{"id":33709,"date":"2016-11-10T12:00:14","date_gmt":"2016-11-10T05:00:14","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/marina-bay-site-attracts-top-bid-of-usd2-6-billion\/"},"modified":"2016-11-10T12:08:53","modified_gmt":"2016-11-10T05:08:53","slug":"marina-bay-site-attracts-top-bid-of-usd2-6-billion","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/marina-bay-site-attracts-top-bid-of-usd2-6-billion\/","title":{"rendered":"Marina Bay site attracts top bid of USD2.6 billion"},"content":{"rendered":"


\nLikely for a full office development
\nSAHACHATZ\/Shutterstock
\nThe 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).
\nThis is more than the two to three bids received for the adjacent Asia Square Tower 1 and 2 sites when the tenders closed in 2007, and is also slightly less than the nine received for the nearby Marina Bay Financial Centre site in 2005, noted Tay Huey Ying, Research Head at JLL Singapore.
\nThe top bid of USD2.6 billion was submitted by Wealthy Link, a unit of Malaysian developer IOI Properties Group, which works out to about USD1,689 psf per plot ratio. This was followed by an offer of USD2.2 billion from Mapletree Investments. The lowest bid of USD1.9 billion came from a consortium comprising OUE Limited, Guangzhou R&F Properties and Tang City Properties.
\n\u201cThe highest bidder has a 16 percent winning margin against the second highest bidder, which reflects their confidence in Singapore\u2019s office market,\u201d said Desmond Sim, Head of CBRE Research in Singapore and Southeast Asia.
\nMore: Record-breaking land bids expected in Singapore\u2019s Marina Bay
\nMoray Armstrong, Managing Director of Advisory and Transaction at CBRE, said: \u201cThis is the highest bid recorded for a white site in the Government Land Sales (GLS) Programme, beating the last record set by the sale of the white site on which Asia Square Tower 1 sits, at USD1,409 psf set almost 10 years ago.\u201d
\nLaunched for sale on 30 August, the 99-year leasehold site located opposite Lau Pa Sat food centre has a maximum gross floor area (GFA) of 141,294 sq m. It was originally on the GLS reserve list, but the URA had accepted a successful application for the site to be put up for sale.
\n\u201cBased on the highest bid price submitted, the developer is likely to be looking at a full office development, and the breakeven for the development would be in the range of USD3,000 to USD3,100 psf,\u201d said Tay.
\nHowever, Sim believes the winning bidder may also incorporate residential units into the new development to help improve their cash flows.
\nA decision on the award of the tender will be made after the bids have been evaluated, said the URA.
\nThis article originally appeared on PropertyGuru.com.sg on 9 November 2016
\nRead next: The tender for Singapore\u2019s coveted Fernvale Road site has been won
\n
\nSource : property-report.com
\nRead more…Marina Bay site attracts top bid of USD2.6 billion<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Likely for a full office development SAHACHATZ\/Shutterstock The tender for a 1.1ha white site at...<\/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-33709","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\/p75ss1-8LH","jetpack-related-posts":[{"id":33528,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/marina-bay-site-attracts-top-bid-of-2-6-billion\/","url_meta":{"origin":33709,"position":0},"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":25021,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/record-breaking-land-bids-expected-in-singapores-marina-bay\/","url_meta":{"origin":33709,"position":1},"title":"Record-breaking land bids expected in Singapore\u2019s Marina Bay","date":"September 5, 2016","format":false,"excerpt":"\r Fierce jostling ahead for the first Marina Bay land sale in almost a decade Marina Bay, Singapore. The area will have its first land auction in nine years. leungchopan \/ Shutterstock Competition in the auction of a mixed-use site in Singapore\u2019s Marina Bay area will be so fierce that\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":122149,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/marina-view-white-site-attracts-one-bid\/","url_meta":{"origin":33709,"position":2},"title":"Marina View white site attracts one bid","date":"September 22, 2021","format":false,"excerpt":"\r Analysts attributed the lacklustre interest to the high price of the land and uncertainties over the CBD office and hotel sectors.\u00a0 The tender for the white site at Marina View closed on Tuesday (21 September), with Boulevard View emerging as the sole bidder for the 99-year leasehold site. In\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/09\/URA-launches-tender-for-the-White-site-at-Marina-View.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":120593,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/white-site-at-marina-view-launched-for-sale\/","url_meta":{"origin":33709,"position":3},"title":"White site at Marina View launched for sale","date":"June 29, 2021","format":false,"excerpt":"\r The Marina View site is 7,817.6 sq m and is expected to yield 905 housing units, 540 hotel rooms and 2,000 sq m in gross floor area (GFA) of commercial space.\u00a0Source: URA The\u00a0White site at Marina View has been launched for sale, and a developer has committed to bid\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/06\/URA-launches-tender-for-the-White-site-at-Marina-View.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":24366,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/marina-bay-white-site-launched-for-sale\/","url_meta":{"origin":33709,"position":4},"title":"Marina Bay white site launched for sale","date":"August 30, 2016","format":false,"excerpt":"\r Map showing the location of the white site. Source: URA A 1.1ha white site along Central Boulevard in Marina Bay was launched for sale by the Urban Redevelopment Authority (URA) on Tuesday (30 August), after a Chinese developer reportedly triggered its release earlier this month. Although the identity 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-1.jpg?fit=510%2C732&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":34826,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-sector-to-be-more-involved-in-govt-development-plans\/","url_meta":{"origin":33709,"position":5},"title":"Private sector to be more involved in govt development plans","date":"November 18, 2016","format":false,"excerpt":"\r Selling larger land parcels, such as the government did at Marina Bay, will be one of the methods used in future development plans. 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