GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The Kingsford-led consortium’s acquisition rate at $1,402 psf ppr is 42.5% more than the $984 psf ppr sent by GuocoLand and its joint venture affiliates.
The Marina Gardens Crescent white area attracted only one proposal at $770.46 million, sent by a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan).
The place has a maximum gross floor surface location of 782,978 sq ft. Based on URA’s estimate, it can potentially yield around 775 residential units.
“If awarded the area, we will certainly establish a brand-new and interesting blended development accommodating neighborhood residents and a variety of companies, and contribute to the National’s vision of making Marina South a desirable, sustainable and community-centric area.” says a GuocoLand representative in a report.
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.
The Marina Gardens Crescent site is alongside the Marina South MRT station and close to the Marina Bay Financial Area and Gardens by the Bay.
Lee Sze Teck, higher executive of data analytics at Huttons Asia, claims that the complexity of structure close to an MRT line and giving an alternative pedestrian link might have been important factors to consider in the real estate investors’ bid for the location.
The white location could be developed into a mixed-use venture with retail, lodging, non commercial, sports and recreational and various other suitable components or a combination of two or more of these usages.
The proposal rate figures out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white site.
The Marina Gardens Crescent site is the 2nd site for sale in the Marina Gardens area, after the GLS site at the adjacent Marina Gardens Lane was offered in June past year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The location is zoned “housing with retail at 1st level”.
