Marina View white site attracts one bid

The bid for the white site at Marina View concluded on Tue 21Sept, with Blvd View appearing as the single offeror for the 99-year land rental plot.

On a launch, the URA claimed: “This is not really an announcement of bid verdict. A judgment on the award of the tender are going to be performed after the bid has already gotten examined. This will definitely be advertised during a later day.”

Analyzers noticed that Blvd View’s proposal of $1.508 bil or $1thousand 3hundred 79 per sq ft per plot ratio coincides offer pricing that set off the plot to be dispensed from the GLS programme’s Reserve List.

The 7thousand 8hundred 17 point 6 plot is expected for various use development consisting hotel, residential, retail and/or serviced apartments. It can supply 905 exclusive residence units, 5hundred 40 holiday accommodation rooms and also 2,000 sq m in GFA of commercial zone.

Huttons Asia Chief Executive Officer Mark Yip reported it is definitely the first bid to attract only one offeror since the CB.

Provence Residence Singapore

“The previous time a GLS tender noticed a single bidder was for a location at Silat Ave in 2K18,” he said further.

Tricia Song, Head of Research for SE Asia at CBRE, expressed the sole quote for the plot remains in outright reverse to the challenging bidding procedure observed in the 5 rural or city edge housing spots.

These are Tampines Street 62, Lentor Central, Ang Mo Kio Ave 1, Tengah Garden Executive Condominium as well as Northumberland sites, which brought in seven to Fifteen proposals for each development with bid rates exceeding assumptions.

Song associated the lacklustre interest for the spot to “the substantial quantum of beyond $1.5 billion land cost, near-term doubtfulness on the CBD workstation and hotel sectors, furthermore competitors from projects that are not even sold and potential new supply created by redevelopments inside the area”.

With land tenders within the OCR attaining $One thousand Two hundred Four psf ppr as well as Int’l Plaza going en bloc for $Two thousand One hundred Seventy per sq foot per PR, Mark observed that Boulevard View’s $1thousand 3hundred 79 per square foot per PR proposal appears to be on the low side, which may be considered as opportunistic by the Government.

Furthermore because there is no other offeror intended for the spot, this presents the Government another reason not to grant the spot, he mentioned.

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