Marina View white site attracts one bid
The tender for the white spot at Marina View terminated on Tue 21September, with Boulevard View arising as the one and only offeror for the Ninety Nine yrs lease term spot.
At a publicity, the Urban Redevelopment Authority reported: “This is certainly not a news of bid grant. A verdict on the verdict of the tender are going to be made following the proposal has already been evaluated. This will definitely be made public in a later date.”
Analysts noticed that Blvd View’s bid of $1.508 bil or $1thousand 3hundred 79 per sq ft per PR coincides offer price that triggered the location for being launched out of the GLS prog’s Inventory List.
The 7,817.6 location is designed for mixed use property consisting holiday accommodation, residence, retail and/or serviced apartments. It can supply 9hundred 5 nonpublic residential units, 5hundred 40 resort rooms furthermore 2thousand sq meter in GFA of commercial space.
Huttons Asia CEO Mark Yip said it is the first bid to call forth a single offeror since the COVID CB.
“The last time a Government Land Sales tender noticed one offeror was for a spot at Silat Ave in 2K18,” he continued.
Tricia Song, Head of Research Study for SEA at CBRE, claimed the single offer for the plot is in stark contradiction to the competing bidding observed in the 5 suburban or city perimeter house locations.
These involve Tampines Street 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden Exec Condo and also Northumberland locations, which brought in 7 to 15 proposals each with tender prices going beyond forecasts.
Tricia connected the lacklustre attraction with regards to the site to “the huge quantum of beyond $1.5 bil land expense, near-term unpredictabilities over the CBD place of work and resort industries, and rivalry from properties which are unsold and undeveloped fresh source from rebuilts around the location”.
With land offers inside the OCR hitting $1thousand 2hundred 4 psf per PR and also Int’l Plaza moving collective sale for $Two thousand One hundred Seventy psf ppr, Mark indicated that Boulevard View’s $One thousand Three hundred Seventy Nine psf per PR quote appears to be on the low range, that might be deemed opportunistic by the Government.
And also because there is no other offeror intended for the plot, this presents the Government one more justification not to grant the site, he said.
