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

Lee Sze Teck, senior director of information analytics at Huttons Asia, states that the complexity of structure close to an MRT line and presenting an alternative pedestrian channel might have been major factors to consider in the property developers’ bid for the location.

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

The site has a total gross floor area of 782,978 sq ft. Based upon URA’s evaluation, it can possibly yield approximately 775 non commercial units.

The white site can be become a mixed-use project with commercial, hotel, residential, sporting activities and leisure and various other appropriate elements or a mix of 2 or extra of these uses.

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

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

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

The Marina Gardens Crescent area is the second location available in the Marina Gardens area, after the GLS site at the nearby Marina Gardens Lane was marketed in June past year to a Kingsford Group-led consortium of builders for $1.034 billion ($1,402 psf ppr). The place is zoned “non commercial with business at 1st floor”.

Hillhaven floor plan

“If awarded the site, we will establish a new and exciting combined project accommodating local citizens and a variety of services, and contribute to the Government’s vision of making Marina South a captivating, renewable and community-centric area.” says a GuocoLand representative in a statement.

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

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