Asia Square Tower 2|47 floors|U/C (due 2013)

[RafflesCity]

Originally Posted by kurakura

Thats is some kickass requirements there to ensure it itegrates well and look well.

yah...but I mean its also to be expected, there has been a lot of talk about the new downtown offering seamless pedestrian connectivity...and I think a foretaste of that would be the underground connection from ORQ to Raffles Place...I think they want to extend the underground linkages to every future development

[Metrodusa]

Originally Posted by Baby

A dream for future ...
URA had already stated maximum height is 200m. Articulation of roof beyond this may be considered up to 245m.

http://www.ura.gov.sg/pr/graphics/2007/pr07-54a3.pdf

In Slovenian capital, Ljubljana (check Alpe Adria forum site) the limit is app. 130 metres, nice no building should be higher than the castle hill.

Think of that...

[kurakura]

Originally Posted by RafflesCity

yah...but I mean its also to be expected, there has been a lot of talk about the new downtown offering seamless pedestrian connectivity...and I think a foretaste of that would be the underground connection from ORQ to Raffles Place...I think they want to extend the underground linkages to every future development

Humans=termites then

[Singapor3]

But 245, it's the same height as MBFC, The Sail and ORQ, will it be even visible at all from the opposite side, for example, the new bridge, esplanade etc.

Why the high emphasize on the crown and night lighting when it's not so visible?

[RafflesCity]

Actually the roof-height was capped to 200m to ensure the skyline will have variation.

In future, this building fronts directly onto the planned linear park & open space, which will be one of the 'centres' at Marina area, it will be a prominent location and highly visible - just like the open space above Raffles Place...

[RafflesCity]

Bids could pass $1b mark for Marina Bay site

31 May 07

Prime 1.02ha site likely to draw major developers, say consultants

BLUE-CHIP property players from across the region are expected to do battle for a prime piece of Marina Bay land released for tender yesterday.
Bids of well above $1 billion - although one expert tips $2 billion or more - are expected for the 1.02ha site behind One Shenton and The Sail @ Marina Bay condominiums.

A project of about 40 storeys can be built on the land, but 70 per cent of the gross floor area must be given over to offices. The rest of the space can hold more offices, hotel rooms, homes or shops.

Mr Nicholas Mak, the director of research and consultancy at Knight Frank, expects bids to come in at between $830 million and $1.09 billion, based on recent government land sales and an assumed rental yield of about 6.5 per cent to 7.5 per cent.

This range works out to $580 to $760 per sq ft per plot ratio (psf ppr), he said.

But Ms Tay Huey Ying, Colliers International's director of research and consultancy, expects even higher bids - 'upwards of $1 billion, or $750 psf ppr', with the winning bid 'likely to be above $2 billion'.

The likely contenders 'include all the major local blue-chip developers', Mr Mak said.

These would be CapitaLand, Keppel Land, Lippo Group, Far East Organization and City Developments, which is the developer behind One Shenton and The Sail.

Foreign funds could also tie up with local developers for the tender bid, he said.

The consortium building the nearby Marina Bay Financial Centre (MBFC) - Keppel Land, Hongkong Land and Cheung Kong Holdings - may also be interested, said consultants.

'Other office players who have yet to have any presence in this new downtown of the future may also take this opportunity to form consortiums to participate in this tender,' said Ms Tay.

She added that a winning bidder may want to build homes or service apartments along with the required offices.

But Mr Mak, who estimated that the project could accommodate 400 two-bedroom units, said homes were an unlikely option because the developer would also have to allocate more space for carparks.

The site, which opens up directly to a public open space, can be built up to 200m, or over 40 storeys.

It will be connected to surrounding developments such as One Raffles Quay, One Marina Boulevard, the MBFC and One Shenton through a network of underground walkways and second-storey links, the Urban Redevelopment Authority (URA) said.

The site will be served by a common services tunnel, a system of underground tunnels that house and distribute utility service lines such as power and telecommunication cables, the URA added.

This means future tenants will have an uninterrupted supply of major utilities and emergency back-up services.

The site - part of the Government's plan to rejuvenate the Marina Bay area - will be awarded based solely on the tendered price, said the URA.

Developing the land 'will help to build up the critical mass of office space in the Marina Bay area and develop the area as an international business and financial hub', it added.



By Fiona Chan, Property Reporter

[babystan03]

Thats lovely......

[redstone]

Won't it be hidden behind Sail?

I was hoping for something taller

[Singapor3]

Figgin height limits, won't having one 280m building there pose as a variation in height? The only stupid thing the government is doing.

