Marina View white site attracts one bid
The tender for the white spot at Marina View ended on Tuesday 21 September, with Blvd View becoming the only one offeror for the 99 yrs land rental location.
During a launch, the URA expressed: “This is certainly not a news of tender grant. A selection on the grant of the tender will be established following the offer has actually been analyzed. This will definitely be advertised in a future date.”
Examiners observed that Boulevard View’s offer of $1.508 bil or $1thousand 3hundred 79 psf per plot ratio coincides tender fee that set off the site becoming launched out of the Govt Land Sales program’s Reserve List.
The 7,817.6 plot is planned for mixed-use development consisting resort, housing, retail and/or serviced apartments. It can yield 905 private house units, 540 resort living areas and 2K sq metre in GFA of commercial zone.
Huttons Asia CEO Mark Yip reported it is the number one bid to entice only one bidder since the COVID CB.
“The past instance a GLS tender noticed only one offeror was actually for a spot at Silat Avenue in ’18,” he said further.
Tricia Song, Head of Research for Southeast Asia at CBRE, reported the one and only tender for the location is in outright reverse to the competitive bidding observed in the five suburban or city fringe housing plots.
All of these include Tampines Street 62, Lentor Central, Ang Mo Kio Avenue 1, Tengah Garden EC and also Northumberland spots, which drew seven to Fifteen tenders each with offer values exceeding forecasts.
Tricia associated the lacklustre interest with regards to the plot to “the substantial quantum of over $1.5 billion land value, near-term uncertainties on the Central Business District workplace and hotel industries, and even challenge from developments which are not even sold and future new inventory from reconstructions around the location”.
With land tenders in the OCR attaining $1.204K psf per plot ratio and International Plaza starting collective sale for $2.170K psf per plot ratio, Mark observed that Blvd View’s $1.379K per square foot ppr offer appears to be on the low side, which can be deemed opportunistic by the Govt.
Moreover considering there is zero other bidder to get the plot, this provides the Govt yet another excuse not to grant the site, he reported.