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

The Marina Gardens Crescent area is the second location for sale in the Marina Gardens region, shortly after the GLS site at the nearby Marina Gardens Lane was marketed in June last year to a Kingsford Group-led consortium of property developers for $1.034 billion ($1,402 psf ppr). The site is zoned “residential with retail at 1st storey”.

“If granted the spot, we will certainly create a new and impressive mixed project providing for neighborhood people and a variety of enterprises, and contribute to the Government’s vision of making Marina South a captivating, renewable and community-centric community.” says a GuocoLand speaker in a report.

The Arden floor plan

Lee Sze Teck, higher director of data analytics at Huttons Asia, says that the complexity of structure near an MRT line and providing an underground pedestrian connection might have been key considerations in the developers’ bid for the place.

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

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

The Marina Gardens Crescent white website attracted just one proposal at $770.46 million, provided by a consortium including GuocoLand, Hong Leong Holdings and TID (a joint enterprise between Hong Leong Holdings and Japanese developer Mitsui Fudosan).

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

The site has a total gross floor surface location of 782,978 sq ft. Based upon URA’s estimate, it can most likely generate around 775 readily available units.

The white location can be developed into a mixed-use venture with retail, lodging, residential, sporting activities and leisure and various other compatible components or a mix of 2 or more of these utilizations.

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

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