White site at Marina View launched for sale

The White site at Marina View has already been commenced obtainable, and also a developer has acted to propose at least $1.508 bil for it, published the Urban Redevelopment Authority on Monday 28 Jun.

Avenue South Residence showflat location

Having a surface area of 7,817.6 square meter, the ground goes within the Reservation Listing of the first 2 quarters 2K21 Government Land Sales plan and also is reserved for different utilization development with hotel room, residence, commercial and/or serviced flat.

The spot is foreseed to yield 905 home apartments, Five hundred Forty resort rooms including 2,000 square m in gross floor area of retail space.

Situated inside of the Marina Bay area, the spot is close-by the Marina Bay plus Downtown Mass Rapid Transit stations, in addition to the near future Shenton Way Thomson-East Coast Line MRT terminal. It is at the same time near the conference and also hotel room center at Marina Centre and also the blended resort at Marina Bay Sands.

The tender for the ground are going to end on 21 Sept 2021.

“Any sort of bidding lower than the minimum proposal amount of $1.508 billion will not be signed,” mentioned URA.

Huttons Asia presumes the ground to “entice approximately five offerors comprised of companies given the vast amount and bigger threats incorporated”.

It noted the fact that there is zero brand new provision of residences amongst Area 1, aside from V on Shenton as well as Marina One Residences.

“With inoculations occurring internationally also international transit restarting pretty soon, this location supplies a first mover benefit to developers that want to come out with new hospitality plan to visitors,” it mentioned.

Huttons predicts the prospective deal rate for the site to hover from $1,700 to $Two thousand psf and the closing market price at more than $3K psf.

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