Marina View white site attracts one bid
The bid for the white plot at Marina View ended on Tue 21September, with Blvd View appearing as the sole offeror for the Ninety Nine years lease term site.
On a release, the URA stated: “This is not really a statement of tender verdict. A determination on the award of the bid are going to be generated following the bid has actually gotten looked at. This will definitely be publicised in a future date.”
Professionals documented that Blvd View’s quote of $1.508 billion or $One thousand Three hundred Seventy Nine per sq ft per plot ratio coincides bid pricing that induced the location for being dispensed from the GLS programme’s Inventory Selection.
The 7thousand 8hundred 17 point 6 location is expected for various purpose property with holiday accommodation, residence, commercial and/or serviced apts. It can produce 9hundred 5 exclusive house units, 540 accommodation rooms furthermore 2K sq m in GFA of retail space.
Huttons Asia CEO Mark Yip said it is definitely the first tender to pull just one bidder since the Circuit Breaker.
“The previous time a GLS bid observed 1 bidder was for a location at Silat Ave in 2018,” he said further.
Tricia Song, Head of Research for SEA at CBRE, claimed the sole bid for the site is in stark reverse to the competing bidding viewed in the 5 suburban or city edge home sites.
These involve Tampines St 62, Lentor Central, Ang Mo Kio Avenue 1, Tengah Garden Exec Condominium and also Northumberland sites, which drew seven to Fifteen proposals for each development with proposal costs surpassing assumptions.
Tricia associated the lacklustre interest with regards to the site to “the huge quantum of in excess of $1.5 billion land price, near-term uncertainness on the Central Biz District place of work and hotel industries, and competition from developments that are unsold and future new supply via reconstructions in the region”.
Having land offers just within the OCR entering $1.204K per square feet per plot ratio and even Int’l Plaza moving en bloc for $2,170 per sq feet per PR, Mark noticed that Blvd View’s $1thousand 3hundred 79 per square ft per plot ratio quote resembles on the economical side, that can be considered as opportunistic by the Govt.
Furthermore because there is no other offeror for the plot, this presents the Government one more justification not to grant the plot, he said.