GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The white location can possibly be turned into a mixed-use venture with commercial, hotel, housing, sporting activities and recreational and various other suitable elements or a combination of two or more of these utilizations.
The Kingsford-led consortium’s purchase price at $1,402 psf ppr is 42.5% greater than the $984 psf ppr submitted by GuocoLand and its joint project associates.
“If awarded the area, we will develop a brand-new and impressive combined property development providing for neighborhood citizens and a selection of enterprises, and contribute to the National’s vision of making Marina South a captivating, self-sufficient and community-centric area.” claims a GuocoLand speaker in a report.
The Marina Gardens Crescent area is the 2nd site for sale in the Marina Gardens place, after the GLS site at the nearby Marina Gardens Lane was sold in June past year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The place is zoned “non commercial with commercial at 1st storey”.
The proposal price works out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
The government land sales (GLS) tender for the white spot at Marina Gardens Crescent closed on Jan 18, alongside the residential area at Media Circle.
The Marina Gardens Crescent white site attracted just one proposal at $770.46 million, sent by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint opportunity in between Hong Leong Holdings and Japanese developer Mitsui Fudosan).
Lee Sze Teck, higher director of information analytics at Huttons Asia, states that the complexity of structure close to an MRT line and offering an underground pedestrian link might have been important considerations in the real estate investors’ proposal for the site.
The Marina Gardens Crescent spot is beside the Marina South MRT terminal and near to the Marina Bay Financial Area and Gardens by the Bay.
The location has a highest gross floor surface location of 782,978 sq ft. Based upon URA’s estimate, it can possibly produce about 775 readily available units.