Marina View site public tender draws just one bid, $101 above minimum price
A prime Government Land Sales (GLS) site at Marina View has just fetch a solitary bid.
Boulevard View, an entity related to IOI Properties Group, submitted a bid price of $1,508,000,101. This figure is $101 above the $1.508 billion minimum price for the site, which belongs to the Reserve List. A Reserve List site is typically be put up for tender when any developer indicates a minimum price which is the Singapore government deems is acceptable.
top bidder for Slim Barracks Rise Land parcel A, which has an area of 85,648.4 square feet, was EL Development. The developer had put in a bid of $320.1 million, which translates to a land price of about $1,245.7 per square foot per plot ratio (psf ppr).
Gao Xiuhua, one of the owners of Kingsford Development, was the highest bidder for Slim Barracks Rise Land parcel B. Kingsford Development is the developer of the nearby 1862-unit Normanton Park. The winning bid by Gao Xiuhua for the smaller Land parcel B, which has an area of 63,901 square feet, was $162.4 million, or $1,210.1 psf ppr.
Gao Xiuhua had also bidded for Land parcel A. The bid price of S$316.1 million by Gao Xiuhua, which was the 2nd highest amongst 10 bids, was 1.27% lower than the winning bid by EL Development.
Source: https://www.straitstimes.com/business/property/marina-view-gls-site-gets-just-one-bid-of-101-above-1508b-minimum-price-from-ioi
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