PROJECT DETAILS
Singapore Urban Redevelopment Authority (URA) has sold a mixed site in Central Boulevard as part of Government Land Sales (GLS), in 4th quarter of 2016. This land parcel is set in the Core Central Region, bounded by Central Boulevard, Shenton Way and Raffles Quay. It is listed under the confirm list of sites and is allocated to be developed into high rise mixed commercial retail units, hotel, office, serviced apartments cum luxurious residential development. It has a land site area of 116,991 square feet and with a gross floor area of 1.52 million square feet.
IOI Properties Group won the top bid of S$2.57 billion which translates into S$1,689 per square foot per plot ratio (sf ppr).
Residents of New and upcoming mixed development in Central Boulevard can be served by 3 MRT Stations which are Downtown MRT Station, Shenton Way MRT Station and Marina Bay MRT Station. INew Condo in Central Boulevard is directly and seamlessly connected to Downtown MRT Station which serves the Downtown Line (DTL) and is linked to Raffles Place MRT Station which act as an Interchange for the East-West Line and North-South Line where residents can transit to more destination of options. Alternatively, future residents can access easily to Shenton Way MRT Station, which serves the Thomson East- Coast Line (TEL) and is scheduled to start its operation in 2021. The Marina Bay MRT Station which serves as the interchange for the North South Line (NSL), the Circle Line (CRL) and the upcoming Thomson East- Coast Line (TEL). These make commuting to all parts of Singapore as simple as it is, providing all weather connections to the public transport nodes.
For drivers, Orchard is just approximately 5 to 10 minutes’ drive away. There is easy acces to Marina Boulevard, Sheares Avenue and Bayfront Avenue. Living in Central Boulevard is close to the East Coast Parkway (ECP), the Ayer Rajah Expressway (AYE), the Central Expressway (CTE) and the Marina Coastal Expressway (MCE) which is just in operations recently. All these expressways provide conduits of conveniences and make driving a breeze to any part of Singapore.
When it comes to retail, dining, leisure and entertainment facilities, future residents in Central Boulevard can go to several malls within the vicinity. Some of the malls nearby include Marina Bay Sand, Esplanade Mall, Marina Square, China Square, Chinatown Point, People’s Park Centre, People’s Park Comple, The Central, Funan DigitaLife Mall, Peninsula Shopping Centre, Raffles City Shopping Centre and Liang Court. For local food, future residents may experience the 6 main food centres nearby, i.e. Telok Ayer Market (Lau Pa Sat), Amoy Street Food Centre, Maxwell Market, Tanjong Pagar Plaza Block 6 Market and Food Centre, Hong Lim Market & Food Centre, Chinatown Complex Market & Food Centre and People’s Park Complex Food Centre.
There are many recreation clubs near to Central Boulevard which offer both leisure facilities and activities such as Singapore Cricket Club, Home TeamNS Club and Singapore Recreation Club. The nearby parks such as Esplanade Park, Pearl’s Hill City Park and Fort Canning Park also offer residents in Central Boulevard serenity and also lush greenery.
With a superior location in the heart of Financial District and closeness to so many amenities, demand for rental is high. Marina Bay Financial District is still not at its full potential and with the upcoming nearby Waterfront City in place, there will be huge potential for capital appreciation in Central Boulevard. It will bring a whole new experience to the city living- Work, Live and Play concept.
