GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr

The Marina Gardens Crescent site is the 2nd site available for sale in the Marina Gardens place, right after the GLS site at the nearby Marina Gardens Lane was marketed in June past year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The location is zoned “residential with retail at 1st level”.

The Kingsford-led consortium’s purchase price at $1,402 psf ppr is 42.5% higher than the $984 psf ppr sent by GuocoLand and its joint business venture affiliates.

The location has a total gross flooring location of 782,978 sq ft. Based on URA’s estimation, it can most likely yield around 775 household units.

The Marina Gardens Crescent white website attracted just 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 property developer Mitsui Fudosan).

“If alloted the area, we will establish a brand-new and impressive combined development catering to neighborhood people and a selection of businesses, and contribute to the Government’s vision of making Marina South a desirable, renewable and community-centric area.” states a GuocoLand speaker in an announcement.

Marina View Residences IOI Properties

The quote rate calculates to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white location.

Lee Sze Teck, higher executive of data analytics at Huttons Asia, says that the complexity of building near an MRT line and presenting an alternative pedestrian link might have been essential considerations in the builders’ proposition for the site.

The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, together with the non commercial place at Media Circle.

The Marina Gardens Crescent spot is next to the Marina South MRT terminal and near the Marina Bay Financial District and Gardens by the Bay.

The white spot can possibly be become a mixed-use venture with commercial, lodging, housing, sporting activities and entertainment and various other suitable elements or a mix of 2 or additional of these uses.

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