URA launches tender for white site at Marina View
By Timothy Tay
/ EdgeProp Singapore |
SINGAPORE (EDGEPROP) - The public tender for a white site at Marina View was launched on June 28 by URA. The plot is intended for a future mixed-use development with residential, hotel, commercial, or serviced apartment elements. (See also: White site at Marina View triggered for sale at a minimum bid of $1.5 billion)
It was on the Reserve List of the 1H2021 Government Land Sales (GLS) programme. On June 10, URA announced that it had received an application from an undisclosed developer, along with a bid of $1.508 billion, to trigger the site for sale. The land rate translates to $1,378 psf per plot ratio (psf ppr).
The site first appeared on the Reserve List in 2011 but was removed in 2015 for a planning review. It reappeared again on the 2H2018 Reserve List and remained available until it was triggered.
“The Marina View site has the potential to become a trophy project for a developer in the heart of downtown Singapore and we expect it to garner keen bidding interest. Given the sizeable financial commitment required for the site, developers may join forces to bid for it via a joint venture to manage risk,” says Ismail Gafoor, CEO of PropNex.
Map: URA Space
The last GLS white site in the Marina Bay area was in Central Boulevard and was awarded to IOI Properties for about $2.57 billion ($1,689 psf ppr) in November 2016. At the time, the tender attracted seven different bids.
“Compared to the Central Boulevard site - which is primarily an office-retail development – we think developers may be more interested in the Marina View plot as it gives them the opportunity to capitalise on the relatively limited supply of residential units in this prime location,” says Wong Siew Ying, head of research & content of PropNex.
She expects five to eight bids for the white site at Marina View, with a top bid of between $1,650 and $1,750 psf ppr. This could translate to a land bid price of $1.8 billion to $1.91 billion.
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