GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The bid cost works out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
Lee Sze Teck, higher director of information analytics at Huttons Asia, states that the complexity of building near an MRT line and providing an alternative pedestrian link may have been key factors to consider in the developers’ proposition for the place.
The place has a total gross flooring area of 782,978 sq ft. Based upon URA’s estimate, it can possibly produce about 775 residential units.
The white location can be become a mixed-use project with commercial, hotel, non commercial, sporting activities and entertainment and various other suitable parts or a combination of two or extra of these usages.
The Marina Gardens Crescent area is the 2nd location up for sale in the Marina Gardens region, shortly after the GLS site at the surrounding Marina Gardens Lane was marketed in June last 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”.
The Marina Gardens Crescent white website attracted only one quote at $770.46 million, submitted by a consortium including GuocoLand, Hong Leong Holdings and TID (a joint venture in between Hong Leong Holdings and Japanese developer Mitsui Fudosan).
The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, along with the non commercial place at Media Circle.
The Kingsford-led consortium’s investment price at $1,402 psf ppr is 42.5% more than the $984 psf ppr sent by GuocoLand and its joint business venture affiliates.
“If granted the area, we will develop a new and exciting blended development catering to neighborhood citizens and a range of companies, and contribute to the National’s vision of making Marina South an appealing, renewable and community-centric community.” says a GuocoLand speaker in an announcement.
The Marina Gardens Crescent site is next to the Marina South MRT terminal and close to the Marina Bay Financial Area and Gardens by the Bay.