White site at Marina View launched for sale
The White location at Marina View has been kicked off offer for sale, as well as a real estate investor has already gone in to bid at minimum $1.508 bil for it, reported the URA on Monday 28Jun.
Having an area of 7,817.6 square meter, the location goes within the Reservation List of the first half 2K21 GLS program furthermore is meant for varying use development with hotel room, housing, commercial and/or serviced flat.
The site is presumed to produce 905 living flats, Five hundred Forty hotel rooms also 2K sq m in gross floor area of retail capacity.
Found within the Marina Bay vicinity, the location is alongside the Marina Bay and also Downtown Mass Rapid Transit terminals, alongside the future Shenton Way Thomson-East Coast Line MRT station. It is as well near to the conference and also hotel core at Marina Centre and also the integrated hotel at MBS.
The offer for the plot will end on 21Sept’21.
“Any offer lesser than the minimal quote value of $1.508 billion will not be taken,” said URA.
Huttons Asia assumes the site to “bring in no greater than 5 offerors comprised of consortiums given the substantial sum and also bigger risks included”.
It indicated the fact that generally there is no brand new feed of residences among Area 1, besides V on Shenton together with Marina One Residences.
“With vaccinations happening globally and overseas traveling carrying on in the near future, this spot provides a primary mover advantage to developers who plan to offer new accommodation idea to travelers,” it pointed out.
Huttons predicts the eventual transaction price intended for the location to range from $1.7K to $2K per sq ft and the ultimate asking price at above $Three thousand psf.