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

The location has a highest gross floor area of 782,978 sq ft. Based on URA’s evaluation, it can essentially produce about 775 residential units.

The Marina Gardens Crescent white place drew just one bid at $770.46 million, submitted by a consortium including GuocoLand, Hong Leong Holdings and TID (a joint enterprise between Hong Leong Holdings and Japanese developer Mitsui Fudosan).

The proposal cost calculates to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73 ha white location.

The Marina Gardens Crescent site is the second site offer for sale in the Marina Gardens area, after the GLS site at the nearby Marina Gardens Lane was sold 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 commercial at 1st floor”.

The white spot can be developed into a mixed-use project with retail, hotel, residential, sports and leisure and other suitable elements or a mix of 2 or more of these usages.

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

The Marina Gardens Crescent spot is next to the Marina South MRT station and near to the Marina Bay Financial District and Gardens by the Bay.

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Lee Sze Teck, higher executive of information analytics at Huttons Asia, states that the complexity of establishment close to an MRT line and giving an underground pedestrian channel may have been essential factors to consider in the real estate investors’ bid for the location.

“If awarded the area, we will certainly develop a new and exciting mixed development accommodating local citizens and a range of enterprises, and add to the National’s vision of making Marina South a desirable, self-sufficient and community-centric community.” says a GuocoLand representative in an announcement.

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

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