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 $1.536 billion for the land parcel, revealed the Urban Redevelopment Authority (URA) on Friday, 12 August.
This translates to about $1,010 psf per plot ratio. As the minimum bid price is acceptable to the government, the site will be released for public tender.
The 1.1ha plot at Central Boulevard, opposite the Lau Pa Sat food centre, has a maximum permissible gross floor area (GFA) of 141,294 sq m. At least 100,000 sq m will be reserved for office use, while the remaining GFA can be for residential, retail, hotel and serviced apartments.
The future project will be linked directly via underground and overhead pedestrian links to surrounding developments such as One Raffles Quay and Marina Bay Financial Centre.
The site will also be connected to the adjacent Downtown MRT station, and is near the Raffles Place and upcoming Shenton Way stations.
“The market has been anticipating the trigger of this prime site, despite concerns around impending supply in 2016,” said Desmond Sim, Head, CBRE Research, Singapore and South East Asia.
“When the new development is completed early 2020 to 2021, it will provide continuity in Singapore’s office supply for the mid- to long-term.”
The property consultancy expects to see healthy interest for the site, with close to 10 local and foreign bidders. As a result, there might be keen competition in terms of pricing.
The URA will launch the public tender for the 99-year leasehold site later this month. The tender period will be about 10 weeks.
Aerial view of the white site at Central Boulevard. Source: URA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
