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

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

The Marina Gardens Crescent white area attracted only one quote at $770.46 million, provided by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint enterprise between Hong Leong Holdings and Japanese builder Mitsui Fudosan).

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

Lee Sze Teck, higher executive of data analytics at Huttons Asia, states that the complexity of building near an MRT line and giving an underground pedestrian channel might have been essential considerations in the developers’ bid for the location.

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

The Marina Gardens Crescent site is the second location available 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 real estate investors for $1.034 billion ($1,402 psf ppr). The location is zoned “residential with business at 1st level”.

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The white site can possibly be turned into a mixed-use undertaking with commercial, lodging, residential, sports and entertainment and various other suitable components or a combination of two or more of these usages.

The place has a maximum gross floor surface area of 782,978 sq ft. Based upon URA’s evaluation, it can essentially yield about 775 readily available units.

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

“If alloted the area, we will certainly develop a new and impressive blended property development providing for neighborhood people and a variety of businesses, and contribute to the State’s vision of making Marina South a captivating, renewable and community-centric community.” says a GuocoLand spokesperson in an announcement.