GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The bid price figures out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white site.
The Marina Gardens Crescent white place attracted just one bid at $770.46 million, provided by a consortium including GuocoLand, Hong Leong Holdings and TID (a joint enterprise in between Hong Leong Holdings and Japanese builder Mitsui Fudosan).
The Kingsford-led consortium’s acquisition cost at $1,402 psf ppr is 42.5% greater than the $984 psf ppr sent by GuocoLand and its joint project partners.
Lee Sze Teck, senior executive of information analytics at Huttons Asia, says that the complexity of establishment close to an MRT line and giving an underground pedestrian link may have been important considerations in the builders’ proposition for the place.
The Marina Gardens Crescent site is next to the Marina South MRT station and near the Marina Bay Financial Area and Gardens by the Bay.
The site has a total gross flooring location of 782,978 sq ft. Based upon URA’s estimation, it can possibly generate about 775 non commercial units.
“If alloted the site, we will certainly establish a new and impressive mixed development accommodating community people and a variety of services, and add to the National’s vision of making Marina South an appealing, self-sufficient and community-centric district.” says a GuocoLand spokesperson in an announcement.
The white location can possibly be turned into a mixed-use project with retail, hotel, residence, sports and leisure and other appropriate parts or a combination of two or extra of these uses.
The Marina Gardens Crescent site is the 2nd spot offer for sale in the Marina Gardens place, shortly after the GLS site at the surrounding Marina Gardens Lane was sold in June previous year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The place is zoned “housing with business at 1st storey”.
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, alongside the residential site at Media Circle.