GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr
The government land sale (GLS), tender for the white area at Marina Gardens Crescent along with the Media Circle residential area, closed out on January 18.
Marina Gardens Crescent’s white site attracted just one bid for $770.46m, which was submitted by GuocoLand (a joint partnership between Hong Leong Holdings with Japanese developer Mitsui Fudosan) and TID.
If we win the site, our goal is to develop an exciting, mixed-use project that will cater to both local residents and businesses. It will also help the Government realize its vision of Marina South as a community-centric, attractive and sustainable district.
The bid is $984 per sq ft (psf/ppr) on the white 1.73ha site with a 99-year term.
The white land can be developed in a mixed use project, with commercial, housing, recreational, sports, and hotel components.
URA estimates the site’s maximum floor area at 782,978 square feet. This could result in 775 potential residential units.
The Marina Gardens Crescent plot is the second available site in the Marina Gardens district. In June, the GLS-owned site on Marina Gardens Lane next door was sold to a Kingsford Group backed consortium of developers at a price of $1.034 billion (1,402 sq ft psf). This site is zoned residential with commercial on 1st level.