GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The location has a highest gross flooring area of 782,978 sq ft. Based upon URA’s evaluation, it can essentially produce around 775 household units.
“If granted the area, we will establish a new and impressive blended property development providing for community residents and a variety of businesses, and add to the National’s vision of making Marina South an appealing, renewable and community-centric area.” claims a GuocoLand spokesperson in a statement.
The Kingsford-led consortium’s investment cost at $1,402 psf ppr is 42.5% higher than the $984 psf ppr provided by GuocoLand and its joint venture affiliates.
The white spot can be turned into a mixed-use venture with retail, hotel, housing, sports and entertainment and various other appropriate parts or a mix of 2 or more of these utilizations.
The proposal price figures out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
The Marina Gardens Crescent site is the second site offer for sale in the Marina Gardens place, after the GLS site at the nearby Marina Gardens Lane was sold in June last year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The site is zoned “housing with commercial at 1st floor”.
The Marina Gardens Crescent white area attracted just one quote at $770.46 million, submitted by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint enterprise in between Hong Leong Holdings and Japanese developer Mitsui Fudosan).
The Marina Gardens Crescent site is next to the Marina South MRT terminal and near to the Marina Bay Financial Area and Gardens by the Bay.
Lee Sze Teck, senior executive of information analytics at Huttons Asia, claims that the complexity of building near to an MRT line and giving an alternative pedestrian link may have been important considerations in the developers’ proposal for the place.
The government land sales (GLS) tender for the white spot at Marina Gardens Crescent closed on Jan 18, alongside the residence spot at Media Circle.
