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, along with the residence area at Media Circle.
The Kingsford-led consortium’s purchase price at $1,402 psf ppr is 42.5% greater than the $984 psf ppr submitted by GuocoLand and its joint business venture partners.
The white spot could be turned into a mixed-use undertaking with commercial, lodging, housing, sports and leisure and various other appropriate parts or a mix of two or more of these utilizations.
The Marina Gardens Crescent white area drew only one proposal at $770.46 million, provided by a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint enterprise between Hong Leong Holdings and Japanese developer Mitsui Fudosan).
Lee Sze Teck, higher director of data analytics at Huttons Asia, claims that the complexity of building close to an MRT line and presenting an alternative pedestrian channel may have been major factors to consider in the property developers’ tender for the site.
The Marina Gardens Crescent spot is beside the Marina South MRT terminal and close to the Marina Bay Financial District and Gardens by the Bay.
“If alloted the spot, we will certainly establish a new and exciting mixed property development catering to community people and a variety of businesses, and add to the Government’s vision of making Marina South a desirable, sustainable and community-centric area.” claims a GuocoLand spokesperson in an announcement.
The location has a highest gross floor surface area of 782,978 sq ft. Based upon URA’s evaluation, it can potentially generate approximately 775 residential units.
The bid price works out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
The Marina Gardens Crescent area is the second spot available in the Marina Gardens place, shortly after the GLS site at the surrounding Marina Gardens Lane was offered in June past year to a Kingsford Group-led consortium of property developers for $1.034 billion ($1,402 psf ppr). The location is zoned “residential with retail at 1st storey”.