Marina View white site attracts one bid
The bid for the white location at Marina View wrapped up on Tuesday 21Sept, with Boulevard View appearing as the sole bidder for the Ninety Nine yrs land rental site.
In a publicity, the Urban Redevelopment Authority mentioned: “This is not a report of bid grant. A verdict on the award of the tender will be made after the offer has gotten assessed. This will be advertised over a future stage.”
Experts marked that Boulevard View’s proposal of $1.508 bil or $One thousand Three hundred Seventy Nine psf per plot ratio coincides tender quote that stimulated the plot becoming freed out of the GLS program’s Reserve Selection.
The 7thousand 8hundred 17 point 6 spot is reserved for mixed-use property with resort, residential, business and/or serviced apts. It can generate 905 nonpublic residential apartments, 540 holiday accommodation bedrooms and 2,000 sq metre in GFA of business space.
Huttons Asia Chief Executive Officer Mark Yip said it is certainly the first tender to lure one offeror since the CB.
“The previous time a GLS tender noticed a single bidder was for a site at Silat Ave in 2018,” he added.
Tricia Song, Head of Research for SEA at CBRE, explained the sole quote for the location remains in outright reverse to the more competitve bidding activity viewed in the 5 rural or city edge housing plots.
These are Tampines Street 62, Lentor Central, AMK Avenue 1, Tengah Garden EC as well as Northumberland spots, that lured seven to Fifteen proposals for each development with proposal values going over assumptions.
Tricia connected the lacklustre attraction for the location to “the larger quantum of more than $1.5 bil land amount, near-term doubtfulness over the CBD workplace and holiday accommodation fields, and also competitors from projects which are not sold and potential new inventory via reconstructions located in the region”.
With land offers in the OCR reaching $1,204 per sq foot per plot ratio and International Plaza going on en bloc for $2.170K psf per plot ratio, Mark observed that Boulevard View’s $1thousand 3hundred 79 per sq feet ppr proposal seems on the nominal range, which may be deemed opportunistic by the Government.
And also since there is zero other offeror to get the spot, this provides the Govt another excuse not to award the location, he pointed out.