How much will Central Boulevard Condo cost? The tender for about 1.1ha white site at the Central Boulevard within Marina Bay was finalized on Tuesday (8 November) with seven bids being considered according to the reports by the Urban Redevelopment Authority (URA). This will make it one of the biggest constructions for those who need modern homes for their families.
Wealthy Link Top Bidder Central Boulevard Condo
The Central Boulevard Condo will consists of two or three bids that were made for the neighbouring Asia Square Tower I and II sites after the tenders closed back in the year 2007. During the time, slightly less than nine bids were received for this nearby site of Marina Bay Financial Centre back in the year 2005 as noted by Tay Huey Ying who is the Research Head at the JLL Singapore. While many have urged that the bids were excellent, the company will spend massive amounts of money during the process.
Malaysia IOI Properties Top Bidder for Central Boulevard Condo
The Wealthy Link did submit the top bid of $2.6 billion by a Malaysian developer of IOI Properties Group that will works out to approximately $1,689 psf per a plot ratio. Mapletree Investments also made the second offer with an estimated cost of about $2.2 billion. In the same event, lowest bid was from consortium comprising of OUE Limited, Tang City Properties and Guangzhou R&F Properties at $1.9 billion.
The authority will now look at the available bids before making a decision on which one to get the tender depending on their ability to provide excellent options. Desmond Sim who is Head of CBRE Research in Singapore & Southeast Asia said that the highest bidder had a 16 % winning margin against its second highest bidder that reflects their confidence in office market in Singapore. This would be an important opportunity to get the best results especially when coming up with the building.
Downtown MRT Central Boulevard Condo
Moray Armstrong who is a Managing Director of the Advisory and Transaction at the CBRE said that they would have to look at the content of bidders since it would help gauge their capability after they complete the project to a level of satisfaction. With the 99-year leasehold on site located at directly opposite the Lau Pa Sat food center, they would have the best value for the land. In terms of development, it cost from $3,000 to $3,100 per psf according to the estimations of Tay to complete the project. Central Boulevard Condo will definitely bring in style and class for those who need modern standards of living in the city.