White site at Marina View launched for sale
The White spot at Marina View has actually been commenced obtainable, and even a real estate investor has actually acted to tender at minimum $1.508 bil for the site, introduced the Urban Redevelopment Authority on Mon 28 Jun.
With a surface area of 7,817.6 square meter, the location comes beneath the Reserve Listing of the early half ’21 Government Land Sales program and also is meant for combined purpose development with hotel, domestic, retail and/or serviced flat.
The ground is expected to yield 905 living apartments, Five hundred Forty resort rooms together with 2thousand sq meter in GFA of commercial area.
Positioned among the Marina Bay area, the site is in close proximity to the Marina Bay and also Downtown Mass Rapid Transit stations, in addition to the future Shenton Way Thomson-East Coast Line Mass Rapid Transit station. It is furthermore alongside the convention and hotel room core at Marina Centre plus the blended holiday spot at MBS.
The tender for the site will wrap up on 21Sept2K21.
“Any specific tender lower than the minimal proposal amount of $1.508 billion will not be acknowledged,” shared Urban Redevelopment Authority.
Huttons Asia anticipates the site to “draw in no more than five bidders made up of unions considering the significant quantum as well as greater dangers involved”.
It noted the fact that at this time there is zero new produce of residences inside Area 1, except for V on Shenton and Marina One Residences.
“With vaccinations occurring worldwide and also worldwide transit coming back in a short time, this plot offers a primary mover advantage to developers that desire to launch fresh hospitality plan to travelers,” it announced.
Huttons forecasts the resulting sale rate to get the site to settle from $One thousand Seven hundred to $2K psf and the eventual asking price at beyond $Three thousand per sq foot.