or serviced apts. It can yield 9hundred 5 nonpublic home flats, 5hundred 40 holiday accommodation living areas together with 2thousand square meter in gross floor area of commercial space.
Huttons Asia Chief Exec Officer Mark Yip mentioned it is definitely the first tender to attract only one offeror since the CB.
“The latest instance a Government Land Sales tender noticed one offeror was for a location at Silat Avenue in ’18,” he further mentioned.
Tricia Song, Head of Research for SEA at CBRE, reported the single tender for the location remains in stark comparison to the more competitve bidding seen in the 5 suburban or city edge house spots.
All of these involve Tampines St 62, Lentor Central, AMK Ave 1, Tengah Garden Exec Condominium as well as Northumberland locations, that drew 7 to 15 proposals each with quote fees extending past forecasts.
Song attributed the lacklustre interest with regards to the location to “the large quantum of over $1.5 bil land amount, near-term uncertainness on the CBD workstation and hotel markets, as well as challenge from developments which are not sold and undeveloped new inventory via redevelopments around the community”.
With land tenders present in the Outside Central Region hitting $1,204 psf per plot ratio and also International Plaza moving en bloc for $2,170 psf per PR, Mark marked that Boulevard View’s $One thousand Three hundred Seventy Nine psf per PR proposal appears to be on the nominal side, that might be viewed as opportunistic by the Govt.
Furthermore due to the fact that there is no other offeror for the site, this offers the Govt another excuse not to grant the spot, he announced.