{"id":25021,"date":"2016-09-05T14:08:53","date_gmt":"2016-09-05T07:08:53","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/record-breaking-land-bids-expected-in-singapores-marina-bay\/"},"modified":"2016-09-05T14:11:57","modified_gmt":"2016-09-05T07:11:57","slug":"record-breaking-land-bids-expected-in-singapores-marina-bay","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/record-breaking-land-bids-expected-in-singapores-marina-bay\/","title":{"rendered":"Record-breaking land bids expected in Singapore\u2019s Marina Bay"},"content":{"rendered":"


\nFierce jostling ahead for the first Marina Bay land sale in almost a decade
\nMarina Bay, Singapore. The area will have its first land auction in nine years. leungchopan \/ Shutterstock
\nCompetition in the auction of a mixed-use site in Singapore\u2019s Marina Bay area will be so fierce that \u201cbumper price\u201d\u00a0bids are reportedly in the pipeline.
\nCiting data from Cushman & Wakefield, Bloomberg reports that the parcel could be sold for more than SGD1.8 billion (USD1.3 billion), approximating the record set by the sale of the Asia Square Tower 1 land for SGD2.02 billion (USD1.5 billion) in 2007.
\nAlready, an unnamed buyer has committed to the reserve price of SGD1.54 billion (USD1.1 billion), the Urban Redevelopment Authority revealed last week.
\nMore: Developers in Singapore are fighting over this plot of land
\nClosing on 8 November, the auction for the 1.1 hectare parcel will be the first in nine years for Singapore\u2019s iconic bayside area. The lot, located next to the Asia Square building which Qatar\u2019s sovereign wealth fund acquired from BlackRock for SGD3.4 billion (USD2.5 billion) in Asia\u2019s largest single-tower real estate deal, is primarily for office use, although areas are allotted for residential, hotel, and serviced apartment projects.
\nChristine Li, director of research at Cushman & Wakefield Singapore, told Bloomberg that the plot will be \u201chotly contested\u201d and draw \u201csovereign wealth funds and aggressive bids from Chinese developers.\u201d One of the likeliest bidders will be residential property firm City Developments Ltd, she added.
\nThe Singaporean government opened up the plot for sale in anticipation of a dearth in office supply. \u201cCome 2019, 2020 and 2021 there will be zero office supply,\u201d said Hsueh Ling Ng, chief executive officer of Keppel REIT, \u201cand there has never been such a thing in Singapore\u2019s history where there are three years of zero supply.\u201d
\nRead next: How has Singapore\u2019s real estate market changed in 51 years?
\n
\nSource : property-report.com
\nRead more…Record-breaking land bids expected in Singapore\u2019s Marina Bay<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Fierce jostling ahead for the first Marina Bay land sale in almost a decade Marina...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-25021","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-6vz","jetpack-related-posts":[{"id":33709,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/marina-bay-site-attracts-top-bid-of-usd2-6-billion\/","url_meta":{"origin":25021,"position":0},"title":"Marina Bay site attracts top bid of USD2.6 billion","date":"November 10, 2016","format":false,"excerpt":"\r Likely for a full office development SAHACHATZ\/Shutterstock The tender for a 1.1ha white site at Central Boulevard in Marina Bay closed on Tuesday (8 November) after attracting seven bids, said the Urban Redevelopment Authority (URA). This is more than the two to three bids received for the adjacent Asia\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":33528,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/marina-bay-site-attracts-top-bid-of-2-6-billion\/","url_meta":{"origin":25021,"position":1},"title":"Marina Bay site attracts top bid of $2.6 billion","date":"November 8, 2016","format":false,"excerpt":"\r Map showing the location of the white site. Source: URA The tender for a 1.1ha white site at Central Boulevard in Marina Bay closed on Tuesday (8 November) after attracting seven bids, said the Urban Redevelopment Authority (URA). This is more than the two to three bids received for\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/11\/Aerial-view-of-Central-Boulevard-site.jpg?fit=510%2C732&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":28663,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/even-the-most-luxurious-homes-in-singapore-are-now-relatively-cheap\/","url_meta":{"origin":25021,"position":2},"title":"Even the most luxurious homes in Singapore are now relatively cheap","date":"October 5, 2016","format":false,"excerpt":"\r Still an upbeat investor sentiment in the city A water show in front of The Shopper at Marina Bay. Vietnamese Photographer \/ Shutterstock.com Properties at the upper echelons of Singapore\u2019s residential property market are now cheap and consequently investor-friendly, experts say. Compared with offerings in London, Hong Kong and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":57632,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ioi-properties-and-hongkong-land-to-jointly-develop-marina-bay-site\/","url_meta":{"origin":25021,"position":3},"title":"IOI Properties and Hongkong Land to jointly develop Marina Bay site","date":"June 12, 2017","format":false,"excerpt":"\r Map showing the location of the white site. Source: URA Malaysian developer IOI Properties Group and Hong Kong-based Hongkong Land on Monday (12 June) signed an agreement to jointly develop and manage a prime 99-year leasehold \u201cwhite\u201d site in Marina Bay. The deal, which is subject to certain regulatory\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":22698,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/highly-anticipated-white-site-in-marina-bay-triggered-for-sale\/","url_meta":{"origin":25021,"position":4},"title":"Highly anticipated white site in Marina Bay triggered for sale","date":"August 12, 2016","format":false,"excerpt":"\r Map showing the location of the white site. Source: URA A white site within the Marina Bay area that was on the reserve list of the second half 2016 Government Land Sales (GLS) Programme has been triggered for sale, after an unnamed developer committed to a minimum bid of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/08\/Aerial-view-of-Central-Boulevard-site.jpg?fit=510%2C732&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":167259,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/hongkong-land-poised-to-launch-us6-billion-singapore-property-fund\/","url_meta":{"origin":25021,"position":5},"title":"Hongkong Land poised to launch US$6 billion Singapore property fund","date":"December 12, 2025","format":false,"excerpt":"\r Hongkong Land is set to launch what it expects to be the largest private real estate fund in Singapore, with more than S$8 billion (US$6.2 billion) in assets under management, including prime commercial projects in the waterfront Marina Bay district. 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