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About Marina View Site
With a bid of $1.508 billion, a premier property in Marina View that allows for a variety of uses was put up from the government’s reserve list, signaling increased demand for premier residential units inside the Central Business District, experts said.
The Urban Redevelopment Authority (URA) did not disclose the developer that successfully submitted for the white site’s release when it announced it on Thursday (June 10) that it had been activated for launch.
On June 28, the URA will put the property up for sale via a public tender.
The developer has agreed to pay at least $1.508 billion for the land, which equates to $1,379 per sq ft per plot ratio (ppr).
It has the potential to produce 905 private residential units, 2,000 square meters of commercial space, and 540 hotel rooms.
Marina View Location
The Marina View site, which is located in the CBD and near the forthcoming Shenton Way MRT station, should profit from the Greater Southern Waterfront development, which will stretch from Pasir Panjang to Marina East.
It it near to Marina Bay Sands (MBS), Lau Pat Sat, Vivo City, Chinatown and numerous MRT all within walking distance.
Most government land sales (GLS) white sites in the Marina Bay downtown area, according to Mr Nicholas Mak, head of research and consulting at ERA Realty, were utilized mostly for office building.
The Marina View site, on the other hand, is unique in that a substantial chunk of it will be used for residential construction and a hotel, he said.
Potential of the Site
Developers may be tempted to the location because it permits them to develop residential units and take advantage of the city’s relatively restricted residential supply.
“Some recent debuts in the downtown core region, such as The M and Midtown Modern, have been well received,” said Ms Wong Siew Ying, PropNex’s director of research and content.
Mr Wong Xian Yang, of Cushman & Wakefield in Singapore, believes that as more family offices set up business in the city-state, demand for premier residential flats inside the CBD would grow.
“Marina One Residences was the most recent large property to open in District 1, and it is almost sold out. In 2020, 185 apartments were exchanged (including both new and resales), up from 140 units in 2019 “.
The white site at Marina View had been on the reserve list since October 2011, but was taken off in 2015 for an “examination of its development intentions,” according to URA in June 2015.
After the assessment, the site was made available for sale again in 2018, and it has been on the reserve list since then.
According to analysts, the white site adjacent to Asia Square Tower 1 on Central Boulevard Tower is the most similar land sale to Marina View.
The plot was triggered at $1.536 billion and sold to IOI Properties Group for $2.57 billion in November 2016. This equated to a land rate of $1,689 per square foot per year.
Given Singapore’s current low tourist arrivals of 108,633 between January and May 2021 as a result of travel restrictions following the Covid-19 resurgence in Asia, Mr Leonard Tay, head of research at Knight Frank Singapore, said the government is being cautious by not adding any new hotel sites to the confirmed and reserve list.
This site at Marina View, being able to build hotel, offices, and residential condominium is likely to be a highly sought-after and vibrant area once it’s TOP.
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Marina Bay New Condo | GLS 2021
The Marina View site, which is located in the CBD and near the forthcoming Shenton Way MRT station, should profit from the Greater Southern Waterfront development, which will stretch from Pasir Panjang to Marina East.
Product SKU: Marina Bay New Condo | GLS 2021
Product Brand: Property Review
Product Currency: SGD
Product Price: 18590000
Product In-Stock: InStock
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