The government land sales (GLS) tender for the Marina Gardens Crescent white site has concluded, with an interesting outcome. A consortium led by GuocoLand, alongside Hong Leong Holdings and TID (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan), emerged as the sole bidder for this coveted piece of land.
The bid they submitted was substantial, totaling $770.46 million, equating to an impressive rate of $984 per square foot per plot ratio (psf ppr) for this 99-year leasehold, 1.73-hectare white site. The magnitude of this bid demonstrates the strong interest and confidence that these developers have in the potential of this prime location.
Should they be awarded the site, the consortium has ambitious plans for its development. Their vision is to create a vibrant mixed-use development that will cater to the needs of the local community as well as various businesses. This aligns perfectly with the government’s vision of transforming Marina South into a sustainable and community-centric district.
One remarkable aspect of this site is its versatility. It has the potential to be transformed into a multi-faceted project, encompassing commercial spaces, a hotel, residential units, sports and recreational facilities, and more. With a maximum gross floor area of 782,978 square feet, it could potentially accommodate approximately 775 residential units, according to the Urban Redevelopment Authority’s estimation.
It’s worth noting that the Marina Gardens Crescent white site is the 2nd site to be put up for sale in the Marina Gardens area. The adjacent Marina Gardens Lane site was sold to a consortium led by the Kingsford Group last year for an impressive $1.034 billion, which translates to $1,402 psf ppr. The fact that the GuocoLand-led consortium’s bid of $984 psf ppr is lower by 42.5% raises interesting questions about the factors influencing these bids.
Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, suggests that the complexities associated with building in close proximity to an MRT line and providing an underground pedestrian link might have played a significant role in developers’ considerations during the bidding process.
The Marina Gardens Crescent site’s strategic location is undeniably one of its strongest selling points. Situated next to the Marina South MRT station and in close proximity to the Gardens by the Bay, Marina Bay Sands and Marina Bay Financial District, it holds immense potential for creating a thriving and sought-after community.
As the Singapore property market continues to evolve, the successful bid for the Marina Gardens Crescent white site by the GuocoLand-led consortium is a clear indicator of the enduring appeal and potential of prime real estate in the city-state. With their commitment to delivering an exceptional mixed-use development, it will be fascinating to witness how this project unfolds and contributes to the ever-changing Singaporean landscape.