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Heart of New
Central Financial District
Marina One Residences
Central Financial District
Marina One Residences
Heart of Tanjong Pagar
Financial District
Wallich Residence with
181 Limited Collection
Super Penthouse at 21,108sqft
Financial District
Wallich Residence with
181 Limited Collection
Super Penthouse at 21,108sqft
| Project | Central Boulevard New Condo |
| Developer | IOI Properties Group |
| Location | Marina Bay |
| District | 01 |
| Tenure | 99 years lease |
| Site Area | 10,868 square metres/116,991 square feet |
| GFA: | 141,211 square metres/ 1.52 million square feet |
| Plot Ratio | |
| Expected TOP: | |
| Total Units | |
| Total Carpark | |
| Development | |
| Unit Type: | |
| Architect | |
| Eligibility | Local / PRs / Foreigners can buy |
LOCATION and AMENITIES
New and upcoming mixed development in Central Boulevard is between Asia Square and Marina Bay Suites
FACILITIES and SITE PLAN
The Facilities and Site plan of new condo apartment in Central Boulevard are currently seeking approval from relevant authorities. If you would like to be updated on first hand information for new condo in Central Boulevard, Please
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MARINA BAY DEVELOPMENTS
Marina Bay is a successful example of Singapore’s long term planning. The 360ha area was reclaimed during the 1970s and 1908s in anticipation of the need to grow the city centre in the future. Marina Bay allows for the seamless extension of Singapore's Central Business District and further supports the city-state's continuing growth as a global business and financial hub.
It is planned as a vibrant, mixed-use district with round-the-clock activities based on sustainable development strategies. It is well served by public transport with 4 RTS lines and 9 MRT stations and is the first district in Singapore to be planned upfront with a network of dedicated cycling lanes. Transit-oriented development optimises access for residents, workers and visitors to public transport. Marina Bay is Singapore’s first city to play host to water activities and is the focal point for major events. Together with the waterfront promenade and its loop of attractions and vibrant public spaces, Marina Bay aims to be a People’s Bay and will play a role in defining the character of Marina Bay in its leafy streetscape, lush park and sky-rise gardrens.
The next phase of development includes a new lively and mixed-use residential district at Marina South that is planned to be green, walkable and cycle-friendly.
LOCATED IN HEART OF KEY GROWTH AREA
Central Boulevard- City Central Region
Singapore Urban Redevelopment Authority URA Master Plan 2014 envisions some exciting developments for the whole of Singapore's central area including Tanjong Pagar, The Greater Southern Waterfront District, City Hall, Marina Bay, Suntec and Bugis-Rochor area. The new prime City Central area will be a place for the people to engage community and arts, showcase Singapore's creative and artistic expression and links to Singapore's past and future aspirations. There will be more pedestrian- friendly precincts, public spaces and parks, night lightings and trees.
City Centre at Marina Bay is a unique and dynamic waterfront district, Garden City by the Bay, extending seamlessly from the CBD and it is zoned to be
- the next CBD, focusing on financial and business related activities
- More Commercial, residential buildings, hotel and entertainment spots are to be built.
- It will be a lifesytle destination for variety of water-based activities and events.
- Exensive road and rail network in the pipeline and
- Padestrain bridges that loops attractions and open spaces around the Bay.
Marina South will have
- a new population catchment as it will have a residential district of 9,000 new homes, with mix-development plan of hotels, offices and entertainment
- elevated landscape walkway that links the Bay South Garden to Marina South seafront
- 800 metres padestrain walkway beween the upcoming Marina South and Gardens by the Bay MRT Station
- underground carpark that allows motorists to drive between buildings that reduce ground level traffic
- feaures that can collect rain water and harness wind energy
- continuous waterfront promenade will be creaed from Marina South to Labrador for joggers and cyclists.
Beach Road/ Ophir- Rochor will have abundant conveniences being in the heart of City.
- It will be further of the CBD with extension of convention, offices and hotel hub of Marina Centre
- There will be more developments of office cluster for financial business institutions.
- It will be turned into an exciting Commercial hub, blending with entertainment, cultural and lifestyle.
- It will be turned into a strategic transport hub, the area will be well connected by rail and road network to many parts of Singapore.
Capitalising on Bugis and Bras Basah rich architectural and cultural heritage, URA is embarking on urban renewal efforts to transform it dramatically into Singapore's art, culture. learning and entertainment district.
