White site at Marina View launched for sale
The White ground at Marina View has actually been kicked off to sell, and a property developer has recently executed to bid at minimum $1.508 bil for it, revealed the URA on Mon 28June.
With a stretch of 7,817.6 square metre, the site runs under the Reservation Listing of the initial half 2K21 Government Land Sales program and also is planned for combined use project with hotel, housing, commercial and/or serviced apartment.
The location is assumed to yield 905 house flats, 5hundred 40 hotel rooms as well as 2K sq m in GFA of retail area.
Positioned among the Marina Bay area, the ground is nearby the Marina Bay and Downtown Mass Rapid Transit terminals, and even the approaching Shenton Way Thomson-East Coast Line Mass Rapid Transit station. It is furthermore alongside the conference plus resort core at Marina Centre and even the integrated resort at Marina Bay Sands.
The bidding for the ground will close on 21Sept2K21.
“Any one bidding lesser than the minimal proposal value of $1.508 billion will certainly not be acknowledged,” pointed out URA.
Huttons Asia anticipates the location to “attract approximately five offerors consisted of companies because of the big amount and also increased risks entailed”.
It observed that right now there is no brand-new produce of residences inside District 1, other than V on Shenton and also Marina One Residences.
“With inoculations going on all over the world as well as global transit reopening shortly, this site furnishes an initial mover benefits to developers that desire to launch brand-new accommodation proposal to tourists,” it said.
Huttons presumes the eventual price intended for the ground to float from $17hundred to $2,000 per sq foot and the prospective selling price at above $3thousand per sq foot.