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Midtown Modern™ @ Tan Quee Lan Street - 61001908 Singapore

Marina View white site attracts one bid

The bid for the white location at Marina View sealed on Tuesday 21Sept, with Blvd View becoming the only bidder for the Ninety Nine years lease term location.

In a launch, the Urban Redevelopment Authority expressed: “This is not a statement of bid verdict. A decision on the verdict of the bid are going to be produced only after the quote has gotten reviewed. This will be publicised in a later period.”

Experts documented that Boulevard View’s tender of $1.508 billion or $One thousand Three hundred Seventy Nine psf per PR is the same tender cost that prompted the plot for being launched from the Government Land Sales programme’s Inventory Listing.

The Seven thousand Eight hundred Seventeen point Six location is expected for multiple purpose project with resort, home, commercial and/or serviced apts. It can produce 9hundred 5 personal housing flats, Five hundred Forty accommodation living areas and also 2K sq m in gross floor area of retail area.

Huttons Asia CEO Mark Yip reported it is truly the first bid to lure one bidder since the CB.

“The last occasion a Government Land Sales tender saw one bidder was for a site at Silat Avenue in 2K18,” he further mentioned.

Tricia Song, Head of Research Study for SEA at CBRE, explained the only one proposal for the spot is in downright contradiction to the competitive bidding procedure witnessed in the five suburban or city fringe house sites.

All of these involve Tampines St 62, Lentor Central, Ang Mo Kio Avenue 1, Tengah Garden Executive Condo and Northumberland sites, that brought in seven to Fifteen offers for each one with tender rates extending past presumptions.

Midtown Modern Singapore

Song associated the lacklustre interest for the site to “the substantial quantum of more than $1.5 billion land cost, near-term concerns over the Central Biz District workstation and resort markets, furthermore rivalry from properties that are unsold and future brand-new inventory out of rebuilts inside the area”.

With land tenders inside the Outside Central Region entering $1.204K per sq feet per plot ratio and even Int’l Plaza moving collective sale for $2.170K per square ft per plot ratio, Mark documented that Blvd View’s $One thousand Three hundred Seventy Nine psf per PR proposal seems on the low range, which might be viewed as opportunistic by the Government.

Furthermore since there is zero other offeror to get the location, this permits the Government an additional excuse not to award the plot, he expressed.


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