Marina View white site attracts one bid
The tender for the white location at Marina View concluded on Tue 21Sept, with Blvd View becoming the one and only bidder for the Ninety Nine yrs leasehold location.
At an announcement, the URA said: “This is not an announcement of tender verdict. A decision on the award of the tender are going to be conducted after the offer has been judged. This will be made public in a future day.”
Professionals observed that Blvd View’s quote of $1.508 bil or $1thousand 3hundred 79 per sq ft ppr is the similar bid price that caused the spot to get freed out of the GLS prog’s Inventory List.
The 7thousand 8hundred 17 point 6 plot is intended for various usage project including resort, house, commercial and/or serviced apartments. It can generate Nine hundred and Five exclusive housing apartments, 540 hotel living areas as well as Two thousand square m in GFA of business zone.
Huttons Asia Chief Exec Officer Mark Yip reported it is definitely the first tender to draw just one offeror since the Circuit Breaker.
“The last time a GLS tender regarded a single offeror was for a site at Silat Ave in 2K18,” he added.
Tricia Song, Head of Research Study for SEA at CBRE, announced the sole quote for the spot remains in outright reverse to the competing bidding operation viewed in the five rural or city fringe housing plots.
All of these consist of Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden EC and also Northumberland spots, which caught the attention of 7 to 15 quotes each with quote rates going beyond expectations.
Tricia attributed the lacklustre attraction for the spot to “the big quantum of beyond $1.5 billion land expense, near-term concerns over the CBD place of work and holiday accommodation sectors, furthermore competition from developments which are not sold and prospective fresh inventory from rebuilts around the community”.
Having land offers in the OCR hitting $1.204K psf ppr and also International Plaza proceeding en bloc for $Two thousand One hundred Seventy psf ppr, Mark noticed that Boulevard View’s $One thousand Three hundred Seventy Nine psf ppr proposal appears to be on the economical side, which can be considered as opportunistic by the Govt.
Moreover considering that there is no other bidder for the location, this provides the Government a further factor not to grant the plot, he mentioned.