GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The Marina Gardens Crescent white site drew just one quote at $770.46 million, provided 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 proposal rate works out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
The place has a maximum gross floor location of 782,978 sq ft. Based upon URA’s evaluation, it can possibly generate approximately 775 readily available units.
The Marina Gardens Crescent site is beside the Marina South MRT station and near to the Marina Bay Financial District and Gardens by the Bay.
The white spot can possibly be developed into a mixed-use undertaking with retail, hotel, housing, sporting activities and recreational and various other compatible elements or a mix of 2 or additional of these utilizations.
“If granted the spot, we will establish a new and exciting combined development accommodating local people and a selection of companies, and add to the State’s vision of making Marina South a desirable, renewable and community-centric district.” says a GuocoLand spokesperson in an announcement.
The government land sales (GLS) tender for the white spot at Marina Gardens Crescent closed on Jan 18, along with the non commercial site at Media Circle.
The Kingsford-led consortium’s purchase cost at $1,402 psf ppr is 42.5% more than the $984 psf ppr submitted by GuocoLand and its joint venture affiliates.
Lee Sze Teck, senior director of information analytics at Huttons Asia, claims that the complexity of structure near an MRT line and providing an underground pedestrian channel might have been major factors to consider in the developers’ proposal for the place.
The Marina Gardens Crescent site is the 2nd site for sale in the Marina Gardens area, shortly after the GLS site at the nearby Marina Gardens Lane was offered in June previous year to a Kingsford Group-led consortium of builders for $1.034 billion ($1,402 psf ppr). The site is zoned “non commercial with commercial at 1st floor”.
