| SINGAPORE : The government has launched the tender for a site at Collyer Quay.
This is the only site on the confirmed list for the government land sales programme for the first half of this year.
The sale is part of the overall vision to create a live-work-play environment at Marina Bay, integrating residential, business and entertainment facilities.
The 2.67 hectare site can yield a maximum gross floor area of 10,000 square metres.
Developers may choose to bid for a lease period of either 30 years or 60 years.
Analysts say they expect to see strong interest in the site.
"If you are looking at the 60-year lease, we expect bidding to range anywhere between $350 and $500 psf per plot ratio. That works out to about $37m or $54m altogether. If the bidder chooses to opt for a 30-year lease, the price per square foot works out to about $260 to $375 psf per plot ratio. That works out to about $28m to $40m," said Donald Han, MD of Cushman & Wakefield.
At least 40% of the space must be for hotel-related use, while the rest is for retail, dining, entertainment and recreational facilities.
There are two conservation buildings on the site - Clifford Pier and the former Customs Harbour Branch Building.
Bidders will first be shortlisted based on the quality of their concept proposals for the site and then chosen based on the amount tendered.
Market watchers name Indonesia's Lippo Group as one of the potential bidders.
They say the successful tenderer can tap into the success of the Marina integrated resort.
"I think bidders will use the attractions such as the integrated resorts as a primary target to garner attractions and target the entertainment spin-off that will come from the IRs," said Han.
- CNA /ls
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