Marina View white site attracts one bid
The bid for the white plot at Marina View wrapped up on Tuesday 21 Sept, with Blvd View appearing as the sole bidder for the 99-year leasehold site.
On an announcement, the Urban Redevelopment Authority explained: “This is not really a news of bid award. A conclusion on the verdict of the tender will certainly be made after the proposal has already been analyzed. This will certainly be made known over a future period.”
Examiners noted that Blvd View’s proposal of $1.508 bil or $One thousand Three hundred Seventy Nine psf ppr is the same offer price that induced the spot to get released from the GLS prog’s Inventory List.
The 7,817.6 location is reserved for mixed usage project including hotel, residence, retail and/or serviced apartments. It can yield Nine hundred and Five nonpublic house units, Five hundred Forty holiday accommodation bedrooms and even 2K sq m in gross floor area of retail area.
Huttons Asia CEO Mark Yip stated it is actually the number one bid to captivate a single bidder since the CB.
“The past occasion a Government Land Sales tender witnessed only one bidder was actually for a spot at Silat Avenue in ’18,” he added.
Tricia Song, Head of Research Study for Southeast Asia at CBRE, said the one and only tender for the site is in outright reverse to the competitory bidding process encountered in the 5 rural or city fringe housing plots.
These involve Tampines St 62, Lentor Central, AMK Avenue 1, Tengah Garden Exec Condominium as well as Northumberland plots, which lured 7 to 15 quotes for each development with bid rates going beyond assumptions.
Tricia referred the lacklustre attraction with regards to the plot to “the larger quantum of accross $1.5 billion land cost, near-term doubts over the CBD workplace and resort markets, furthermore competitors from properties which are unsold and prospective fresh supply created by rebuilts around the location”.
Having land tenders in the OCR achieving $1.204K psf per plot ratio and also Int’l Plaza going on collective sale for $2,170 per sq foot per plot ratio, Mark indicated that Blvd View’s $1,379 per square ft per plot ratio bid appears to be on the nominal side, which may be considered as opportunistic by the Government.
And also due to the fact that there is zero other bidder intended for the spot, this gives the Govt an additional factor not to award the location, he claimed.