GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The government land sales (GLS) tender for the white spot at Marina Gardens Crescent closed on Jan 18, along with the residential place at Media Circle.
Lee Sze Teck, higher supervisor of information analytics at Huttons Asia, claims that the complexity of structure near to an MRT line and providing an underground pedestrian channel might have been major considerations in the real estate investors’ bid for the location.
“If awarded the area, we will certainly create a new and impressive blended property development providing for local residents and a selection of businesses, and add to the Government’s vision of making Marina South an attractive, self-sufficient and community-centric community.” claims a GuocoLand speaker in a statement.
The Marina Gardens Crescent area is the 2nd site available in the Marina Gardens place, right after the GLS site at the adjacent 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 location is zoned “housing with commercial at 1st storey”.
The site has a highest gross floor surface area of 782,978 sq ft. Based upon URA’s evaluation, it can essentially yield approximately 775 non commercial units.
The white site could be become a mixed-use venture with retail, hotel, residential, sporting activities and leisure and other compatible elements or a combination of 2 or additional of these usages.
The Kingsford-led consortium’s purchase rate at $1,402 psf ppr is 42.5% greater than the $984 psf ppr sent by GuocoLand and its joint venture partners.
The Marina Gardens Crescent spot is next to the Marina South MRT station and close to the Marina Bay Financial Area and Gardens by the Bay.
The Marina Gardens Crescent white place attracted just one proposal at $770.46 million, submitted by a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint venture between Hong Leong Holdings and Japanese property developer Mitsui Fudosan).
The quote cost calculates to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
