White site at Marina View launched for sale
The White plot at Marina View has been debuted procurable, and also a developer has actually committed to propose at the very least $1.508 bil for it, revealed the Urban Redevelopment Authority on Monday 28 June.
With an area of 7,817.6 sq meter, the ground runs within the Reservation List of the early half 2021 Government Land Sales programme as well as is expected for blended use development with resort, residence, retail and/or serviced apartment.
The site is foreseed to yield 9hundred 5 property apartments, 540 hotel rooms and also 2K sq meter in GFA of retail capacity.
Located inside of the Marina Bay area, the location is neighboring the Marina Bay and also Downtown Mass Rapid Transit terminals, in addition to the future Shenton Way Thomson-East Coast Line MRT station. It is in addition close to the conference and resort center at Marina Centre as well as the blended hotel at MBS.
The offer for the spot will close on 21Sept2021.
“Every bidding listed below the minimum tender amount of $1.508 bil will certainly not be received,” said Urban Redevelopment Authority.
Huttons Asia expects the site to “draw no more than five offerors consisted of consortiums considering the huge sum as well as bigger threats included”.
It documented the fact that right now there is zero brand-new offer of apartments inside Area 1, besides V on Shenton together with Marina One Residences.
“With inoculations happening globally also world-wide travel starting in the near future, this site furnishes a primary mover leverage to construtors who plan to present brand new hospitality conceptualization to tourists,” it stated.
Huttons projects the eventual sale amount intended for the location to settle from $One thousand Seven hundred to $2K psf and the resulting market price at larger than $3thousand psf.