URA awards Marina View white site to IOI Properties' subsidiary

THE Urban Redevelopment Authority (URA) on Wednesday said it awarded the tender for the Marina View site to Boulevard View Pte Ltd, a wholly-owned subsidiary of Malaysian property developer IOI Properties Group.

The plot, which was triggered earlier from the government's reserve list of the first-half 2021 Government Land Sales Programme, drew just one bid at the tender's closing, surprising observers.

The bid - S$1.508 billion or S$1,379 per square foot per plot ratio (psf ppr) - was just S$101 more than the price at which the group successfully applied for the site to be released from the reserve list.

The 99-year Marina View white site spans 7,817.6 square metres (sq m) and has a maximum gross floor area of 101,629 sq m. The tender for the site was launched on June 28 this year and closed on Sept 21.

Bursa Malaysia-listed IOI Properties is no stranger to the Marina View area. It is developing a predominantly office project on another white site nearby, along Central Boulevard, that it bought at a state tender in late 2016 for S$2.57 billion or S$1,689 psf ppr.

READ MORE:

• IOI Properties said to have triggered Marina View plot
• Who will win the Marina View white site?