The Urban Redevelopment Authority (URA) on Monday (June 28) released the detailed sales conditions for Marina View - a "white site" plot at Sheton Way that is expected to garner keen interest from developers. The public tender for the land parcel will end at 12pm on Sept 21.
The new property launches is expected to be developed into high-rise commercial retail, office, hotel, serviced apartments and luxurious residential development.
Marina View 's site location
A new launch condo 's Marina View - Intended for a mixed-use development
An unnamed developer undertook to bid at least $1.508 billion for a plum site in new condo launches Marina View. The new launch projects will not accepted any tender below the minimum bid price of $1.508 billion - equivalent to a rate of $1,379 per square foot per plot ratio (psf ppr).
According to The Business Times, an entity linked to IOI Properties Group was reportedly the party that triggered the release for sale of Marina View site. he site can yield 905 residential units, 2,000 sq m in gross floor area (GFA) of commercial space and 540 hotel rooms.
The 99-year Marina View Residences parcel includes two plots - a 7,817.6 sq m land parcel, and an 18 sq m underground space that near Lau Pa Sat and four MRT stations - Downtown, Marina Bay, Raffles Place and Shenton Way - the predominantly office project will offer 1.25 million sq ft of Grade A office space in two towers. Typical office floor plates will range from 21,700 sq ft to 25,400 sq ft.
Marina View new property launches 's land parcel
Marina View Site is one of the most prime addresses sought after by most developers in District 01. Explore the neighbourhood and amenities.
"The last major project launched in District 1 was Marina One Residences and the project is almost sold out. There were a total of 185 units transacted (including both new sales and resales) in 2020, up from 140 units transacted in 2019," he added.
Marina View new condo project , which is intended for a mixed-use development with residential, hotel, commercial and/or serviced apartments, comes under the reserve list of the first-half 2021 Government Land Sales programme. a potential project for a developer in downtown Singapore. Located near Lau Pa Sat and four MRT stations - Downtown, Marina Bay, Raffles Place and Shenton Way - the principally office project will offer 1.25 million sq ft of Grade A office space in two towers. Typical office floor plates will range from 21,700 sq ft to 25,400 sq ft.
The upcoming project, which offers an urban sky park and dining outlets, will also have 30,000 square meters of retail space.
Marina View 's new condo for sale - white site
Marina View Residences | The potential new property projects for a developer in downtown Singapore.
PropNex chief executive Ismail Gafoor said the white site could garner good interest given a limited supply of new homes in the prime district, particularly the downtown core, with plan to "inject vibrancy in the Marina Bay area and ensure the Central Business District does not become a ghost town after work hours".
He added: "The Marina View site has the potential to become a trophy project for a developer in downtown Singapore. Given the sizeable financial commitment required for the site, developers may join forces to bid for it via a joint venture to manage risk."
The site could potentially attract five to eight bids, and fetch a top bid of between $1,650 and $1,750 psf ppr. That will work out to a land price range of about $1.8 billion to $1.91 billion, she said.
The ultra-low interest rate environment will also be supportive of home financing. Read more news about the situation of Singapore property market here!