GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The site has a total gross floor surface area of 782,978 sq ft. Based upon URA’s estimation, it can essentially generate approximately 775 household units.
The white site can possibly be become a mixed-use undertaking with commercial, hotel, residence, sporting activities and entertainment and other suitable components or a combination of 2 or additional of these usages.
Lee Sze Teck, higher supervisor of information analytics at Huttons Asia, claims that the complexity of building near an MRT line and offering an underground pedestrian channel may have been essential considerations in the property developers’ tender for the site.
The Marina Gardens Crescent spot is beside the Marina South MRT station and close to the Marina Bay Financial District and Gardens by the Bay.
“If granted the area, we will establish a new and impressive blended project accommodating local residents and a variety of businesses, and contribute to the National’s vision of making Marina South a desirable, sustainable and community-centric district.” claims a GuocoLand speaker in a statement.
The proposal rate works out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
The Kingsford-led consortium’s acquisition price at $1,402 psf ppr is 42.5% more than the $984 psf ppr submitted by GuocoLand and its joint business venture associates.
The Marina Gardens Crescent area is the 2nd site available for sale in the Marina Gardens region, after the GLS site at the surrounding Marina Gardens Lane was offered in June last year to a Kingsford Group-led consortium of real estate investors for $1.034 billion ($1,402 psf ppr). The location is zoned “non commercial with commercial at 1st storey”.
The Marina Gardens Crescent white site drew only one bid at $770.46 million, sent by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint opportunity between Hong Leong Holdings and Japanese developer Mitsui Fudosan).
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, along with the non commercial site at Media Circle.