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

The location has a maximum gross flooring area of 782,978 sq ft. Based upon URA’s evaluation, it can potentially generate approximately 775 household units.

Lee Sze Teck, senior supervisor of information analytics at Huttons Asia, states that the complexity of structure near to an MRT line and presenting an alternative pedestrian channel may have been key factors to consider in the real estate investors’ bid for the place.

The Marina Gardens Crescent site is the 2nd spot available for sale in the Marina Gardens area, shortly after the GLS site at the nearby Marina Gardens Lane was marketed in June previous year to a Kingsford Group-led consortium of real estate investors for $1.034 billion ($1,402 psf ppr). The location is zoned “residential with business at 1st floor”.

Tembusu Grand Singapore

The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, along with the residential area at Media Circle.

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

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

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).

“If granted the site, we will create a brand-new and interesting mixed project catering to community citizens and a range of services, and add to the Government’s vision of making Marina South a captivating, sustainable and community-centric area.” says a GuocoLand representative in a report.

The white location can be turned into a mixed-use project with commercial, hotel, housing, sports and entertainment and various other suitable components or a combination of 2 or extra of these uses.

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

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