Marina View white site closes with sole bid of $1.51b

This low turnout is due to the large quantum of the project, experts say.

According to various sources, the Government Land Sales tender for the Marina View closed with one bid amounting to around $1.15b.

This translates to $1,378.5 per square foot. The Marina View white site is envisioned as a residential and hotel development, which includes 905 private residential units, 540 hotel rooms, and 2000 square metres of commercial space. A retail component will also be present.

Cushman & Wakefield’s Head of Research Wong Xian Yang believed that this poor performance was due to the large scope of the project.

“In our view, developer participation was below expectations, potentially due to the large quantum of the project, coupled with uncertainties regarding the resumption of global travel and construction amidst the manpower crunch; or perhaps developers may think that there are better risk-adjusted returns in the traditional prime districts such as District 9, 10, 11. Another factor could be that many residential property developers may not be very familiar with hotel development and, thus, decided not to place a bid. We think the Marina View tender would probably garner a much better turnout if it was a mixed-use site without a hotel component.”

Yang also stated that whilst the development would have more vibrancy in the CBD, the CBD private residential market would still remain a distant market.

CBRE’s Head of Research Tricia Song, meanwhile, echoed the same sentiment.

“This is in stark contrast with the competitive bidding year-to-date in the five suburban or city fringe residential sites including Lentor Central, Tampines Street 62, Tengah Garden EC, Ang Mo Kio Ave 1, and Northumberland sites – which garnered seven to 15 bids each and bid prices above expectations. The lacklustre interest could be due to the large quantum of over S$1.5b land cost, near-term uncertainties over the CBD office and hotel sectors, and competition from projects that are unsold and potential new supply from redevelopments in the area.”

Follow the link for more news on

CBRE

Marina View

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.
The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.
If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia