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

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

“If alloted the site, we will develop a brand-new and impressive blended project providing for community citizens and a variety of businesses, and contribute to the National’s vision of making Marina South a desirable, sustainable and community-centric community.” states a GuocoLand spokesperson in a report.

The site has a highest gross floor area of 782,978 sq ft. Based on URA’s estimate, it can possibly generate about 775 readily available units.

The white spot can be developed into a mixed-use undertaking with retail, hotels and resort, non commercial, sporting activities and recreational and other suitable elements or a mix of two or additional of these usages.

Lentor Mansion condo

The Marina Gardens Crescent area is the 2nd site offer for sale in the Marina Gardens area, after the GLS site at the surrounding 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 site is zoned “residential with retail at 1st floor”.

The Marina Gardens Crescent white area drew only one bid at $770.46 million, sent by a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint enterprise between Hong Leong Holdings and Japanese builder Mitsui Fudosan).

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

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

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

Lee Sze Teck, senior supervisor of information analytics at Huttons Asia, says that the complexity of structure close to an MRT line and presenting an underground pedestrian connection might have been major factors to consider in the developers’ proposal for the location.

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