White site at Marina View launched for sale
The White location at Marina View has been launched for sale, and also a property developer has actually committed to propose at least $1.508 bil for the ground, released the URA on Mon 28Jun.
Having a surface area of 7,817.6 square meter, the spot goes within the Reserve List of the first 2 quarters ’21 Government Land Sales programme and is reserved for varying utilization development with resort, residence, commercial and/or serviced flat.
The location is predicted to offer 905 house flats, 5hundred 40 hotel rooms also 2,000 sq m in gross floor area of commercial capacity.
Situated inside the Marina Bay location, the site is close-by the Marina Bay also Downtown MRT terminals, including the future Shenton Way Thomson-East Coast Line MRT terminal. It is as well near the convention plus resort hub at Marina Centre and also the integrated resort at MBS.
The offer for the plot will wrap up on 21Sept2021.
“All the tender lower than the minimum offer pricing of $1.508 billion will not be taken,” stated URA.
Huttons Asia predicts the plot to “acquire no greater than 5 bidders consisted of consortiums because of the sizable amount as well as larger threats incorporated”.
It indicated the fact that currently there is zero new dispense of residences throughout Area 1, apart from V on Shenton as well as Marina One Residences.
“With inoculations going on all over the world and overseas transit coming back shortly, this site furnishes a first mover perk to property developers who plan to introduce fresh hospitality proposal to visitors,” it stated.
Huttons foresees the final sale rate intended for the site to range from $1,700 to $2,000 per sq ft and the resulting selling price at beyond $3,000 per sq foot.