GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The place has a maximum gross floor surface area of 782,978 sq ft. Based on URA’s estimation, it can potentially generate about 775 non commercial units.
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, together with the non commercial place at Media Circle.
The Marina Gardens Crescent site is the second spot offer for sale in the Marina Gardens place, shortly after the GLS site at the nearby 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 site is zoned “housing with business at 1st storey”.
The bid rate works out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white location.
The Marina Gardens Crescent site is beside the Marina South MRT terminal and close to the Marina Bay Financial Area and Gardens by the Bay.
“If awarded the spot, we will establish a new and impressive mixed development providing for local citizens and a variety of companies, and contribute to the Government’s vision of making Marina South a desirable, self-sufficient and community-centric community.” says a GuocoLand spokesperson in an announcement.
The Marina Gardens Crescent white site drew just one proposal at $770.46 million, provided by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint venture between Hong Leong Holdings and Japanese builder Mitsui Fudosan).
The white spot can be become a mixed-use venture with commercial, hotel, residence, sports and leisure and other appropriate elements or a combination of 2 or more of these utilizations.
The Kingsford-led consortium’s investment cost at $1,402 psf ppr is 42.5% higher than the $984 psf ppr sent by GuocoLand and its joint venture partners.
Lee Sze Teck, senior executive of information analytics at Huttons Asia, says that the complexity of structure near to an MRT line and providing an underground pedestrian link might have been major factors to consider in the real estate investors’ tender for the location.
