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

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

The Marina Gardens Crescent white website drew only one quote at $770.46 million, submitted by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint opportunity between Hong Leong Holdings and Japanese builder Mitsui Fudosan).

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

The Hill @ One North condominium

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

The site has a total gross floor area of 782,978 sq ft. Based upon URA’s estimation, it can potentially yield around 775 readily available units.

The white location can be become a mixed-use venture with retail, hotel, housing, sporting activities and recreational and other compatible parts or a mix of 2 or extra of these usages.

Lee Sze Teck, senior executive of information analytics at Huttons Asia, says that the complexity of structure near to an MRT line and providing an underground pedestrian connection might have been important considerations in the builders’ proposal for the site.

“If granted the area, we will establish a new and exciting combined project catering to local citizens and a variety of companies, and contribute to the State’s vision of making Marina South a captivating, renewable and community-centric community.” says a GuocoLand representative in a report.

The Kingsford-led consortium’s acquisition rate at $1,402 psf ppr is 42.5% greater than the $984 psf ppr submitted by GuocoLand and its joint business venture affiliates.

The proposal rate figures out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.


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