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The Urban Redevelopment Authority (URA) has launched the 1.1ha white site at Central Boulevard in Marina Bay for sale by public tender on Tuesday (30 August).
The 99-year leasehold site was triggered for application earlier this month after a developer committed a bid price of not less than S$1.536 billion.
Property consultancy JLL said it expects the site to attract much interest from local and foreign investors given its location and “the scarcity of vacant plots available for the development of good grade modern offices in the city centre.”
“The release of this land parcel for commercial development [comes] after a nine-year hiatus,” said JLL head of Research in Singapore, Tay Huey Ying. The last tender for a land parcel in the Marina Bay area was in 2007 when the Marina View site – where Asia Square Tower 1 stands – was launched. “[The sale will] likely see keen participation by major developers – both local and foreign, seeking to stake a claim on the Marina Bay CBD.”
Aerial view of Central Boulevard site. Source: URA
Tay also expects the stiff competition to drive bids to aggressive levels. “The substantial total investment outlay involved would likely see interested parties pooling together resources, including market knowledge, experience and expertise, in order to share the development risk. They are likely to form consortiums to participate in this tender.”
At least 100,000 sq m of the site’s gross floor area (GFA) of 141,294 sq m will be set aside for office use, and a maximum of 5,000 sq m can be used for retail purposes. The remaining GFA can be used for additional office, school, hotel, serviced apartments or residential uses.
Tender for the site will close on 8 November.
Nikki De Guzman, Editor at CommercialGuru, wrote this story. To contact her about this or other stories email nikki@propertyguru.com.sg
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