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

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

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

The place has a total gross floor surface area of 782,978 sq ft. Based upon URA’s estimate, it can potentially yield around 775 residential units.

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 venture between Hong Leong Holdings and Japanese property developer Mitsui Fudosan).

“If awarded the area, we will certainly establish a new and impressive blended property development accommodating local people and a range of services, and contribute to the State’s vision of making Marina South a desirable, self-sufficient and community-centric community.” says a GuocoLand speaker in an announcement.

The Continuum condo

The white location can possibly be developed into a mixed-use undertaking with commercial, lodging, residential, sports and entertainment and other compatible components or a combination of two or more of these utilizations.

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

The Marina Gardens Crescent spot is alongside the Marina South MRT terminal and close to the Marina Bay Financial Area and Gardens by the Bay.

The Marina Gardens Crescent site is the 2nd spot available for sale in the Marina Gardens area, right after the GLS site at the surrounding Marina Gardens Lane was sold in June previous 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 level”.

Lee Sze Teck, senior supervisor of information analytics at Huttons Asia, states that the complexity of establishment near to an MRT line and providing an alternative pedestrian connection may have been essential considerations in the developers’ proposal for the site.

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