GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The white site can possibly be become a mixed-use project with retail, hotel, residential, sporting activities and entertainment and other suitable parts or a combination of two or more of these uses.
“If granted the area, we will certainly establish a new and interesting blended development accommodating local citizens and a range of services, and contribute to the Government’s vision of making Marina South a captivating, self-sufficient and community-centric community.” says a GuocoLand representative in a report.
The Marina Gardens Crescent site is next to the Marina South MRT terminal and near the Marina Bay Financial Area and Gardens by the Bay.
The bid cost figures out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white location.
The Marina Gardens Crescent area is the second site available in the Marina Gardens place, after the GLS site at the surrounding Marina Gardens Lane was sold in June previous year to a Kingsford Group-led consortium of property developers for $1.034 billion ($1,402 psf ppr). The location is zoned “residential with commercial at 1st level”.
Lee Sze Teck, senior executive of information analytics at Huttons Asia, claims that the complexity of establishment near to an MRT line and giving an alternative pedestrian channel might have been major considerations in the builders’ proposition for the place.
The location has a maximum gross flooring location of 782,978 sq ft. Based upon URA’s evaluation, it can potentially yield approximately 775 residential units.
The Marina Gardens Crescent white site attracted only one proposal at $770.46 million, provided by a consortium including GuocoLand, Hong Leong Holdings and TID (a joint opportunity in between Hong Leong Holdings and Japanese builder Mitsui Fudosan).
The Kingsford-led consortium’s purchase rate at $1,402 psf ppr is 42.5% more than the $984 psf ppr sent by GuocoLand and its joint project affiliates.
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, alongside the residential site at Media Circle.