GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
Lee Sze Teck, higher supervisor of data analytics at Huttons Asia, says that the complexity of structure near an MRT line and offering an alternative pedestrian connection might have been key factors to consider in the builders’ proposal for the place.
The white site could be developed into a mixed-use undertaking with commercial, hotels and resort, non commercial, sporting activities and entertainment and various other suitable components or a combination of two or additional of these utilizations.
The Marina Gardens Crescent site is the 2nd location offer for sale in the Marina Gardens region, shortly after the GLS site at the surrounding 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 commercial at 1st storey”.
The Marina Gardens Crescent site is next to the Marina South MRT terminal and near to the Marina Bay Financial District and Gardens by the Bay.
The Marina Gardens Crescent white website attracted only one quote at $770.46 million, sent by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint venture in between Hong Leong Holdings and Japanese builder Mitsui Fudosan).
The government land sales (GLS) tender for the white location at Marina Gardens Crescent closed on Jan 18, along with the residential area at Media Circle.
“If awarded the site, we will develop a brand-new and impressive combined project accommodating neighborhood residents and a variety of enterprises, and add to the National’s vision of making Marina South an appealing, self-sufficient and community-centric community.” claims a GuocoLand representative in a report.
The proposal price figures out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white site.
The site has a maximum gross floor area of 782,978 sq ft. Based upon URA’s estimation, it can most likely generate about 775 household units.
The Kingsford-led consortium’s investment price at $1,402 psf ppr is 42.5% greater than the $984 psf ppr sent by GuocoLand and its joint business venture associates.
