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

The Marina Gardens Crescent white place attracted just one proposal at $770.46 million, provided by a consortium including GuocoLand, Hong Leong Holdings and TID (a joint opportunity in between Hong Leong Holdings and Japanese builder Mitsui Fudosan).

The location has a highest gross floor area of 782,978 sq ft. Based upon URA’s estimation, it can essentially generate approximately 775 residential units.

Lee Sze Teck, senior executive of information analytics at Huttons Asia, states that the complexity of structure close to an MRT line and offering an alternative pedestrian channel may have been key factors to consider in the property developers’ bid for the place.

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

Sora Condo floor plan

“If alloted the site, we will certainly create a brand-new and impressive combined project catering to community residents and a variety of businesses, and add to the National’s vision of making Marina South an attractive, renewable and community-centric area.” says a GuocoLand spokesperson in an announcement.

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

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

The white site can be turned into a mixed-use undertaking with commercial, hotel, non commercial, sports and leisure and other appropriate components or a combination of two or extra of these utilizations.

The Kingsford-led consortium’s investment cost at $1,402 psf ppr is 42.5% higher than the $984 psf ppr provided by GuocoLand and its joint business venture associates.

The Marina Gardens Crescent area is the second location available for sale in the Marina Gardens region, shortly after the GLS site at the surrounding Marina Gardens Lane was sold in June past 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”.

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