GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The proposal cost calculates to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white spot.
The Kingsford-led consortium’s acquisition cost at $1,402 psf ppr is 42.5% higher than the $984 psf ppr provided by GuocoLand and its joint venture affiliates.
The white site can possibly be developed into a mixed-use project with retail, lodging, housing, sporting activities and recreational and other appropriate elements or a combination of two or more of these uses.
The government land sales (GLS) tender for the white spot at Marina Gardens Crescent closed on Jan 18, alongside the residential area at Media Circle.
The Marina Gardens Crescent site is the second location offer for sale in the Marina Gardens area, after the GLS site at the surrounding Marina Gardens Lane was marketed in June past year to a Kingsford Group-led consortium of property developers for $1.034 billion ($1,402 psf ppr). The site is zoned “non commercial with business at 1st level”.
“If alloted the spot, we will certainly establish a new and interesting blended development accommodating neighborhood citizens and a selection of services, and contribute to the Government’s vision of making Marina South a captivating, renewable and community-centric community.” claims a GuocoLand speaker in a report.
Sceneca Residences condominium
The Marina Gardens Crescent spot is alongside the Marina South MRT terminal and near the Marina Bay Financial District and Gardens by the Bay.
The Marina Gardens Crescent white place drew only one quote at $770.46 million, sent by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint venture in between Hong Leong Holdings and Japanese developer Mitsui Fudosan).
The location has a maximum gross floor surface area of 782,978 sq ft. Based upon URA’s estimation, it can possibly generate approximately 775 residential units.
Lee Sze Teck, higher executive of information analytics at Huttons Asia, claims that the complexity of building near an MRT line and providing an alternative pedestrian connection might have been essential factors to consider in the builders’ tender for the location.
