The bid for the white spot at Marina View sealed on Tuesday 21Sept, with Boulevard View becoming the only bidder for the 99-year lease term plot.
During an announcement, the URA stated: “This is not really an announcement of tender award. A verdict on the award of the tender will only be produced shortly after the tender has already been assessed. This will definitely be publicised over a future stage.”
Analyzers documented that Blvd View’s offer of $1.508 billion or $1thousand 3hundred 79 per sq ft per PR is the exact quote rate that sparked the site to get dispensed out of the Government Land Sales program’s Reserve Listing.
The 7thousand 8hundred 17 point 6 location is reserved for mixed-use development with holiday accommodation, residence, commercial and/or serviced apartments. It can generate 905 private house apartments, 540 hotel rooms as well as Two thousand square metre in GFA of business zone.
Huttons Asia Chief Exec Officer Mark Yip reported it is truly the 1st bid to lure only one offeror since the CB.
“The past time a GLS tender observed only one offeror was for a plot at Silat Avenue in 2018,” he continued.
Tricia Song, Head of Research for Southeast Asia at CBRE, expressed the one and only quote for the location remains in downright contradiction to the competitory bidding viewed in the 5 rural or city edge residence locations.
All of these involve Tampines Street 62, Lentor Central, Ang Mo Kio Avenue 1, Tengah Garden Exec Condominium as well as Northumberland plots, that attracted 7 to Fifteen quotes each with tender fees going beyond presumptions.
Song attributed the lacklustre attraction with regards to the spot to “the larger quantum of in excess of $1.5 billion land cost, near-term uncertainness on the Central Business District workplace and holiday accommodation fields, and competitiveness from developments which are unsold and future brand-new source out of redevelopments throughout the community”.
Having land tenders in the OCR getting to $1thousand 2hundred 4 psf ppr and also Int’l Plaza moving collective sale for $2thousand 1hundred 70 per sq feet per plot ratio, Mark observed that Boulevard View’s $1.379K psf ppr quote resembles on the inexpensive range, which can be viewed as opportunistic by the Govt.
Furthermore considering there is zero other offeror to get the plot, this offers the Government a further reason not to award the spot, he announced.