White site at Marina View launched for sale
The White location at Marina View has recently been introduced obtainable, and a real estate investor has already dedicated to tender at minimum $1.508 bil for it, revealed the Urban Redevelopment Authority on Mon 28 Jun.
Including a surface area of 7thousand 8hundred 17.6 square metre, the site comes beneath the Reserve Inventory of the early half ’21 GLS program and also is planned for varying purpose property with hotel, residence, commercial and/or serviced flat.
The plot is anticipated to provide 9hundred 5 living units, Five hundred Forty resort rooms along with 2thousand square metre in GFA of business area.
Situated inside the Marina Bay region, the location is alongside the Marina Bay and Downtown MRT terminals, as well as the approaching Shenton Way Thomson-East Coast Line Mass Rapid Transit station. It is as well around the convention plus hotel hub at Marina Centre and the blended resort at Marina Bay Sands.
The offer for the location will end on 21Sept’21.
“Any tender lesser than the minimum bid price of $1.508 billion will not be taken,” announced Urban Redevelopment Authority.
Huttons Asia presumes the plot to “draw in approximately 5 bidders composed of affliations given the sizable amount plus bigger risks incorporated”.
It documented the fact that generally there is zero fresh fill of apartments located in Area 1, other than V on Shenton also Marina One Residences.
“With vaccinations going on around the world also global transit resuming soon, this plot supplies an early mover leverage to developers who intend to put forward fresh accommodation plan to visitors,” it said.
Huttons expects the eventual price for the spot to range from $1.7K to $2K psf and the eventual market price at larger than $Three thousand psf.
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