Marina View white site attracts one bid

The tender for the white location at Marina View sealed on Tue 21 September, with Boulevard View arising as the one and only bidder for the Ninety Nine yrs leasehold location.

During a release, the Urban Redevelopment Authority expressed: “This is certainly not an announcement of bid verdict. A selection on the grant of the bid will be made when the offer has actually gotten examined. This will definitely be advertised in a future stage.”

Examiners noticed that Boulevard View’s offer of $1.508 billion or $1thousand 3hundred 79 per sq ft ppr coincides bid cost that activated the location to get launched from the Government Land Sales program’s Inventory Selection.

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The Seven thousand Eight hundred Seventeen point Six location is meant for mixed-use project consisting holiday accommodation, residence, retail and/or serviced apartments. It can supply 905 exclusive house units, Five hundred Forty accommodation living areas together with 2K square meter in gross floor area of commercial area.

Huttons Asia CEO Mark Yip said it is the first tender to entice just one bidder since the COVID CB.

“The last instance a Government Land Sales bid noticed only one bidder was actually for a plot at Silat Ave in ’18,” he added.

Tricia Song, Head of Research for Southeast Asia at CBRE, stated the one and only offer for the plot remains in downright comparison to the competing bidding process encountered in the 5 suburban or city perimeter home spots.

All of these are Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden Exec Condo and also Northumberland sites, that captivated seven to Fifteen proposals for each development with quote quotes surpassing assumptions.

Song associated the lacklustre attraction with regards to the site to “the larger quantum of in excess of $1.5 billion land value, near-term doubtfulness on the CBD ofc and hotel sectors, and rivalry from developments which are not even sold and future brand-new source out of redevelopments around the region”.

Having land offers present in the Outside Central Region getting to $One thousand Two hundred Four psf per plot ratio and also International Plaza going on en bloc for $2thousand 1hundred 70 psf ppr, Yip noticed that Blvd View’s $1,379 psf per PR bid appears to be on the economical range, that might be viewed as opportunistic by the Govt.

And considering that there is no other offeror intended for the plot, this permits the Govt another reason not to award the site, he stated.

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