GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The site has a total gross flooring location of 782,978 sq ft. Based on URA’s evaluation, it can possibly generate approximately 775 residential units.
The Marina Gardens Crescent spot is beside the Marina South MRT station and near the Marina Bay Financial Area and Gardens by the Bay.
“If granted the site, we will certainly develop a brand-new and exciting blended property development accommodating community residents and a selection of businesses, and add to the Government’s vision of making Marina South a captivating, renewable and community-centric community.” states a GuocoLand representative in an announcement.
The bid cost figures out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
The Marina Gardens Crescent white place attracted just one proposal at $770.46 million, submitted by a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint opportunity in between Hong Leong Holdings and Japanese builder Mitsui Fudosan).
The Marina Gardens Crescent site is the second location offer for sale in the Marina Gardens area, after the GLS site at the surrounding Marina Gardens Lane was offered in June past year to a Kingsford Group-led consortium of builders for $1.034 billion ($1,402 psf ppr). The place is zoned “residential with business at 1st floor”.
The white spot can possibly be become a mixed-use undertaking with retail, hotel, residential, sports and entertainment and other appropriate parts or a mix of two or extra of these utilizations.
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, together with the residence site at Media Circle.
The Kingsford-led consortium’s investment rate at $1,402 psf ppr is 42.5% greater than the $984 psf ppr submitted by GuocoLand and its joint project associates.
Lee Sze Teck, higher executive of information analytics at Huttons Asia, says that the complexity of structure near an MRT line and providing an alternative pedestrian connection might have been major considerations in the real estate investors’ proposition for the site.
