The tender outcomes for three websites at Tan Quee Lan Street, Bernam Street and one-north Gateway were moderate, with all the results of your Tan Quee Lan Street site particularly sudden.
“When there was an issue to amount up programmers’ mindset against the batch tender results introduced by the Urban Redevelopment Authority (URA) on 5 September,’safety first’ could be very apt,” said Tricia Song, head of research to Singapore in Colliers International.
View details of The Avenir River Valley location.
She noticed that while the website in Tan Quee Lan was widely expected to be hotly contested by programmers,”it only brought two bids that turned out to be a bit of an anti-climax”.
Song said the answer has been surprisingly underwhelming, considering the nearby Middle Road website received 10 bids.
“We believe some programmers might have been set away by the hype within the website and expected competitive bidding for this.
The Bernam Street site inside the Tanjong Pagar area attracted only four bids, together with HY Realty supplying the very best bid of $440.9 million.
Song attributed the bad reaction to issues of increased competition which may arise in the CBD Incentive Scheme published from the URA Draft Master Plan 2019. The Scheme encourages programmers to convert aging business area in residential and mixed-use space.
The one-north Gateway website received nine bids. TID Residential submitted the best bid of $155.74 million.
“We can infer from one-north Gateway’s popularity that dimension is a significant concern among programmers — that being the website on the supported record that may yield the smallest number of possible components (165 components ),” said .
This implies there’s a lesser chance of not being able to sell-out inside the ABSD deadline of five years.
The URA said a decision about the award of the tenders will be drawn up at a later date, following all of the bids have been assessed.