The Marina View site is 7,817.6 sq m and is expected to yield 905 housing units, 540 hotel rooms and 2,000 sq m in gross floor area (GFA) of commercial space. Source: URA
The White site at Marina View has been launched for sale, and a developer has committed to bid at least $1.508 billion for it, announced the Urban Redevelopment Authority (URA) on Monday (28 June).
With an area of 7,817.6 sq m, the site comes under the Reserve List of the first half 2021 Government Land Sales (GLS) programme and is intended for mixed use development with hotel, residential, commercial and/or serviced apartment.
The site is expected to yield 905 housing units, 540 hotel rooms and 2,000 sq m in gross floor area (GFA) of commercial space.
Located within the Marina Bay area, the site is near the Marina Bay and Downtown MRT stations, as well as the future Shenton Way Thomson-East Coast Line MRT station. It is also close to the convention and hotel hub at Marina Centre and the integrated resort at Marina Bay Sands.
The tender for the site will close on 21 September 2021.
“Any tender below the minimum bid price of $1.508 billion will not be accepted,” said URA.
Huttons Asia expects the site to “attract no more than five bidders made up of consortiums because of the large quantum and higher risks involved”.
It noted that there is no new supply of homes within District 1, other than V on Shenton and Marina One Residences.
“With vaccinations taking place around the world and international travel resuming soon, this site offers a first mover advantage to developers who want to introduce new hospitality concept to travellers,” it said.
Huttons expects the eventual sale price for the site to hover from $1,700 to $2,000 per sq ft (psf) and the eventual selling price at above $3,000 psf.
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Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: cheryl@propertyguru.com.sg
