Research from SooChow CSSD Capital Markets (Asia), SCCM Asia Research

SCCM Asia Research

Headquartered in Singapore, SooChow CSSD Capital Markets (Asia) is an investment bank focusing on emerging growth companies across Asia, providing a full suite of investment banking services, including corporate finance, mergers and acquisitions advisory, equity capital markets, institutional equities sales and trading and equities research.

Research from SooChow CSSD Capital Markets (Asia)

Thematic (Sector/Industry)

Malaysia Real estate / Thematic (Sector/Industry)

<h2>Singapore</h2><h3>IOI Properties (IOIPG MK) S$1.508bn sole bid for Marina View white site</h3><p>The white site along Marina View earmarked largely for private residences and hotel use drew just one bid at tender at S$1.508bn or S$1,379psf per plot ratio from a wholly-owned unit of IOIPG, and was just S$101 more than the price at which the group successfully applied for the site to be released from the reserve list of the 1H21 GLS Programme. The 0.78ha (about 84,000sqft) site can generate a maximum GFA of 1.09m sqft. Of this, at least 548,959sqft has to be for residential use and at least 279,861sqft for hotel use. The project can have up to 21,528sqft for optional office space and up to 21,528sqft of space for other commercial uses (including retail and F&amp;B). Most developers may have been put off by the huge total development cost, which a veteran developer estimates at S$2.3bn. Moreover, the development period for the Marina View site is likely to be longer than usual. The URA has stipulated a seven-year project completion period, compared with the usual five years for a typical residential development site.</p>

SingaporeIOI Properties (IOIPG MK) S$1.508bn sole bid for Marina View white siteThe white site along Marina View earmarked largely for private residences and hotel use drew just one bid at tender at S$1.508bn or S$1,379psf per plot ratio from a wholly-owned unit of IOIPG, and was just S$101 more than the price at which the group successfully applied for the site to be released from the reserve list of the 1H21 GLS Programme. The 0.78ha (about 84,000sqft) site can generate a maximum GFA of 1.09m sqft. Of this, at least 548,959sqft has to be for residential use and at least 279,861sqft for hotel use. The project can have up to 21,528sqft for optional office space and up to 21,528sqft of space for other commercial uses (including retail and F&amp;B). Most developers may have been put off by the huge total development cost, which a veteran developer estimates at S$2.3bn. Moreover, the development period for the Marina View site is likely to be longer than usual. The URA has stipulated a seven-year project completion period, compared with the usual five years for a typical residential development site.

Real Estate

ASEAN Builder's Scoop (22Sep21)