Marina View white site attracts one bid
The tender for the white site at Marina View wrapped up on Tue 21 Sept, with Blvd View becoming the only one bidder for the 99-year lease term location.
During a release, the URA mentioned: “This is certainly not a statement of tender verdict. A conclusion on the grant of the bid will certainly be conducted soon after the quote has gotten judged. This will be publicised at a later stage.”
Analysts marked that Blvd View’s tender of $1.508 bil or $One thousand Three hundred Seventy Nine per sq ft per PR coincides offer value that stimulated the site to get released out of the GLS programme’s Reserve Selection.
The 7thousand 8hundred 17 point 6 site is intended for mixed-use property consisting hotel, residential, retail and/or serviced apartments. It can generate 9hundred 5 personal residential flats, 5hundred 40 holiday accommodation living areas furthermore 2K square meter in GFA of commercial zone.
Huttons Asia CEO Mark Yip claimed it is certainly the first tender to entice only one bidder since the Circuit Breaker.
“The previous instance a Government Land Sales bid saw a single bidder was actually for a location at Silat Ave in ’18,” he added.
Tricia Song, Head of Research Study for SEA at CBRE, said the single proposal for the spot remains in downright comparison to the competitive bidding encountered in the 5 suburban or city perimeter house spots.
All of these consist of Tampines St 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden Executive Condo as well as Northumberland sites, that drew in 7 to 15 offers for each development with offer quotes exceeding presumptions.
Song attributed the lacklustre interest with regards to the location to “the larger quantum of in excess of $1.5 billion land value, near-term uncertainness over the Central Biz District ofc and holiday accommodation markets, and rivalry from properties which are not sold and undeveloped new supply out of reconstructions inside the area”.
Having land tenders present in the OCR attaining $1,204 per square foot per PR and also International Plaza proceeding collective sale for $2.170K per square foot per PR, Mark noticed that Boulevard View’s $1thousand 3hundred 79 per sq ft per PR bid resembles on the economical side, which may be deemed opportunistic by the Government.
Furthermore since there is zero other offeror to get the plot, this gives the Government yet another excuse not to grant the location, he claimed.