GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
Lee Sze Teck, higher supervisor of data analytics at Huttons Asia, states that the complexity of structure close to an MRT line and offering an underground pedestrian connection might have been important factors to consider in the developers’ proposition for the site.
The Marina Gardens Crescent white area drew just one quote at $770.46 million, sent by a consortium including GuocoLand, Hong Leong Holdings and TID (a joint opportunity in between Hong Leong Holdings and Japanese developer Mitsui Fudosan).
The white location can possibly be become a mixed-use undertaking with commercial, lodging, residence, sporting activities and entertainment and other compatible components or a combination of two or additional of these usages.
The location has a maximum gross floor location of 782,978 sq ft. Based upon URA’s evaluation, it can most likely produce about 775 readily available units.
The Marina Gardens Crescent spot is alongside the Marina South MRT terminal and close to the Marina Bay Financial District and Gardens by the Bay.
The quote cost calculates to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white site.
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, along with the non commercial place at Media Circle.
The Kingsford-led consortium’s acquisition rate at $1,402 psf ppr is 42.5% more than the $984 psf ppr sent by GuocoLand and its joint venture associates.
The Marina Gardens Crescent site is the 2nd spot offer for sale in the Marina Gardens place, right after the GLS site at the surrounding Marina Gardens Lane was offered in June past year to a Kingsford Group-led consortium of property developers for $1.034 billion ($1,402 psf ppr). The location is zoned “housing with retail at 1st storey”.
“If alloted the area, we will develop a new and exciting mixed development catering to local residents and a range of enterprises, and contribute to the National’s vision of making Marina South an attractive, sustainable and community-centric area.” claims a GuocoLand speaker in a report.