White site at Marina View launched for sale
The White plot at Marina View has recently been introduced for sale, and a real estate investor has actually gone in to tender at minimum $1.508 billion for it, published the Urban Redevelopment Authority on Monday 28June.
Having an area of 7,817.6 square meter, the plot comes beneath the Reservation Inventory of the initial 2 quarters ’21 GLS program as well as is meant for combined purpose development with resort, domestic, retail and/or serviced house.
The location is presumed to yield 905 housing units, 540 hotel suites including 2K sq metre in GFA of commercial capacity.
Found inside the Marina Bay community, the plot is neighboring the Marina Bay also Downtown Mass Rapid Transit terminals, alongside the near future Shenton Way TEL Mass Rapid Transit terminal. It is as well near to the conference and hotel core at Marina Centre plus the integrated resort at Marina Bay Sands.
The bidding for the site will end on 21Sept2021.
“Any sort of offer lower than the minimal offer value of $1.508 bil will not be acknowledged,” mentioned Urban Redevelopment Authority.
Huttons Asia foresees the ground to “bring in no further than 5 prospective buyers included of consortiums given the huge quantum also higher uncertainties involved”.
It noticed the fact that right now there is no brand new feed of residences inside District One, except for V on Shenton also Marina One Residences.
“With vaccinations happening globally as well as overseas travel coming back pretty soon, this ground provides a first mover advantage to construtors who plan to offer brand new hospitality concept to travelers,” it declared.
Huttons presumes the final deal figure for the spot to range from $One thousand Seven hundred to $2,000 psf and the final selling price at exceeding $3K psf.