Wealthy Link Ltd, a IOI Properties Group Bhd holding company, submitted the winning bid of S$2.57 billion for a 1.1-hectare site at Marina Bay – a record bid for a white site sold under the Government Land Sales (GLS) programme. The 99-year leasehold site on Central Boulevard, which attracted seven bids, has a gross floor area of 141,294sqm equivalent to S$1,689 psf per plot ratio. Tay Huey Ying, JLL’s Singapore Head of Research, estimates offices to be priced at S$3,000 to S$3,100 psf. According to the Urban Redevelopment Authority (URA), a minimum of 100,000 sqm needs to be allocated for offices, a maximum of 5,000 sqm may be used for retail, and the remaining area may be used for other extra offices, hotel, serviced apartments or residences. The development is expected to boost the supply of offices when it is completed in 2020. The transaction also marks the first sale of land in Marina Bay in nine years.
Article originally sourced from iProperty Singapore