White site at Marina View launched for sale
The White ground at Marina View has actually been introduced for sale, and also a developer has already executed to bid a minimum of $1.508 bil for it, published the URA on Monday 28June.
With an area of 7thousand 8hundred 17.6 sq metre, the ground goes under the Reservation Listing of the early half ’21 GLS programme and is meant for different purpose property with hotel room, household, retail and/or serviced apartment.
The plot is forecasted to offer 9hundred 5 lodging flats, 540 resort rooms and also Two thousand sq m in GFA of business area.
Positioned through the Marina Bay area, the site is close to the Marina Bay and Downtown Mass Rapid Transit stations, alongside the future Shenton Way Thomson-East Coast Line Mass Rapid Transit terminal. It is as well around the convention plus hotel hub at Marina Centre furthermore the integrated hotel at Marina Bay Sands.
The bidding for the site are going to end on 21September2021.
“Any specific tender listed below the minimal bid figure of $1.508 bil will certainly not be recognized,” stated Urban Redevelopment Authority.
Huttons Asia assumes the plot to “draw no more than five bidders composed of companies as a result of the huge quantum also bigger uncertainties entailed”.
It considered that presently there is zero brand new feed of residential properties inside Area One, besides V on Shenton and Marina One Residences.
“With vaccinations happening all over the world as well as overseas traveling recommencing quickly, this location supplies an early mover perk to real estate investors who desire to launch new hospitality proposal to tourists,” it stated.
Huttons foresees the closing deal price for the spot to hover from $One thousand Seven hundred to $2K psf and the eventual market price at above $Three thousand psf.