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

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

The Marina Gardens Crescent area is the second site offer for sale in the Marina Gardens place, right after the GLS site at the adjacent 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 site is zoned “housing with retail at 1st storey”.

“If granted the area, we will create a brand-new and interesting blended property development accommodating community citizens and a range of companies, and add to the State’s vision of making Marina South an appealing, self-sufficient and community-centric area.” states a GuocoLand spokesperson in a statement.

The Kingsford-led consortium’s investment price at $1,402 psf ppr is 42.5% higher than the $984 psf ppr sent by GuocoLand and its joint project affiliates.

Lee Sze Teck, senior executive of information analytics at Huttons Asia, states that the complexity of structure near an MRT line and presenting an underground pedestrian channel may have been major considerations in the developers’ proposal for the place.

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

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.

Terra Hill Hoi Hup Realty & Sunway

The white spot could be developed into a mixed-use venture with commercial, hotels and resort, residence, sporting activities and recreational and various other compatible components or a combination of two or more of these utilizations.

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

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

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