White site at Marina View launched for sale
The White location at Marina View has already been introduced procurable, and a developer has recently committed to bid a minimum of $1.508 bil for the site, declared the URA on Monday 28June.
Including a stretch of 7,817.6 square meter, the location goes beneath the Reservation Checklist of the 1st 2 quarters 2K21 Government Land Sales programme and also is intended for varying purpose project with resort, domestic, retail and/or serviced apartment.
The plot is predicted to produce 905 property flats, Five hundred Forty hotel rooms plus Two thousand square metre in gross floor area of commercial area.
Located amongst the Marina Bay community, the site is near the Marina Bay also Downtown Mass Rapid Transit stations, alongside the upcoming Shenton Way TEL MRT station. It is similarly close to the convention and hotel center at Marina Centre furthermore the blended resort at MBS.
The bidding for the spot are going to close on 21September’21.
“Any bidding lesser than the minimal proposal price of $1.508 bil will certainly not be accepted,” claimed URA.
Huttons Asia assumes the site to “draw in no higher than five offerors made up of affliations because of the vast quantum and larger dangers entailed”.
It recorded that presently there is no fresh feed of homes located in Area 1, except for V on Shenton as well as Marina One Residences.
“With vaccinations occurring all over the world as well as world-wide travel starting soon, this site uses a first mover advantage to property developers that wish to offer new accommodation proposal to travelers,” it shared.
Huttons assumes the eventual sale value to get the plot to range from $1,700 to $2,000 psf and the prospective market price at larger than $3K psf.