Plum Central Boulevard white site draws interest
Already, Hongkong Land says it's keen, citing the site's good location and supply absorption by 2021
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| Plum Central Boulevard white site draws interestPeople crossing the road at Central Boulevard next to Marina Bay Financial Centre (MBFC). A Plum site at Central Boulevard, straddling the old Shenton Way financial district and the new Marina Bay downtown, has caught the market's attention more than any other site on the reserve list, with one developer already signalling potential interest. |
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| Plum Central Boulevard white site draws interest |
A PLUM site at Central Boulevard, straddling the old Shenton Way financial district and the new Marina Bay downtown, has caught the market's attention more than any other site on the reserve list, with one developer already signalling potential interest.
Some consultants think it will be the most likely plot to be triggered for sale on the list, given its undisputedly prime location.
This is despite the hefty bid of about S$1.7 billion to S$2 billion (S$1,100 to S$1,300 per square foot per plot ratio) which would likely be required for the site because of its size.
Desmond Sim, CBRE research head for Singapore and South-east Asia, thinks the chances of it being triggered are "quite high", because "post Marina One, there will be no good CBD sites all the way until 2020".
The massive Marina One integrated development by Khazanah and Temasek will yield 1.9 million square feet of office space in Q4 2016.
"The projected high quantum will sift out smaller developers, so that only the big boys, or the mid-sized ones who do joint venture or consortium partnerships, can apply," Mr Sim said.
The 1.12-ha Central Boulevard white site, sitting snugly between Asia Square Tower 1 and One Raffles Quay, can yield about 1.2 million square feet of commercial space and 375 residential units. It has a gross plot ratio of 13 and is also near Lau Pa Sat and Downtown MRT station.
The Urban Redevelopment Authority (URA) on Thursday said that the site would be made available for application around this December. It will provide more details on planning specifications then.
Already, Hongkong Land is keen.
"Hongkong Land is interested in expanding its presence in Singapore by acquiring sites adjacent to the ones we have already developed jointly with Cheung Kong and Keppel Land," said executive director Robert Garman.
The trio has developed One Raffles Quay as well as Marina Bay Financial Centre opposite the Central Boulevard land parcel.
"We think it is the right time to put this site on the market.
Assuming the site is triggered in December this year, the project would be completed around 2021, by which time all the office supply in the CBD would have been absorbed.
"This site is superior to the Marina View/Union Street plot in terms of connectivity and location. Subject to clarification on the planning criteria that the URA is due to confirm in December, Hongkong Land will be very interested in this site."
The Marina View/Union Street plot, which had been on the reserve list since October 2011 but has now been removed, is located behind Asia Square Tower 2 and across the road from OUE Downtown - nearer to the Tanjong Pagar area.
Commenting on the Central Boulevard site, URA said: "The release of this site will facilitate the continued seamless expansion of the CBD at Marina Bay. When developed, the site will complete the streetblock along Shenton Way and enhance pedestrian connectivity in the existing Marina Bay office cluster."
Chua Yang Liang, JLL's head of research, Singapore and South-east Asia, added: "Being on the reserve list, this site provides the necessary stock buffer that is also sensitive to market conditions since it has to be triggered by developers before being put on the confirmed list for tender."
He agreed that the fundamentals of the site are good and called it "one of the more mature sites" in the entire Marina downtown.
"It would certainly complement and synergise with the developments surrounding it. It should capture stronger interests from both local and international developers."
Under the reserve list system, a land parcel will be released for sale only if it receives an offer with an acceptable minimum price or when there is sufficient market interest for the site.
The Business Times Published on Thursday, 11 June 2015
By Lee Mei Xian
Plum Central Boulevard white site draws interest
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