[Baby]

Published May 31, 2007

URA white site seen fetching more than $1b
$850-1,000 psf ppr likely for plot next to One Shenton

By KALPANA RASHIWALA

(SINGAPORE) A white site behind One Shenton, launched yesterday and slated predominantly for office development, could fetch $850 to $1,000 per square foot of potential gross floor area, property consultants say.

This translates into bids of $1.22 billion to $1.43 billion. And some analysts reckon that the price could go even higher.

The tender for the 110,206 sq ft site - offered on a 99-year lease by the Urban Redevelopment Authority - closes on Sept 19.

At least 70 per cent of the maximum 1.43 million sq ft of gross floor area must be developed as offices. Assuming the successful bidder puts up an all-office development, the net lettable space could be just over one million sq ft.

The development can rise higher than 40 storeys. And if roof forms are included, the maximum height can go beyond 50 storeys.

CB Richard Ellis executive director Li Hiaw Ho says that the site could fetch around $900 to $1,000 psf per plot ratio (psf ppr), which would result in a breakeven cost of $2,300 to $2,500 psf for the completed office project.

Using a yield-based approach and assuming gross monthly average rent of $12 psf and a capitalisation rate of 4.5 per cent,the value of the completed project would be about $2,600 psf.

Mr Li also notes that $2,500-2,600 psf capital values are in line with current office transactions. BT reported last week that Hong Leong Group had received an offer of about $2,500 psf for 1 Finlayson Green and has since learnt that this offer, from a European property fund, may actually be higher.

Knight Frank managing director Tan Tiong Cheng predicts a slightly lower price of $850 to $900 psf ppr, saying that bidders may take a cue from last month's sale of nearby UIC Building for $870 psf ppr. He expects the URA site to draw at least four to five groups of bidders.

Taking a more upbeat view, Credo Real Estate managing director Karamjit Singh predicts that the top bid is 'certain to go over $1,000 psf ppr' because of interest from overseas institutional investors like funds. 'Their perspective on target returns and market outlook may be rather different from local developers,' he said.

Agreeing, a seasoned market watcher - alluding to the office glut that plagued Singapore a few years ago - pointed out: 'Local players know local history.'

Some investors may now be concerned that the government could release a slew of new office sites - on 99-year leases and short tenures for temporary structures - to alleviate the current shortage of space.

Still, CBRE's Mr Li expects URA's latest site to draw strong bidding. 'The future CBD will be in the Marina Bay area and if you want to be in the office market, you have to be there,' he said.

Knight Frank director and head of research and consultancy Nicholas Mak reckons that the authorities would only release additional office sites selectively, knowing that new developments can be completed only after the first phase of the Business and Financial Centre is ready in early 2010.

The government's proposal to offer short-tenure sites for temporary or 'transient offices' will have limited appeal, he said. 'Big international financial institutions and other users concerned about image will probably not find such premises appealing. However, perhaps some smaller local firms facing pressure from rising rents - like architectural firms and law firms - may consider them.'

[Baby]

The actual white-site for sale. Just behind One Shenton.




The white site is beside Central Boulevard, which opened on 31 May. ERP in operation now.

[kurakura]

can the forumers here pool money and buy?

[Baby]

Only the big boy have the financial power to bid for this white site...and even then I believe have to form consortium.... for sure CDL and Capital Land will bid very aggressively this round. As of today, the office empire at prime Marina Bay has been monopolized by CheungKong/HongKongLand/KeppelLand.

Bidding will be fierce..everyone know if you don't get this plot of land, the land price will up at least 20% or more for the next plot of land in Marina Bay...and keep going up....

Capital Land now have over $1b dollar cash on hand after selling Temasek Tower. She will definitely have the financial muscle to bid aggresively...could had planned for this purpose....Marina Bay is the future main prime financial centre for Singapore, no need to keep the old building in the portfolio when the older CBD will become a 2nd tier financial district after 2010. Capital Land may partner with Sun Hung Kai again ?


CDL has lost all the bidding at Marina Bay in the past... (except Sail)... had been too conservative..... may be Kwek will convince his board of directors to bid high this round ...if CDL doesn't get any office plot in the Marina Bay, her status will drop to a 2nd tier office developer/landlord in the near future.
May sell Finlayson Building at the offered price of $2500psf or more to cash out for this bidding war?

Lippo will be another potential bidder as well...very aggressive in Singapore market recently...last year just grap OUH and OUB office blocks from UOB.

