In the most recent government land sales (GLS) tender, the white site at Marina Gardens Crescent in Singapore received only one bid of $770.46 million.
The offer was presented by a consortium of GuocoLand, together with Hong Leong Holdings, and TID and it proposes the development of a mixed-use project in Marina South, with a focus on building a thriving community-centric zone.
The bid equates to $984 per square foot per plot ratio (psf ppr) for the 1.73-hectare white site with a 99-year leasehold.
The land has been zoned for a variety of purposes, including residential, commercial, hotel, sports & recreational, or a mix of these.
According to the Urban Redevelopment Authority (URA), the site’s maximum gross floor area (GFA) for development is 782,978 square feet in total.
Based on estimates, the future new launch may accommodate around 775 private homes.
This is the second GLS site sold within the Marina Gardens region, following the sale of the Marina Gardens Lane site to a consortium led by Kingsford Group for a whopping $1.034 billion last year.
Notably, the consortium’s acquisition price of $1,402 psf ppr was 42.5 per cent higher than GuocoLand and its partners’ proposal for the Marina Gardens Crescent land.
One analyst believes that the challenges of building near an MRT line and constructing an underground linkway for pedestrians may have influenced the property developers’ bidding strategy.
The Marina Gardens Crescent land parcel’s excellent position near the existing Marina South MRT station, Marina Bay Financial District, and also tourist attraction Gardens by the Bay contributes to its potential for development.