White site at Marina View launched for sale
The White plot at Marina View has actually been opened offer for sale, and a property developer has actually executed to bid at the very least $1.508 bil for the location, released the Urban Redevelopment Authority on Monday 28 Jun.
Including a stretch of 7,817.6 square m, the site runs under the Reservation Checklist of the early half 2021 Government Land Sales program and also is intended for different use property with hotel, housing, business and/or serviced apartment.
The spot is projected to provide 905 lodging flats, 5hundred 40 resort suites together with 2K square m in GFA of retail area.
Located among the Marina Bay vicinity, the ground is neighboring the Marina Bay plus Downtown MRT terminals, alongside the future Shenton Way TEL MRT station. It is likewise close to the conference and hotel center at Marina Centre and also the blended resort at MBS.
The tender for the plot are going to end on 21Sept’21.
“Any offer lower than the minimal tender deal of $1.508 bil will certainly not be signed,” expressed URA.
Huttons Asia projects the site to “lure approximately five bidders included of consortiums given the significant quantum and also higher risks involved”.
It noted the fact that presently there is no brand new fill of houses within District One, besides V on Shenton and Marina One Residences.
“With vaccinations taking place around the globe and international traveling resuming swiftly, this ground furnishes a first mover benefit to property developers who plan to introduce new accommodation plan to travellers,” it mentioned.
Huttons expects the prospective price for the site to float from $1.7K to $2,000 psf and the resulting market price at exceeding $3,000 psf.