The white site at Marina View was triggered for launch by the unit of Malaysian IOI Properties Group and eventually was the sole bidder for the 99-year leasehold plot.
The white site is intended for a mixed-use development with residential, hotel and commercial and/or serviced apartments. It can yield 905 private homes, 2,000 sqm in gross floor area of commercial space and 504 hotel rooms.
The single bid suggests that developers have turned cautious due to the hefty development costs and uncertainty over office and hotel sectors in the Central Business District (CBD).
The tender award also implies that the authorities are willing to award a site so long as the developer meets its reserve price and criteria regardless of whether the land sale attracts a certain number of bidders.
Analysts expect that the average selling price of private residential units in the new development to cross $2,600 psf.
The award of this plot of land is in line with the Government’s strategy to rejuvenate the Central Business District and it can be a catalyst to increase the “live” component of “work”, “live”, “play”.