GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The Marina Gardens Crescent site is the 2nd location available in the Marina Gardens place, after the GLS site at the nearby Marina Gardens Lane was marketed in June previous 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 business at 1st floor”.
The Marina Gardens Crescent site is beside the Marina South MRT station and near to the Marina Bay Financial District and Gardens by the Bay.
Lee Sze Teck, senior supervisor of information analytics at Huttons Asia, states that the complexity of building near an MRT line and presenting an underground pedestrian connection may have been essential considerations in the developers’ proposition for the place.
The Marina Gardens Crescent white area attracted just one proposal at $770.46 million, sent by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint enterprise between Hong Leong Holdings and Japanese builder Mitsui Fudosan).
The quote price calculates to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white location.
The government land sales (GLS) tender for the white spot at Marina Gardens Crescent closed on Jan 18, together with the residential area at Media Circle.
The site has a highest gross floor surface location of 782,978 sq ft. Based upon URA’s estimate, it can potentially yield about 775 residential units.
The white location could be become a mixed-use venture with commercial, hotel, non commercial, sporting activities and entertainment and various other suitable elements or a mix of two or additional of these utilizations.
“If alloted the site, we will establish a new and impressive combined development providing for neighborhood residents and a variety of enterprises, and add to the State’s vision of making Marina South a captivating, self-sufficient and community-centric community.” claims a GuocoLand representative in a statement.
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 business venture affiliates.