White site at Marina View launched for sale
The White spot at Marina View has recently been introduced for sale, plus a developer has actually dedicated to tender at least $1.508 bil for the plot, reported the URA on Monday 28 Jun.
With a stretch of 7,817.6 sq meter, the site runs beneath the Reservation Checklist of the early half 2021 Government Land Sales programme furthermore is designated for different purpose project with hotel room, household, retail and/or serviced house.
The location is presumed to supply 905 home apartments, 540 resort rooms and also 2thousand sq meter in GFA of retail space.
Positioned within the Marina Bay area, the site is in close proximity to the Marina Bay plus Downtown MRT stations, including the near future Shenton Way TEL Mass Rapid Transit terminal. It is as well near the conference and also hotel center at Marina Centre plus the blended resort at MBS.
The tender for the ground will close on 21September2021.
“Any specific tender listed below the minimum proposal deal of $1.508 bil will not be acknowledged,” mentioned Urban Redevelopment Authority.
Huttons Asia projects the plot to “lure approximately 5 offerors consisted of affliations due to the major amount and larger threats connected”.
It noted that generally there is zero brand-new provision of apartments located in Area One, except for V on Shenton plus Marina One Residences.
“With vaccinations taking place around the globe plus global traveling continuing very soon, this ground provides an early mover perk to property developers who want to put forward new accommodation idea to travelers,” it pointed out.
Huttons projects the final deal rate to get the plot to float from $1thousand 7hundred to $Two thousand psf and the resulting selling price at more than $Three thousand psf.