White site at Marina View launched for sale
The White site at Marina View has been introduced to sell, and even a property developer has actually dedicated to tender at least $1.508 bil for it, revealed the URA on Mon 28June.
By having a size of 7,817.6 square meter, the ground runs beneath the Reserve List of the 1st half ’21 Government Land Sales programme and also is aimed for combined usage development with hotel room, residential, commercial and/or serviced flat.
The site is anticipated to provide 905 housing units, Five hundred Forty hotel rooms including 2K sq meter in GFA of business space.
Situated among the Marina Bay location, the location is around the Marina Bay and also Downtown MRT terminals, including the upcoming Shenton Way TEL MRT station. It is also around the convention and also resort core at Marina Centre furthermore the integrated resort at MBS.
The bidding for the location are going to close on 21September’21.
“Any specific bidding lower than the minimal offer price of $1.508 billion will not be signed,” pointed out URA.
Huttons Asia presumes the location to “lure approximately 5 prospective buyers made up of consortiums due to the major amount and also bigger threats included”.
It documented the fact that presently there is no fresh produce of homes among District 1, besides V on Shenton and also Marina One Residences.
“With inoculations occurring all over the world plus global traveling continuing very soon, this spot offers a first mover perk to real estate investors who intend to launch brand new hospitality proposal to tourists,” it reported.
Huttons assumes the final deal value intended for the spot to float from $1,700 to $2thousand per square ft and the closing market price at larger than $3thousand per square foot.