[kurakura]

its so boring that it is just the same few developers that are bidding and winning....we need someone else to come out with different ideas and architechture

[spikeshamz]

True , very true indeed, it is always the same developpers that wins the deal. Even Lippo I guess is a percentage owned by one of them. It is just a mock up of the unprecending match. the designs are always by the same architect fiorm as well. All of this should be well open to the world. We should have really well known designed building. We can't beat shanghai or dubai thats for sure but in terms of architecture and uses of materials, we should be more technology based and of course not depending too much on glass, cement or sand. ( since we have shortage of these ). In terms of heighs, tall doesn't mean good, it should be able to blend well with the surrounding and be a masterpiece that can be registered in the human's mind.

[RafflesCity]

Following hot on the heels of this site, another new downtown site going on the confirmed list in July 07:

http://www.ura.gov.sg/pr/graphics/2007/pr07-57a10.pdf

Looks like the authorities are pushing the development of the area quickly.

[wees8]

From the announcement at:

http://www.ura.gov.sg/pr/text/2007/pr07-57.html


The 3 new sites in the confirmed list are the white site at Marina View and the residential sites at Sembawang Park and Boon Lay Way/Yuan Ching Road.

Many of the sites are to be sold on the confirmed list so that they can be developed early to facilitate the development of certain key areas. For example, the release of the Marina View site via the confirmed list will maintain the momentum of building up Marina Bay and facilitate the seamless growth of the existing Central Business District (CBD) into the Marina Bay area. It will also help to cater to the demand for prime office space and hotel rooms as the successful tenderer will be required to develop a minimum quantum of office and hotel space.

[Baby]

This new white site to be launched in July at Marina Bay is adjacent to the previous white site launched for tender in May.

Both white sites are behind One Shenton, which means the poor One Shenton's both Gold and Silver towers will definitely have no Seaview at all... not even a gap spared

The new white site will be just Office and Hotel... no residential as stipulated in the requirement.... great news for existing Marina Bay residential owners .. meaning supply of private residential units in new Downtown will still be limited by 2011.... Congratulations !!!
- As Chinese idiom said, " 物以稀为贵" - "When a thing is scarce, it is precious"....

[landlubber]

i don't think there was ever any doubt that one shenton's "sea view" would get blocked before long...

The URA statement for the white site launched in May stated that the tender award would be based solely on price. URA clearly doesn't care about whether the development would be an 'icon' or not, so i think that it means it will be eventually surrounded by other skyscrapers and won't be very visible at all from afar.. my guess is that the white site will be predominantly offices because of that- office tenants will care more about the infrastructure and layout, rather than how the building looks.

[RafflesCity]

Choice site to sustain building pace in Bay area

15 Jun 07



(SINGAPORE) A trophy site just off Shenton Way will be put on the Government Land Sales (GLS) programme for second-half 2007.

The Marina View site will be the second on the GLS programme that defines a new corridor in the New Downtown, with an adjoining site launched in May.

Marina View, to be launched in July, could provide more than 900,000 square feet of commercial space. And the government wants it developed fast.

In a statement yesterday, the Ministry of National Development said: 'The release of the Marina View site via the confirmed list will maintain the momentum of building up Marina Bay and facilitate the seamless growth of the Central Business District into the Marina Bay area.'

While recognising the need to maintain momentum, it is interesting to note that more prime commercial sites are not on the list.

One reason could be that future demand is close to being met.

Jones Lang LaSalle regional director and head of investments Lui Seng Fatt believes that if and when all the key available commercial sites on the GLS programme are developed - about six sites including Marina View and another new site called Tampines Concourse - up to 2.5 million sq ft of office space could be in the pipeline in about three years.

'I think this supply is just right,' he said.

There is, of course, undersupply at the moment, but Mr Lui believes this can only be 'alleviated' by interim measures such as releasing unused state-owned buildings.

Savills Singapore director of marketing and business development Ku Swee Yong also believes the number of new prime sites being released is just right, saying: 'If you have too much construction in the Marina Bay and CBD area, it could be a strain on the infrastructure.'

With no fear of a flood of sites in the Marina Bay area, the Marina View site will be even more attractive to developers. Mr Ku believes amalgamating it with the adjoining site released earlier could prove to be even more profitable, as some common services could be shared. 'This type of prime site needs to be huge,' he said, adding that bids could be around $1,500 per sq ft per plot ratio.

Colliers International director for research and consultancy Tay Huey Ying also feels the current office space crunch cannot be alleviated by more land sales.

According to her, the situation is so severe that special measures may be needed to maintain Singapore's competitiveness. These could include temporary but more aggressive tax incentives or concessions to help businesses defray the rising cost of renting.



By ARTHUR SIM