IOI Properties Group sole bidder for Marina View GLS site with $1.5 billion bid

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/ EdgeProp Singapore
|
September 21, 2021 6:29 PM SGT
IOI Properties triggered the white sale for sale by tender in June this year, and there were no competing bids at the close of the tender on Sept 21.
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SINGAPORE (EDGEPROP) - There was only one bid for the Marina View government land sales (GLS) site at the close of the tender on Sept 21.
IOI Properties is the only developer to submit a bid because it was the developer that triggered the release of the reserve list site for sale by tender on June 10 this year.
The developer’s bid of $1.508 billion is the same amount as its application bid and this price translates to a land rate of $1,379 psf. The Marina View white site was eventually launched for sale on June 28.
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The 84,110 sq ft site is intended for a future mixed-use development with residential, hotel, and commercial or serviced apartment components. It has a total gross floor area of 1.09 million sq ft.
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