Marina View white site attracts one bid
The bid for the white location at Marina View sealed on Tue 21September, with Blvd View arising as the only bidder for the 99 years lease term site.
On an announcement, the Urban Redevelopment Authority announced: “This is not a news of bid award. A determination on the verdict of the bid are going to be made only after the offer has actually gotten reviewed. This will be publicised at a later stage.”
Analysts recorded that Blvd View’s tender of $1.508 bil or $1thousand 3hundred 79 per sq ft ppr coincides bid price that set off the plot to get launched from the Government Land Sales prog’s Reserve Listing.
The Seven thousand Eight hundred Seventeen point Six site is reserved for mixed-use development including resort, residence, business and/or serviced apts. It can yield 905 exclusive house flats, 5hundred 40 resort living areas furthermore 2thousand square metre in GFA of retail zone.
Huttons Asia Chief Executive Officer Mark Yip stated it is actually the 1st tender to lure a single bidder since the Circuit Breaker.
“The latest occasion a Government Land Sales bid regarded a single offeror was actually for a plot at Silat Ave in 2K18,” he added.
Tricia Song, Head of Research Study for Southeast Asia at CBRE, reported the only one offer for the site remains in complete comparison to the competitory bidding witnessed in the five suburban or city edge housing sites.
All of these involve Tampines St 62, Lentor Central, Ang Mo Kio Avenue 1, Tengah Garden Executive Condominium including Northumberland plots, that attracted seven to Fifteen quotes each with offer costs exceeding forecasts.
Tricia connected the lacklustre interest with regards to the spot to “the large quantum of in excess of $1.5 billion land amount, near-term doubts over the CBD place of work and resort fields, and even competition from properties which are unsold and undeveloped fresh inventory out of rebuilts in the location”.
Having land offers within the OCR getting to $One thousand Two hundred Four psf ppr and also International Plaza proceeding en bloc for $2thousand 1hundred 70 psf ppr, Mark documented that Boulevard View’s $1thousand 3hundred 79 per square feet per PR offer resembles on the economical range, which might be considered as opportunistic by the Govt.
Moreover given that there is no other bidder intended for the site, this presents the Govt one more justification not to grant the plot, he explained.