GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, along with the non commercial spot at Media Circle.
The quote price calculates to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
Lee Sze Teck, senior executive of data analytics at Huttons Asia, says that the complexity of building close to an MRT line and offering an underground pedestrian link might have been major factors to consider in the property developers’ proposition for the place.
The Marina Gardens Crescent site is beside the Marina South MRT terminal and near to the Marina Bay Financial Area and Gardens by the Bay.
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 business venture partners.
The location has a total gross flooring area of 782,978 sq ft. Based on URA’s estimation, it can most likely yield about 775 non commercial units.
The Marina Gardens Crescent white site drew only one bid at $770.46 million, submitted by a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint venture in between Hong Leong Holdings and Japanese builder Mitsui Fudosan).
The white site could be developed into a mixed-use undertaking with retail, hotels and resort, residential, sports and leisure and various other suitable parts or a mix of two or additional of these utilizations.
The Marina Gardens Crescent area is the second location available for sale in the Marina Gardens region, shortly after the GLS site at the surrounding Marina Gardens Lane was offered in June previous year to a Kingsford Group-led consortium of real estate investors for $1.034 billion ($1,402 psf ppr). The site is zoned “residential with business at 1st floor”.
“If alloted the area, we will establish a brand-new and interesting blended development catering to neighborhood people and a range of businesses, and contribute to the State’s vision of making Marina South a captivating, sustainable and community-centric area.” claims a GuocoLand speaker in a report.
