Marina View white site attracts one bid
The bid for the white spot at Marina View concluded on Tue 21 Sept, with Boulevard View becoming the single offeror for the 99-year lease term spot.
During a launch, the Urban Redevelopment Authority reported: “This is definitely not an announcement of tender award. A judgment on the verdict of the tender will be generated shortly after the offer has gotten evaluated. This will definitely be advertised over a future stage.”
Analysts documented that Blvd View’s quote of $1.508 bil or $1,379 per sq ft per PR is the equivalent tender value that stimulated the plot to be issued out of the Government Land Sales prog’s Inventory List.
The Seven thousand Eight hundred Seventeen point Six plot is planned for multi usage development consisting hotel, home, retail and/or serviced apts. It can produce Nine hundred and Five nonpublic home apartments, Five hundred Forty holiday accommodation living areas and 2K square metre in GFA of business area.
Huttons Asia CEO Mark Yip explained it is truly the 1st tender to attract only one offeror since the COVID CB.
“The past occasion a Government Land Sales bid saw 1 offeror was actually for a spot at Silat Ave in ’18,” he further mentioned.
Tricia Song, Head of Research Study for SEA at CBRE, said the sole proposal for the plot is in complete comparison to the competitive bidding process seen in the five rural or city edge home sites.
These include Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden Executive Condominium and also Northumberland locations, which caught the attention of 7 to 15 quotes each with tender prices surpassing forecasts.
Tricia associated the lacklustre attraction with regards to the location to “the substantial quantum of accross $1.5 bil land value, near-term unpredictabilities on the Central Biz District workstation and hotel fields, and even competition from properties that are not sold and prospective new supply out of reconstructions throughout the area”.
With land offers within the OCR reaching $One thousand Two hundred Four psf per PR and even International Plaza proceeding en bloc for $2,170 psf ppr, Mark noticed that Blvd View’s $1.379K per square foot per PR quote resembles on the economical range, that can be viewed as opportunistic by the Govt.
And considering there is zero other offeror intended for the site, this presents the Govt yet another justification not to award the location, he expressed.