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

The place has a maximum gross flooring location of 782,978 sq ft. Based on URA’s estimate, it can possibly yield about 775 household units.

Lee Sze Teck, higher supervisor of information analytics at Huttons Asia, claims that the complexity of structure close to an MRT line and presenting an underground pedestrian channel may have been key factors to consider in the property developers’ bid for the location.

“If alloted the area, we will develop a brand-new and exciting mixed development catering to community citizens and a range of companies, and contribute to the National’s vision of making Marina South an attractive, renewable and community-centric district.” says a GuocoLand spokesperson in a report.

The Marina Gardens Crescent white site 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 Kingsford-led consortium’s investment rate at $1,402 psf ppr is 42.5% higher than the $984 psf ppr provided by GuocoLand and its joint venture partners.

The Marina Gardens Crescent site is alongside the Marina South MRT terminal and near the Marina Bay Financial District and Gardens by the Bay.

Hill House floor plan

The Marina Gardens Crescent area is the 2nd site available for sale in the Marina Gardens area, after the GLS site at the surrounding Marina Gardens Lane was marketed in June last year to a Kingsford Group-led consortium of real estate investors for $1.034 billion ($1,402 psf ppr). The site is zoned “housing with commercial at 1st storey”.

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

The white site could be developed into a mixed-use venture with commercial, lodging, housing, sporting activities and recreational and various other appropriate elements or a combination of 2 or extra of these uses.

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

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