Marina View white site attracts one bid
The tender for the white site at Marina View concluded on Tue 21Sept, with Boulevard View coming out as the one and only offeror for the 99 yrs lease term spot.
At an announcement, the Urban Redevelopment Authority pointed out: “This is certainly not a statement of bid grant. A determination on the grant of the bid will be conducted after the proposal has actually been judged. This will certainly be advertised in a later day.”
Examiners noticed that Blvd View’s quote of $1.508 billion or $1thousand 3hundred 79 psf per plot ratio coincides proposal rate that sparked the spot to be discharged out of the GLS programme’s Reserve Selection.
The Seven thousand Eight hundred Seventeen point Six plot is designed for mixed-use property with holiday accommodation, housing, retail and/or serviced apartments. It can generate Nine hundred and Five personal house units, Five hundred Forty resort rooms as well as 2K sq m in GFA of business spot.
Huttons Asia Chief Exec Officer Mark Yip said it is actually the 1st tender to call forth one offeror since the COVID CB.
“The past time a GLS bid witnessed only one bidder was for a spot at Silat Avenue in 2018,” he added.
Tricia Song, Head of Research for Southeast Asia at CBRE, mentioned the sole tender for the site remains in downright contrast to the more competitve bidding procedure seen in the five rural or city edge home plots.
All of these consist of Tampines St 62, Lentor Central, Ang Mo Kio Avenue 1, Tengah Garden EC and Northumberland spots, that captivated seven to 15 offers for each one with quote fees exceeding forecasts.
Tricia traced the lacklustre attraction with regards to the site to “the larger quantum of more than $1.5 bil land price, near-term concerns on the Central Business District workplace and holiday accommodation markets, and even challenge from projects that are not even sold and prospective fresh source coming from redevelopments in the community”.
Having land tenders within the Outside Central Region entering $1.204K psf ppr and also International Plaza starting en bloc for $2,170 psf per plot ratio, Mark noticed that Boulevard View’s $One thousand Three hundred Seventy Nine psf per PR tender appears to be on the low range, which might be viewed as opportunistic by the Government.
And due to the fact that there is no other offeror intended for the location, this allows the Government another factor not to grant the site, he explained.