IOI places high bid for commercial site in Marina Bay Area

My Exclusive Condo Upcoming Development Plan November 14, 2016April 17, 2017

IOI: THE TOP BIDDER FOR CENTRAL BOULEVARD WHITE SITE

central boulevard-commercial site — Central Boulevard Commercial Site Source: URA

A white site along the central Boulevard in Singapore got the highest bid by the Malaysia’s IOI properties group. The site has managed to attract seven bidders out of which IOI has emerged as the top bidder. The bid of this group was $2.57 billion for the place, which will make it an equivalent of $1,689 per square feet. It is considered to be the highest bid for a Government land sale site in Singapore.

The second highest bidder for the site was from Mapletree, offering $2.21 billion i.e. $1451 psf ppr. The Nanshan Group comes at third position place, by bidding for the site at the amount of $2.19 billion that is $1,438 per square foot per plot ratio. However, the median bid of the white site came from the Hong Kong Land and Cheung Kong Property Holdings partnership. Their offer was of $2.13 billion which makes it $1,398 psf ppr.

$2 billion was an offer by the team of Great Eagle Group and Capital Land Group of companies. The second last bid was of $1.985 billion by Yanlord and the lowest bid was offered by a partnership of Tang city Properties, Guangzhou R&F Properties Co Ltd and OUE limited. The amount of the lowest bid was $1.91 billion.

About the site:

The total area of the site is 1.52 million sq. ft. out of which there is a need to utilize at least 1.08 million sq. ft. of an area for office use. It can be build up to 50 stories. The area which will be used for retail consists of 53,820 sq. ft. This area will include the space for shops and restaurants. The remaining area will be used for hotels, office spaces and other services or residential apartments.

The whole development of the building can only have three strata lots. This is excluded from the GFA for the residential or apartment use and for hotels. The development will also include at least GFA of 500 sq. m. for the childcare facility. The rest can be used for the commercial schools, additional offices, hotels or residential apartments. Easy transport connections will be provided in the development process. It will be directly connected to the downtown MRT station and Shenton way MRT station which will be the future station of this area.