Marina View white site attracts one bid
The tender for the white spot at Marina View wrapped up on Tuesday 21September, with Boulevard View arising as the only offeror for the 99-year lease term spot.
On an announcement, the Urban Redevelopment Authority stated: “This is not really a statement of bid grant. A judgment on the grant of the bid will certainly be conducted when the proposal has been examined. This will be announced during a later date.”
Analysts indicated that Boulevard View’s proposal of $1.508 bil or $1thousand 3hundred 79 psf ppr coincides tender value that triggered the location to become discharged out of the GLS prog’s Reserve Listing.
The 7thousand 8hundred 17 point 6 location is designed for mixed-use property including holiday accommodation, residence, commercial and/or serviced apartments. It can generate 9hundred 5 personal residence units, 540 accommodation living areas and also 2,000 square m in gross floor area of commercial space.
Huttons Asia CEO Mark Yip said it is actually the first bid to attract only one bidder since the Circuit Breaker.
“The past instance a GLS tender witnessed 1 bidder was for a spot at Silat Ave in 2K18,” he continued.
Tricia Song, Head of Research for SEA at CBRE, announced the single quote for the site is in stark contradiction to the competitive bidding encountered in the five suburban or city perimeter housing plots.
These include Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden EC also Northumberland spots, that brought in seven to Fifteen proposals each with tender rates going over presumptions.
Song connected the lacklustre attraction with regards to the site to “the substantial quantum of beyond $1.5 billion land price, near-term uncertainness over the CBD workplace and hotel industries, and also competitiveness from projects which are not even sold and potential fresh inventory coming from rebuilts within the area”.
With land offers within the Outside Central Region achieving $1thousand 2hundred 4 psf per plot ratio and also Int’l Plaza going on collective sale for $2,170 per square feet ppr, Yip noticed that Boulevard View’s $1,379 psf ppr offer resembles on the nominal range, that might be considered as opportunistic by the Government.
Furthermore since there is zero other bidder intended for the site, this offers the Govt a further justification not to award the location, he claimed.