Marina View white site attracts one bid

The bid for the white site at Marina View wrapped up on Tuesday 21September, with Boulevard View becoming the sole bidder for the 99-year land rental location.

On a launch, the URA announced: “This is definitely not a report of tender verdict. A determination on the award of the bid will certainly be produced after the bid has already been judged. This will certainly be publicised over a later date.”

Experts noted that Boulevard View’s quote of $1.508 bil or $One thousand Three hundred Seventy Nine per sq ft per plot ratio coincides quote cost that activated the location becoming freed from the Govt Land Sales prog’s Inventory Listing.

Parc Clematis Singapore

The 7,817.6 spot is planned for mixed-use property consisting hotel, residential, business and/or serviced apts. It can produce 9hundred 5 nonpublic residence apartments, Five hundred Forty accommodation bedrooms and Two thousand sq m in gross floor area of business space.

Huttons Asia Chief Exec Officer Mark Yip pointed out it is actually the number one bid to pull a single bidder since the COVID CB.

“The last occasion a GLS bid saw only one bidder was for a spot at Silat Ave in 2K18,” he further mentioned.

Tricia Song, Head of Research for Southeast Asia at CBRE, claimed the only one proposal for the plot remains in complete contrast to the challenging bidding process encountered in the 5 suburban or city fringe residential sites.

All of these are Tampines Street 62, Lentor Central, Ang Mo Kio Avenue 1, Tengah Garden EC as well as Northumberland plots, which lured 7 to 15 tenders for each one with quote costs outdoing forecasts.

Tricia traced the lacklustre attraction with regards to the plot to “the huge quantum of in excess of $1.5 billion land price, near-term uncertainties over the CBD office and hotel fields, as well as competition from projects which are unsold and future brand-new supply created by rebuilts throughout the community”.

With land offers just within the OCR entering $1,204 per sq foot per PR and even Int’l Plaza moving en bloc for $2thousand 1hundred 70 psf per plot ratio, Yip recorded that Blvd View’s $One thousand Three hundred Seventy Nine per square ft per PR quote resembles on the economical range, which can be considered as opportunistic by the Government.

And also considering there is no other bidder intended for the site, this gives the Govt an additional excuse not to grant the site, he pointed out.

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