GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
Lee Sze Teck, senior executive of data analytics at Huttons Asia, claims that the complexity of establishment close to an MRT line and providing an underground pedestrian connection might have been essential factors to consider in the real estate investors’ tender for the site.
The Marina Gardens Crescent white site drew just one proposal at $770.46 million, submitted by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint venture in between Hong Leong Holdings and Japanese property developer Mitsui Fudosan).
The white location can possibly be developed into a mixed-use undertaking with commercial, hotel, non commercial, sporting activities and recreational and various other appropriate parts or a combination of 2 or additional of these utilizations.
The place has a maximum gross floor area of 782,978 sq ft. Based on URA’s estimation, it can most likely generate approximately 775 residential units.
The Marina Gardens Crescent site is beside the Marina South MRT station and near to the Marina Bay Financial District and Gardens by the Bay.
The Kingsford-led consortium’s investment rate at $1,402 psf ppr is 42.5% higher than the $984 psf ppr provided by GuocoLand and its joint project partners.
The Marina Gardens Crescent area is the second spot for sale in the Marina Gardens area, after the GLS site at the surrounding Marina Gardens Lane was offered in June previous year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The location is zoned “non commercial with business at 1st storey”.
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, together with the non commercial spot at Media Circle.
The proposal cost calculates to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white location.
“If granted the spot, we will establish a new and exciting combined development catering to neighborhood people and a selection of companies, and add to the Government’s vision of making Marina South an appealing, renewable and community-centric community.” states a GuocoLand representative in a statement.