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

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

The location has a maximum gross floor surface area of 782,978 sq ft. Based upon URA’s estimate, it can most likely yield about 775 household units.

The Marina Gardens Crescent site is the 2nd location for sale in the Marina Gardens place, shortly after the GLS site at the nearby Marina Gardens Lane was sold in June last year to a Kingsford Group-led consortium of builders for $1.034 billion ($1,402 psf ppr). The place is zoned “housing with commercial at 1st floor”.

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

The white location can possibly be become a mixed-use venture with commercial, hotels and resort, residential, sports and entertainment and other compatible elements or a combination of 2 or more of these uses.

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

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

Lee Sze Teck, senior director of information analytics at Huttons Asia, says that the complexity of structure near to an MRT line and giving an alternative pedestrian channel may have been key considerations in the developers’ bid for the location.

J’Den Condo Jurong East Central Road

“If alloted the area, we will develop a brand-new and exciting mixed property development providing for neighborhood citizens and a selection of businesses, and contribute to the Government’s vision of making Marina South a desirable, renewable and community-centric district.” says a GuocoLand spokesperson in a statement.

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