Marina View white site attracts one bid
The bid for the white plot at Marina View closed on Tuesday 21 Sept, with Blvd View becoming the sole bidder for the 99-year leasehold plot.
During a release, the Urban Redevelopment Authority pointed out: “This is definitely not a news of bid grant. A verdict on the award of the bid are going to be generated following the offer has been analyzed. This will be reported during a later stage.”
Professionals documented that Blvd View’s tender of $1.508 bil or $1thousand 3hundred 79 per sq ft per plot ratio is the equivalent quote value that set off the spot becoming freed out of the GLS program’s Inventory List.
The 7,817.6 location is intended for mixed application property with resort, housing, commercial and/or serviced apts. It can produce Nine hundred and Five personal house apartments, 5hundred 40 hotel living areas as well as 2thousand sq metre in GFA of business spot.
Huttons Asia CEO Mark Yip expressed it is truly the 1st bid to captivate just one offeror since the COVID CB.
“The previous time a Government Land Sales bid noticed one offeror was actually for a site at Silat Ave in 2K18,” he continued.
Tricia Song, Head of Research Study for SEA at CBRE, stated the one and only tender for the plot is in complete comparison to the competitive bidding operation witnessed in the five rural or city edge residence locations.
All of these include Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden Exec Condo also Northumberland locations, which drew seven to 15 proposals each with bid rates exceeding assumptions.
Song associated the lacklustre attraction with regards to the plot to “the large quantum of more than $1.5 billion land value, near-term uncertainness over the Central Biz District office and hotel fields, and even competitiveness from properties that are unsold and potential new source from reconstructions around the location”.
Having land offers just within the OCR hitting $1thousand 2hundred 4 psf per plot ratio as well as International Plaza proceeding en bloc for $2,170 per square ft ppr, Yip documented that Blvd View’s $1,379 per square ft per plot ratio tender seems on the economical range, that might be viewed as opportunistic by the Government.
And also given that there is zero other offeror intended for the plot, this provides the Govt another reason not to award the location, he said.