The government land sale (GLS) tender for the prestigious Marina Gardens Crescent white site concluded yesterday, attracting a single bid from a consortium led by Singaporean developer GuocoLand.

The consortium, which also includes Hong Leong Holdings and TID (a joint venture between Hong Leong and Japanese developer Mitsui Fudosan), offered S$770.46 million for the prime 1.73-hectare plot, translating to S$984 per square foot per plot ratio (psf ppr).

“If awarded the site, we will develop a new and exciting mixed development catering to local residents and a variety of businesses, and contribute to the Government’s vision of making Marina South an attractive, sustainable and community-centric district,” declared a GuocoLand spokesperson in a statement.

The vision aligns with the white site’s flexible zoning, allowing for a diverse mix of commercial, hotel, residential, sports and recreational components. With a maximum gross floor area of 782,978 sq ft, the site has the potential to yield approximately 775 residential units.

This marks the second site sale in the Marina Gardens area, following the June 2023 award of the adjacent Marina Gardens Lane plot to a Kingsford Group-led consortium for S$1.034 billion (S$1,402 psf ppr). While both sites offer residential potential, the Lane site has stricter zoning, allowing only ground-floor commercial space.

Analysts attribute the lower bid for the Crescent site to several factors, including its proximity to the Marina South MRT station and the potential complexities of constructing an underground pedestrian link. Despite the single bid, Lee Sze Teck, senior director of data analytics at Huttons Asia, remains optimistic about the site’s future: “GuocoLand’s proven track record and commitment to community development bode well for the creation of a vibrant and attractive development that will add significant value to Marina South.”

With GuocoLand’s vision and expertise now poised to shape the future of Marina Gardens Crescent, the district awaits the realization of an exciting new mixed-use destination.

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