GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The white location could be developed into a mixed-use project with commercial, hotels and resort, housing, sporting activities and entertainment and various other suitable components or a mix of two or more of these uses.
The Kingsford-led consortium’s investment rate at $1,402 psf ppr is 42.5% higher than the $984 psf ppr provided by GuocoLand and its joint project affiliates.
The Marina Gardens Crescent site is alongside the Marina South MRT station and near the Marina Bay Financial Area and Gardens by the Bay.
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, along with the residential site at Media Circle.
The Marina Gardens Crescent white area drew just one proposal at $770.46 million, provided by a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint enterprise between Hong Leong Holdings and Japanese builder Mitsui Fudosan).
“If granted the spot, we will establish a new and impressive mixed property development accommodating neighborhood people and a range of enterprises, and contribute to the State’s vision of making Marina South a captivating, sustainable and community-centric community.” states a GuocoLand spokesperson in a report.
The Marina Gardens Crescent area is the 2nd location offer for sale in the Marina Gardens place, after the GLS site at the adjacent Marina Gardens Lane was marketed in June previous year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The location is zoned “housing with business at 1st level”.
The proposal cost works out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
The location has a maximum gross floor surface location of 782,978 sq ft. Based on URA’s evaluation, it can possibly produce about 775 readily available units.
Lee Sze Teck, higher executive of data analytics at Huttons Asia, states that the complexity of establishment close to an MRT line and offering an alternative pedestrian channel might have been important considerations in the property developers’ proposition for the site.
