White site at Marina View launched for sale
The White ground at Marina View has recently been opened obtainable, plus a real estate investor has acted to propose a minimum of $1.508 bil for the ground, announced the Urban Redevelopment Authority on Monday 28June.
Having a size of 7,817.6 sq metre, the site appears within the Reservation Listing of the 1st 2 quarters ’21 Government Land Sales plan and also is designated for mixed use development with resort, household, retail and/or serviced house.
The spot is expected to supply 905 property flats, 5hundred 40 resort rooms together with 2,000 square meter in GFA of business area.
Situated through the Marina Bay location, the plot is neighboring the Marina Bay and also Downtown MRT terminals, as well as the future Shenton Way Thomson-East Coast Line Mass Rapid Transit station. It is additionally alongside the conference plus hotel center at Marina Centre along with the integrated holiday spot at MBS.
The bidding for the plot will wrap up on 21September’21.
“Every bidding lower than the minimum quote deal of $1.508 bil will not be adopted,” claimed URA.
Huttons Asia forecasts the plot to “bring in no greater than five offerors composed of companies considering the large sum and also much higher threats included”.
It recorded that right now there is no new produce of apartments located in District One, except for V on Shenton and also Marina One Residences.
“With vaccinations materializing worldwide furthermore overseas traveling recommencing very soon, this location furnishes an initial mover advantage to developers who would like to offer new accommodation strategy to travellers,” it pointed out.
Huttons expects the prospective transaction figure intended for the location to range from $1.7K to $2,000 per sq foot and the ultimate market price at exceeding $3,000 per square ft.