Marina View white site attracts one bid
The bid for the white spot at Marina View ended on Tue 21September, with Blvd View arising as the sole offeror for the 99-year lease term location.
During a release, the URA announced: “This is certainly not a report of tender verdict. A selection on the award of the bid will be established after the offer has already gotten analyzed. This will definitely be publicised during a future stage.”
Examiners recorded that Boulevard View’s proposal of $1.508 billion or $1,379 psf ppr is the similar quote fee that sparked the spot for being released out of the GLS program’s Inventory Selection.
The 7,817.6 plot is intended for variable usage project including holiday accommodation, housing, business and/or serviced apartments. It can produce 905 exclusive house flats, 540 accommodation rooms together with 2K square metre in gross floor area of commercial zone.
Huttons Asia Chief Executive Officer Mark Yip expressed it is actually the number one tender to get one bidder since the CB.
“The past occasion a GLS bid noticed only one offeror was for a plot at Silat Ave in ’18,” he added.
Tricia Song, Head of Research for SEA at CBRE, pointed out the one and only tender for the spot is in outright comparison to the more competitve bidding noticed in the 5 suburban or city edge house locations.
These involve Tampines Street 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden EC as well as Northumberland sites, that captivated seven to Fifteen tenders for each development with bid quotes exceeding expectations.
Tricia attributed the lacklustre interest for the site to “the substantial quantum of in excess of $1.5 billion land amount, near-term unpredictabilities on the CBD office and resort fields, as well as competitors from projects which are not sold and future new source via redevelopments inside the area”.
With land tenders throughout the Outside Central Region attaining $1.204K per sq ft ppr and even International Plaza proceeding en bloc for $2,170 psf ppr, Mark noticed that Blvd View’s $1.379K per square ft per plot ratio bid resembles on the nominal side, which can be viewed as opportunistic by the Govt.
Moreover given that there is zero other offeror for the location, this provides the Govt yet another factor not to grant the location, he expressed.