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

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

The Marina Gardens Crescent area is the second location up for sale in the Marina Gardens region, shortly after the GLS site at the adjacent Marina Gardens Lane was offered in June previous year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The site is zoned “housing with commercial at 1st level”.

The white spot could be turned into a mixed-use undertaking with commercial, hotels and resort, residential, sports and recreational and various other appropriate parts or a mix of two or more of these utilizations.

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

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.

The site has a highest gross floor surface location of 782,978 sq ft. Based on URA’s estimate, it can possibly yield around 775 residential units.

“If alloted the site, we will establish a brand-new and impressive blended property development accommodating local people and a variety of enterprises, and add to the National’s vision of making Marina South a captivating, self-sufficient and community-centric area.” says a GuocoLand representative in a statement.

The Botany at Dairy Farm floor plan

Lee Sze Teck, higher director of information analytics at Huttons Asia, states that the complexity of establishment near to an MRT line and presenting an underground pedestrian link might have been important considerations in the real estate investors’ bid for the location.

The proposal 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 area attracted just one quote at $770.46 million, sent by a consortium including GuocoLand, Hong Leong Holdings and TID (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan).

error: Content is protected !!