Launched available for sale on 30 August, the 99-year leasehold website situated opposite Lau Rested food centre has an optimum gross floor area (GFA) of 141,294 sq m. It was originally on the GLS reserve listing, however the URA had actually approved a successful application for the website to be offered.
Sim believes the winning bidder may additionally integrate property devices right into the new advancement to help improve their cash money flows.
" The highest possible bidder has a 16 percent winning buffer against the second greatest bidder, which mirrors their self-confidence in Singapore's office market," said Desmond Sim, Head of CBRE Study in Singapore and also Southeast Asia.
The leading bid of $2.6 billion was sent by Wealthy Web link, an unit of Malaysian developer IOI Properties Group, which exercises to concerning $1,689 psf each plot ratio. This was adhered to by a deal of $2.2 billion from Mapletree Investments. The lowest bid of $1.9 billion originated from a consortium making up OUE Limited, Guangzhou R&F Qualities as well as Tang City Qualities.
"Based upon the highest possible quote cost submitted, the developer is most likely to be looking at a complete workplace development, and the breakeven for the development would remain in the range of $3,000 to $3,100 psf," claimed Tay.
A choice on the award of the tender will certainly be made after the quotes have been assessed, stated the URA.
The tender for a 1.1 ha white site at Central Boulevard in Marina Bay shut on Tuesday (8 November) after drawing in 7 bids, claimed the Urban Redevelopment Authority (URA).