The Ophir-Rochor and Marina South land parcels, which may be up for redevelopment by the Singapore-Malaysian joint venture company, M-S Pte Ltd, could be worth hundreds of millions of dollars.
Analysts believe that should M-S decide to open up the land to developers, it could trigger fierce bidding for prime real estate.
Earlier this week, the Singapore Government said the 78-year-old Tanjong Pagar railway station will be moved to Woodlands by July 1 next year.
Three land parcels in Bukit Timah will be vested in M-S for joint development, in addition to three land parcels in Tanjong Pagar, Kranji and Woodlands.
Any of these land parcels may be exchanged for pieces of land of equivalent value in Marina South and Ophir-Rochor.
This spells good news for private developers, as more choice land parcels in the prime districts may be up for grabs.
Last week, the Ministry of National Development (MND) withdrew a white site at Ophir-Rochor that was previously made available for sale via the Reserve List in October 2008.
MND had said in its news release that this Ophir-Rochor land parcel will be removed from the Government Land Sales (GLS) programme as “the development plan for the site is being reviewed”.
Both the Urban Redevelopment Authority and Singapore’s Ministry of Foreign Affairs declined to provide MediaCorp with details of the site area and exact locations of the land parcels involved.
Mr Nicholas Mak, real-estate lecturer at Ngee Ann Polytechnic, said that due to the high valuation of the land parcels, which may run into hundreds of million or more, he reckons both Singapore and Malaysia may hire more than one valuer each to conduct respective valuation of the land parcels.
Valuation fees alone may run upwards of a few hundred thousand dollars, due to the sheer size of the land parcels, Mr Mak added.
Mr Colin Tan, head of research and consultancy at Chesterton Suntec International, predicts that it is very likely that M-S will swap its current land parcel in Tanjong Pagar for same-value land parcels in Marina South or Ophir-Rochor.
“Both Marina South and Ophir-Rochor sites are more well-developed in terms of facilities and amenities available, as compared to the current site which holds the Tanjong Pagar railway station,” said Mr Tan.
He added that Marina South has the upcoming Marina Bay Financial Centre, while Ophir-Rochor has a certain buzz and historical heritage because of its location near Arab street and Sultan Mosque, which has attracted several backpackers’ hostels to set up there.
Source : Today – 26 May 2010
Showing posts with label Marina South. Show all posts
Showing posts with label Marina South. Show all posts
Wednesday, May 26, 2010
Tuesday, May 25, 2010
Ophir-Rochor land parcel could be worth hundreds of millions of dollars: analysts
A land parcel at the Ophir-Rochor area, which might be up for redevelopment by the Singapore-Malaysian joint venture company, M-S, could be worth hundreds of millions of dollars.
Analysts said should M-S decide to open up the land to developers, it could trigger fierce bidding for prime real estate.
Choice property in the city is hard to find.
A site at Ophir-Rochor area was removed from the government land sales programme last week after being available for sale since 2008.
The Urban Redevelopment Authority (URA) had said it’s reviewing the use of the site.
That has led to increasing speculation, especially after Malaysia and Singapore announced on Monday that they will form a joint entity called M-S to develop land in Singapore owned by Malayan Railway.
Both countries agreed that M-S would be vested with several parcels, including land in Kranji, Woodlands and Bukit Timah.
But they could swop the plots for equivalent value real estate in the Ophir-Rochor and Marina South areas.
Colin Tan, consultancy director, Chesterton Suntec International Research, said: “I think the most likely scenario that will arise from this is that the company will probably trade these parcels of land for something in Ophir or Marina South because those two areas are more ready for redevelopment. The infrastructure around it is ready.”
The Ophir-Rochor plot is estimated to be worth hundreds of millions of dollars.
Nicholas Mak, real estate lecturer, Ngee Ann Polytechnic, said: “One neat and quick way for M-S Private Limited to realise value of some of these sites is to actually sell them in the open market to private developers. After that, they can decide on how to utilise and divide up the sales proceeds.”
If the swap happens, analysts expect the Marina South plots to be redeveloped for prime office space or high-end condominiums.
The Ophir-Rochor plot could be made into a tourist and backpacker hub.
On Monday, M-S was also vested with a plot in Tanjong Pagar, after the Singapore government announced plans to move the 78-year old train station there to Woodlands.
M-S is 60 per cent owned by the Malaysian government investment arm while Singapore’s Temasek Holdings owns the rest.
Source : Channel NewsAsia – 25 May 2010
Analysts said should M-S decide to open up the land to developers, it could trigger fierce bidding for prime real estate.
Choice property in the city is hard to find.
A site at Ophir-Rochor area was removed from the government land sales programme last week after being available for sale since 2008.
The Urban Redevelopment Authority (URA) had said it’s reviewing the use of the site.
That has led to increasing speculation, especially after Malaysia and Singapore announced on Monday that they will form a joint entity called M-S to develop land in Singapore owned by Malayan Railway.
Both countries agreed that M-S would be vested with several parcels, including land in Kranji, Woodlands and Bukit Timah.
But they could swop the plots for equivalent value real estate in the Ophir-Rochor and Marina South areas.
Colin Tan, consultancy director, Chesterton Suntec International Research, said: “I think the most likely scenario that will arise from this is that the company will probably trade these parcels of land for something in Ophir or Marina South because those two areas are more ready for redevelopment. The infrastructure around it is ready.”
The Ophir-Rochor plot is estimated to be worth hundreds of millions of dollars.
Nicholas Mak, real estate lecturer, Ngee Ann Polytechnic, said: “One neat and quick way for M-S Private Limited to realise value of some of these sites is to actually sell them in the open market to private developers. After that, they can decide on how to utilise and divide up the sales proceeds.”
If the swap happens, analysts expect the Marina South plots to be redeveloped for prime office space or high-end condominiums.
The Ophir-Rochor plot could be made into a tourist and backpacker hub.
On Monday, M-S was also vested with a plot in Tanjong Pagar, after the Singapore government announced plans to move the 78-year old train station there to Woodlands.
M-S is 60 per cent owned by the Malaysian government investment arm while Singapore’s Temasek Holdings owns the rest.
Source : Channel NewsAsia – 25 May 2010
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