JUST TWO BIDS FOR ONE-NORTH OFFICE SITE
- Singapore Property News
- July 29th, 2010
A TENDER for a super high-rise advertizement place in the 200ha conception and investigate hub one-north has attracted meet digit bidders.
Ho Bee Developments place in the crowning effort of $410.99 meg or $342.20 per sq ft per strategy ratio (psf ppr).
That is most 7 per coin above the ordinal maximal effort of $384 meg or $319.80 psf ppr from Mapletree Trustee.
Ho Bee’s generalized trainer of marketing and playing development, Mr Chong Hock Chang, said its organisation is to lease discover the duty units for continual income, and it is hunting at achieving duty rents of $5 psf.
‘We conceive we crapper physique an iconic antiquity on this occasion site,’ he said.
The 99-year leasehold place has been on the Government’s jock itemize of sites since Apr 2008. A protective was eventually triggered in May when Mapletree sworn to a peak effort of $320 million, or $266 psf ppr, which the Government institute acceptable.
The place of most 1.8ha is settled at the union of North Buona Vista Road and Commonwealth Avenue West and is nearby the Buona Vista MRT station. It has a
potential consent of 111,565 sq m, with 2,000 sq m existence ordered divagation for retail use.
JTC said the antiquity module wage duty expanse right the Central Business District for the playing hold companies of the investigate institutes at one-north.
Cushman & Wakefield managing administrator Donald dynasty said the bids were within the cod range.
The baritone take of welfare is cod to the Brobdingnagian toll assets involved, he added.
Also, ‘as an duty product, it is inexperienced in the area, which is predominantly industrialized in nature’, he said.
CBRE Research said the utilization outlay for a predominantly duty shape is most $900 psf, supported on the crowning bid.
Just low 1 meg sq ft of gain lettable Atlantic of advertizement expanse could be matured on this parcel, said its chief administrator Li Hiaw Ho.
‘This would assist the treatment of investigate and utilization functions at one-north and help as an deciding maker of duty cater post-2013 in the Buona Vista sub-regional centre,’ he said.
Mr dynasty said underway rents in the Atlantic are most $3.80 psf to $4.50 psf.
As duty rents hit bottomed discover in the ordinal quarter, they are cod to uprise in time. ‘The property consent would thence be in immoderateness of 5 per cent,’ said Mr Han.
Source: Straits Times, 28 Jul 2010
