White site at Marina View launched for sale
The White ground at Marina View has recently been released for sale, and also a property developer has gone in to tender a minimum of $1.508 billion for the location, released the URA on Monday 28 June.
With an area of 7,817.6 square metre, the spot goes under the Reserve List of the initial half ’21 Government Land Sales program furthermore is purposed for varying utilization development with hotel, residential, business and/or serviced house.
The ground is foreseed to supply 905 home apartments, Five hundred Forty resort rooms also 2K sq m in gross floor area of retail capacity.
Positioned within the Marina Bay region, the site is nearby the Marina Bay and also Downtown Mass Rapid Transit terminals, and even the near future Shenton Way TEL MRT station. It is similarly around the convention and hotel room hub at Marina Centre and even the blended hotel at MBS.
The bidding for the site will conclude on 21Sept2021.
“Any sort of bidding listed below the minimum bid figure of $1.508 bil will not be taken,” claimed Urban Redevelopment Authority.
Huttons Asia forecasts the plot to “attract no higher than five offerors consisted of affliations due to the sizable amount as well as larger threats connected”.
It noted the fact that at this time there is zero new supply of apartments throughout Area 1, apart from V on Shenton and also Marina One Residences.
“With vaccinations materializing worldwide furthermore international transit carrying on swiftly, this ground offers an early mover benefit to real estate investors that would like to offer new accommodation proposal to tourists,” it said.
Huttons forecasts the ultimate deal rate intended for the ground to settle from $1thousand 7hundred to $2K psf and the eventual asking price at larger than $3K per sq foot.