Marina View white site attracts one bid
The bid for the white location at Marina View concluded on Tuesday 21September, with Blvd View becoming the single offeror for the 99 yrs land rental spot.
On an announcement, the Urban Redevelopment Authority announced: “This is not really a statement of tender grant. A conclusion on the verdict of the bid will certainly be formed shortly after the proposal has already gotten looked at. This will definitely be publicised over a later date.”
Examiners documented that Blvd View’s tender of $1.508 billion or $One thousand Three hundred Seventy Nine psf ppr is the same offer fee that triggered the site for being dispensed out of the Government Land Sales prog’s Reserve Selection.
The Seven thousand Eight hundred Seventeen point Six site is reserved for mixed usage development including hotel, residence, retail and/or serviced apts. It can supply 905 personal residential units, 540 holiday accommodation bedrooms together with 2,000 sq metre in gross floor area of retail zone.
Huttons Asia Chief Executive Officer Mark Yip announced it is truly the 1st tender to call forth just one bidder since the COVID CB.
“The latest occasion a Government Land Sales tender observed only one offeror was for a location at Silat Avenue in ’18,” he continued.
Tricia Song, Head of Research Study for SE Asia at CBRE, claimed the single tender for the site is in stark reverse to the competitive bidding process viewed in the 5 suburban or city perimeter residence plots.
These are Tampines St 62, Lentor Central, Ang Mo Kio Avenue 1, Tengah Garden Exec Condominium as well as Northumberland spots, that attracted 7 to 15 quotes for each development with offer values exceeding assumptions.
Song attributed the lacklustre interest with regards to the site to “the substantial quantum of beyond $1.5 billion land price, near-term concerns over the Central Business District place of work and resort industries, and also rivalry from properties which are not even sold and prospective new supply out of redevelopments throughout the location”.
With land tenders inside the OCR entering $One thousand Two hundred Four per square foot per plot ratio as well as Int’l Plaza proceeding collective sale for $Two thousand One hundred Seventy psf ppr, Mark noticed that Boulevard View’s $1.379K psf ppr bid seems on the nominal side, that may be viewed as opportunistic by the Government.
Furthermore since there is no other bidder for the location, this provides the Govt yet another excuse not to grant the plot, he announced.