The first sale of land in Singapore’s Marina Bay in nine years is set to fetch a bumper price as developers compete for a piece of the sought-after financial district. Here are some highlights:
- The highly sought-after land next to Asia Square may fetch $1.8 billion. Works out to be $1200 psf ppr
- As a reference, Asia Square land was sold in 2007 at $2.02 billion or $1409 psf ppr
Come 2019, 2020 and 2021 there will be zero office supply, and there has never been such a thing in Singapore’s history where there are three years of zero supply. That’s why the government has started this sale.
Hsueh Ling Ng, chief executive officer of Keppel REIT
This will be a hotly contested plot, Bidders could include sovereign wealth funds and aggressive bids from Chinese developers.
Christine Li, director of research at Cushman in Singapore.