Marina View white site attracts one bid
The bid for the white plot at Marina View wrapped up on Tue 21 September, with Boulevard View appearing as the one and only bidder for the 99 years lease term spot.
In a publicity, the Urban Redevelopment Authority said: “This is not a report of bid verdict. A choice on the award of the bid will be conducted soon after the bid has actually gotten reviewed. This will definitely be publicised during a later date.”
Analysts observed that Boulevard View’s bid of $1.508 billion or $1,379 per sq ft per PR coincides quote fee that triggered the location to be issued from the Government Land Sales prog’s Inventory Listing.
The 7,817.6 location is designated for mixed-use development with resort, home, retail and/or serviced apts. It can generate 905 exclusive residence apartments, 540 resort living areas along with 2thousand square m in gross floor area of business area.
Huttons Asia CEO Mark Yip announced it is certainly the number one tender to entice one bidder since the Circuit Breaker.
“The previous time a Government Land Sales bid saw 1 offeror was actually for a spot at Silat Avenue in 2K18,” he added.
Tricia Song, Head of Research for Southeast Asia at CBRE, claimed the one and only bid for the location remains in stark contrast to the competitory bidding observed in the 5 suburban or city edge residence plots.
All of these are Tampines St 62, Lentor Central, AMK Ave 1, Tengah Garden EC including Northumberland locations, which drew seven to Fifteen proposals each with tender prices going over assumptions.
Tricia associated the lacklustre interest for the plot to “the big quantum of more than $1.5 bil land value, near-term concerns over the Central Biz District office and hotel fields, furthermore competitors from properties which are unsold and prospective fresh source coming from rebuilts within the community”.
Having land offers within the OCR achieving $1.204K psf per PR as well as International Plaza going collective sale for $2,170 psf ppr, Yip indicated that Blvd View’s $1.379K psf per plot ratio quote resembles on the inexpensive side, which might be deemed opportunistic by the Govt.
Moreover considering that there is zero other offeror intended for the location, this gives the Govt one more factor not to grant the spot, he pointed out.
