Marina View white site attracts one bid
The bid for the white site at Marina View sealed on Tuesday 21 September, with Boulevard View becoming the single bidder for the 99-year land rental plot.
At a publicity, the URA mentioned: “This is not really a statement of tender verdict. A decision on the verdict of the bid will be performed following the offer has actually gotten examined. This will certainly be advertised during a later day.”
Analysts noted that Boulevard View’s proposal of $1.508 bil or $1,379 psf per plot ratio is the identical quote that stimulated the location to be released out of the GLS program’s Inventory Selection.
The 7thousand 8hundred 17 point 6 plot is designed for variable use property consisting resort, housing, commercial and/or serviced apts. It can supply Nine hundred and Five private housing units, 540 hotel bedrooms as well as 2thousand square metre in GFA of business zone.
Huttons Asia Chief Exec Officer Mark Yip mentioned it is definitely the 1st bid to get only one bidder since the COVID CB.
“The previous time a GLS bid saw one bidder was for a site at Silat Ave in 2018,” he continued.
Tricia Song, Head of Research for SEA at CBRE, said the one and only offer for the site remains in stark contradiction to the challenging bidding operation viewed in the 5 suburban or city fringe residential sites.
All of these consist of Tampines Street 62, Lentor Central, AMK Ave 1, Tengah Garden EC and Northumberland plots, which captivated 7 to Fifteen proposals each with proposal prices surpassing expectations.
Tricia associated the lacklustre attraction for the location to “the big quantum of accross $1.5 billion land value, near-term doubtfulness over the Central Biz District ofc and hotel sectors, and competitors from projects which are not sold and future brand-new source out of rebuilts located in the community”.
With land tenders in the OCR getting to $1thousand 2hundred 4 per square foot per plot ratio and even International Plaza starting collective sale for $2.170K per square feet ppr, Mark recorded that Blvd View’s $1,379 psf ppr quote appears to be on the cheap range, which might be viewed as opportunistic by the Govt.
And considering that there is no other offeror for the plot, this presents the Government one more justification not to award the spot, he announced.