Marina View white site attracts one bid
The tender for the white spot at Marina View ended on Tue 21Sept, with Blvd View becoming the sole offeror for the 99-year lease term location.
During a release, the Urban Redevelopment Authority pointed out: “This is not really a statement of bid verdict. A decision on the grant of the bid will only be produced following the bid has gotten looked at. This will definitely be reported in a future stage.”
Experts documented that Blvd View’s quote of $1.508 bil or $1,379 per sq ft ppr coincides proposal fee that set off the site to be launched from the Govt Land Sales program’s Inventory Listing.
The 7,817.6 site is intended for mixed-use property with hotel, home, commercial and/or serviced apartments. It can generate Nine hundred and Five private home flats, Five hundred Forty accommodation rooms and even Two thousand sq m in gross floor area of retail area.
Huttons Asia Chief Exec Officer Mark Yip reported it is the number one bid to get a single bidder since the COVID CB.
“The last occasion a GLS tender observed 1 offeror was actually for a spot at Silat Ave in 2018,” he said further.
Tricia Song, Head of Research Study for SEA at CBRE, mentioned the only one quote for the plot is in stark reverse to the competitive bidding process viewed in the 5 suburban or city edge house sites.
All of these involve Tampines St 62, Lentor Central, AMK Avenue 1, Tengah Garden EC also Northumberland spots, that attracted 7 to Fifteen proposals for each one with quote pricings outdoing expectations.
Tricia connected the lacklustre interest with regards to the plot to “the larger quantum of in excess of $1.5 billion land price, near-term doubts over the CBD workstation and holiday accommodation markets, and challenge from properties which are not even sold and future new source via redevelopments throughout the community”.
With land tenders in the OCR reaching $One thousand Two hundred Four psf per PR and also Int’l Plaza going en bloc for $2thousand 1hundred 70 psf per PR, Yip indicated that Blvd View’s $1thousand 3hundred 79 psf ppr offer resembles on the inexpensive side, which can be considered as opportunistic by the Government.
Furthermore given that there is zero other offeror intended for the plot, this presents the Government yet another justification not to grant the plot, he explained.