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

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

The Marina Gardens Crescent white website attracted just one proposal at $770.46 million, sent by a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint venture in between Hong Leong Holdings and Japanese builder Mitsui Fudosan).

The location has a highest gross floor area of 782,978 sq ft. Based on URA’s evaluation, it can possibly generate approximately 775 household units.

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

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

The Marina Gardens Crescent site is the 2nd spot up for sale in the Marina Gardens place, after the GLS site at the nearby Marina Gardens Lane was offered in June last year to a Kingsford Group-led consortium of property developers for $1.034 billion ($1,402 psf ppr). The place is zoned “residential with commercial at 1st level”.

The white site can possibly be become a mixed-use venture with retail, lodging, residence, sports and entertainment and other compatible components or a mix of two or more of these utilizations.

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

Lakegarden Residences condo

“If alloted the spot, we will create a new and exciting mixed development accommodating community people and a selection of services, and add to the National’s vision of making Marina South a captivating, renewable and community-centric community.” claims a GuocoLand speaker in a report.

Lee Sze Teck, senior executive of information analytics at Huttons Asia, states that the complexity of building near to an MRT line and giving an underground pedestrian link may have been important considerations in the developers’ proposition for the site.

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