Marina View white site attracts one bid
The bid for the white spot at Marina View closed on Tuesday 21Sept, with Blvd View becoming the sole offeror for the 99-year leasehold plot.
In a launch, the URA stated: “This is not a statement of bid verdict. A selection on the verdict of the bid will only be generated soon after the bid has actually gotten analyzed. This will definitely be publicised during a later period.”
Analyzers observed that Blvd View’s offer of $1.508 bil or $1,379 psf ppr coincides bid value that activated the location for being discharged out of the GLS prog’s Reserve List.
The 7thousand 8hundred 17 point 6 location is planned for mixed-use development with hotel, residential, retail and/or serviced apts. It can supply 9hundred 5 personal home apartments, Five hundred Forty holiday accommodation rooms furthermore 2K sq meter in gross floor area of commercial spot.
Huttons Asia CEO Mark Yip mentioned it is actually the number one bid to attract one offeror since the COVID CB.
“The last time a Government Land Sales tender saw 1 offeror was actually for a plot at Silat Ave in ’18,” he continued.
Tricia Song, Head of Research for SEA at CBRE, claimed the single quote for the spot remains in outright comparison to the competing bidding observed in the 5 rural or city perimeter residential plots.
These include Tampines St 62, Lentor Central, Ang Mo Kio Avenue 1, Tengah Garden EC also Northumberland locations, which attracted seven to 15 offers each with tender quotes going over presumptions.
Song connected the lacklustre attraction with regards to the location to “the big quantum of more than $1.5 bil land price, near-term doubtfulness over the CBD workplace and resort industries, and even competition from projects which are unsold and undeveloped fresh inventory coming from reconstructions inside the community”.
Having land offers just within the Outside Central Region coming to $1thousand 2hundred 4 per square feet ppr and also Int’l Plaza proceeding en bloc for $2,170 psf per plot ratio, Yip indicated that Blvd View’s $One thousand Three hundred Seventy Nine psf per PR tender resembles on the low range, which might be deemed opportunistic by the Govt.
And also due to the fact that there is zero other offeror intended for the plot, this gives the Govt one more factor not to award the plot, he claimed.