Marina View white site attracts one bid
The tender for the white plot at Marina View closed on Tue 21September, with Boulevard View arising as the only offeror for the Ninety Nine years land rental plot.
In a publicity, the Urban Redevelopment Authority reported: “This is certainly not an announcement of tender grant. A selection on the grant of the bid are going to be made following the tender has gotten looked at. This will definitely be publicised during a later date.”
Analysts marked that Blvd View’s quote of $1.508 bil or $1thousand 3hundred 79 per sq ft per plot ratio is the same tender cost that prompted the location to get released out of the GLS programme’s Inventory List.
The 7thousand 8hundred 17 point 6 location is designated for multi application property including holiday accommodation, residential, commercial and/or serviced apartments. It can produce 9hundred 5 nonpublic housing apartments, 5hundred 40 holiday accommodation bedrooms and Two thousand square meter in GFA of retail area.
Huttons Asia CEO Mark Yip expressed it is truly the number one bid to attract only one bidder since the COVID CB.
“The last occasion a GLS tender noticed one offeror was for a site at Silat Avenue in ’18,” he further mentioned.
Tricia Song, Head of Research Study for SEA at CBRE, mentioned the only one offer for the site remains in downright comparison to the more competitve bidding procedure seen in the 5 suburban or city perimeter housing sites.
These include Tampines Street 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden Executive Condominium also Northumberland spots, that caught the attention of 7 to Fifteen tenders for each one with tender values going over expectations.
Tricia associated the lacklustre attraction for the location to “the huge quantum of over $1.5 bil land value, near-term uncertainties over the CBD place of work and resort markets, and also rivalry from properties which are not even sold and potential fresh supply created by redevelopments in the area”.
Having land offers in the OCR hitting $1thousand 2hundred 4 per sq feet per plot ratio and even Int’l Plaza going en bloc for $Two thousand One hundred Seventy per square ft per PR, Yip marked that Boulevard View’s $One thousand Three hundred Seventy Nine per square foot ppr quote appears to be on the economical side, that may be considered as opportunistic by the Government.
Moreover since there is zero other bidder to get the plot, this gives the Govt another reason not to grant the spot, he said.