The tender for the 110,400-square-feet white site at Marina View has attracted a top bid of nearly S$2.02 billion. This works out to slightly more than S$1,400 per square foot per plot ratio.
The bid was made by MPG Berth, a joint venture between Macquarie Global Property Advisors and another developer, rumoured to be CapitaLand.
There were two other interested parties for the 99-year leasehold site.
Mapletree submitted a S$1.8 billion bid while IOI Consolidated offered S$1.6 billion.
At least 70 percent of the permissible gross floor area has to be set aside for office use.
This translates to an estimated net lettable area of at least 800,000 square feet of office space.
With the current shortage of grade A office space, property consultant CB Richard Ellis believes the developer may decide to convert the entire site into a mega office development.
This may yield more than 1.1 million square feet of net lettable office space and some ancillary retail space.
CBRE expects office rents of about S$11 to S$12 per square foot per month from the development.
Another white site at Marina View has also been placed for tender. - CNA/ir
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