GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The site has a total gross floor area of 782,978 sq ft. Based on URA’s estimate, it can essentially yield about 775 readily available units.
The Marina Gardens Crescent spot is alongside the Marina South MRT terminal and near to the Marina Bay Financial Area and Gardens by the Bay.
The Marina Gardens Crescent area is the 2nd site offer for sale in the Marina Gardens region, shortly after the GLS site at the nearby Marina Gardens Lane was offered in June past year to a Kingsford Group-led consortium of real estate investors for $1.034 billion ($1,402 psf ppr). The location is zoned “residential with business at 1st storey”.
The Kingsford-led consortium’s acquisition rate at $1,402 psf ppr is 42.5% more than the $984 psf ppr provided by GuocoLand and its joint venture associates.
Lee Sze Teck, senior director of data analytics at Huttons Asia, states that the complexity of building near an MRT line and offering an alternative pedestrian channel may have been important considerations in the builders’ proposal for the location.
The Marina Gardens Crescent white site attracted only one bid at $770.46 million, sent by a consortium including GuocoLand, Hong Leong Holdings and TID (a joint opportunity between Hong Leong Holdings and Japanese builder Mitsui Fudosan).
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The white site could be become a mixed-use project with commercial, hotels and resort, non commercial, sports and entertainment and other appropriate parts or a mix of 2 or additional of these uses.
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, together with the residential area at Media Circle.
“If granted the area, we will certainly create a new and exciting blended development catering to neighborhood citizens and a range of enterprises, and add to the State’s vision of making Marina South an appealing, renewable and community-centric district.” claims a GuocoLand speaker in an announcement.
The proposal cost figures out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white location.
