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

Lee Sze Teck, senior director of information analytics at Huttons Asia, states that the complexity of establishment near an MRT line and presenting an alternative pedestrian channel may have been major considerations in the property developers’ proposal for the location.

The site has a total gross floor surface location of 782,978 sq ft. Based on URA’s estimate, it can essentially produce around 775 residential units.

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

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The white spot can possibly be developed into a mixed-use venture with retail, lodging, housing, sports and recreational and various other appropriate parts or a mix of 2 or additional of these uses.

The Marina Gardens Crescent site is the second location offer for sale in the Marina Gardens area, shortly after the GLS site at the surrounding Marina Gardens Lane was sold in June past year to a Kingsford Group-led consortium of property developers for $1.034 billion ($1,402 psf ppr). The site is zoned “non commercial with retail at 1st level”.

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

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

The Marina Gardens Crescent white site attracted only one quote at $770.46 million, submitted by a consortium consisting of GuocoLand, Hong Leong Holdings and TID (a joint opportunity between Hong Leong Holdings and Japanese property developer Mitsui Fudosan).

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

“If awarded the site, we will establish a new and exciting blended property development accommodating neighborhood people and a selection of companies, and contribute to the State’s vision of making Marina South an attractive, renewable and community-centric district.” claims a GuocoLand representative in an announcement.

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