White site at Marina View launched for sale
The White site at Marina View has actually been commenced procurable, and also a developer has recently gone in to tender at minimum $1.508 bil for it, revealed the URA on Monday 28Jun.
With a surface area of 7thousand 8hundred 17.6 square m, the ground runs within the Reservation Listing of the 1st half ’21 Government Land Sales program also is intended for merged utilization project with resort, residential, business and/or serviced house.
The ground is expected to yield 905 housing apartments, 540 resort rooms along with Two thousand sq m in GFA of retail space.
Located inside of the Marina Bay vicinity, the ground is alongside the Marina Bay and Downtown Mass Rapid Transit terminals, and also the near future Shenton Way Thomson-East Coast Line MRT terminal. It is likewise close to the convention and also hotel core at Marina Centre and the integrated resort at MBS.
The offer for the site are going to wrap up on 21Sept2021.
“All the offer listed below the minimum proposal price of $1.508 billion will not be received,” reported Urban Redevelopment Authority.
Huttons Asia predicts the site to “generate approximately 5 offerors consisted of affliations due to the vast sum plus larger uncertainties associated”.
It considered that there is zero brand new produce of apartments within District 1, apart from V on Shenton plus Marina One Residences.
“With vaccinations taking place globally plus world-wide travel resuming in a short time, this spot uses an initial mover advantage to real estate investors that plan to present new hospitality strategy to travelers,” it said.
Huttons projects the resulting price intended for the location to hover from $1thousand 7hundred to $2,000 psf and the final asking price at greater than $Three thousand per sq foot.