White site at Marina View launched for sale
The White ground at Marina View has actually been kicked off to sell, and even a property developer has already dedicated to tender at least $1.508 bil for it, introduced the Urban Redevelopment Authority on Mon 28 June.
Having a size of 7,817.6 square metre, the ground runs under the Reserve List of the 1st half ’21 Government Land Sales plan and also is reserved for mixed use project with hotel room, domestic, retail and/or serviced house.
The location is projected to supply Nine hundred and Five lodging units, 5hundred 40 resort rooms and Two thousand square m in gross floor area of business space.
Located through the Marina Bay community, the plot is near the Marina Bay and also Downtown MRT terminals, as well as the coming future Shenton Way TEL MRT station. It is also alongside the convention and also hotel room center at Marina Centre as well as the integrated holiday spot at MBS.
The tender for the ground are going to wrap up on 21Sept2021.
“Any bidding lower than the minimal bid value of $1.508 bil will certainly not be accepted,” announced Urban Redevelopment Authority.
Huttons Asia foresees the spot to “acquire no greater than five prospective buyers included of consortiums due to the larger amount plus increased dangers included”.
It documented that generally there is no brand new supply of houses inside District One, except for V on Shenton along with Marina One Residences.
“With vaccinations occurring around the globe furthermore worldwide transit proceeding very soon, this location offers an initial mover benefit to real estate investors who desire to offer brand-new hospitality idea to visitors,” it announced.
Huttons anticipates the final deal figure to get the site to range from $1.7K to $2K per square foot and the final asking price at larger than $3thousand psf.