From the cultural enclave of Kampong Glam to National Arts Gallery in the Civic and Cultural District to high skyscappers in Marina Bay, this growth area promises residents a 24/7 city lifestyle. New major landmark developments will transform the city skyline, offering prestigious address locations and spectacular views out across the city. Strategic developments with conservation buildings will continue to inject vibracy, turning it into a lively art and education place, as an emerging commercial hub that will complement Singapore financial district.
Government Land Sales GLS
IOI PROPERTIES GROUP WON TOP BID IN MARINA CENTRAL BOULEVARD FOR MIXED USE DEVELOPMENT LAND SITE
A 99-year leasehold white site with a mandatory office component along Central Boulevard in Singapore has attracted seven bids.
The highest bid of S$2.57 billion, which works out to S$1,689 per square foot per plot ratio (psf ppr) was made by IOI Properties Group Bhd of Malaysia (Wealthy Link Pte Ltd).
This is the highest price paid for a white site and above earlier market expectations of S$1.5bn-1.8bn (S$1,012-1,200 psf ppr). The previous record was S$1,409 psf ppr set for Asia Square Tower 1, which stands at the adjacent site, in September 2007. The site was sold for S$2.02 billion. This mixed site at Central Boulevard is the highest bid ever in absolute dollar quantum as well as psf ppr ppr for a Government Land Sales site in Singapore.
At this price, CIMB reckons the cost to completion would be S$3,100-3,200psf of leaseable area. Based on an expected rental yield of 4%, the development, it said, would likely have to command a rent of S$12psf/mth or back to the 2009 level. This represents a CAGR of 6% p.a. for the next five years.
The second highest bid at Tuesday's tender came from Mapletree Investments, which offered S$2.21 billion or S$1,451 psf ppr for the site.
Nanshan Group bid S$2.19 billion for the site while a Hongkong Land-Cheung Kong tie-up offered S$2.13 billion. CapitaLand group of companies and Great Eagle Group teamed up to offer slightly over S$2 billion for the site. Yanlord made a bid of S$1.985 billion. The lowest bid, of S$1.91 billion, came from a partnership between OUE Limited, Guangzhou R&F Properties Co Ltd and Tang City Properties.
The launch site boasts prominent frontages along both Central Boulevard, one of the two main roads within the area connecting to the Central Business District (CBD), and Raffles Quay. The 99-year leasehold site can be built up to 50 storeys, with a maximum gross floor area (GFA) of 141,294 sq m (1.52 million sq ft), of which at least 100,000 sq m or 70.77 per cent must be put to office use. In addition, up to 5,000 sq m GFA can be set aside for retail use.
The new launch development is to include a childcare facility with a minimum GFA of 500 sq m. The balance may be utilised for additional office, commercial school, hotel, serviced apartment or residential uses. The entire development - excluding the GFA for hotel, serviced apartment and residential use - can have no more than three strata lots. This means that strata subdivision of office units for sale as multiple individual units is not allowed.
The project will be directly and seamlessly connected to the adjacent Downtown MRT Station in addition to being linked to Raffles Place Interchange MRT station and the future Shenton Way MRT station (Thomson-East Coast Line), providing all-weather connections to the public transport nodes.
JLL's head of Singapore research Tay Huey Ying said that the future development on the site can be completed in 2020/2021 to meet the "expected tight supply of prime CBD office space then". However, Cushman & Wakefield's research director Christine Li highlighted that the redevelopment of CPF Building at 79 Robinson Road which is expected to be completed in 2020 and other potential redevelopments of older office buildings could pose some competition.
Ms Li also highlighted a restriction stipulated for the Central Boulevard site that the car parking provision of the development is to be capped at 80 per cent of the prevailing minimum car parking standard. "This could make the development less attractive to office tenants who expect generous car parking allocation."
However, other observers say the tighter car parking provision is to be expected given the drive towards a car-lite, green CBD.
Source: Business Times 09th November 2016
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