White site at Marina View launched for sale
The White spot at Marina View has already been commenced for sale, as well as a property developer has executed to propose at least $1.508 bil for it, revealed the URA on Monday 28Jun.
By having an area of 7thousand 8hundred 17.6 sq meter, the site comes within the Reservation List of the early half 2021 Government Land Sales programme and is expected for varying use property with hotel room, residence, commercial and/or serviced flat.
The location is anticipated to offer 905 lodging apartments, 5hundred 40 hotel rooms plus 2thousand square meter in GFA of retail space.
Positioned inside of the Marina Bay area, the ground is near the Marina Bay plus Downtown MRT terminals, alongside the near future Shenton Way TEL MRT terminal. It is likewise around the conference plus hotel center at Marina Centre plus the integrated resort at MBS.
The tender for the plot will conclude on 21September2K21.
“Any sort of tender below the minimal tender rate of $1.508 bil will not be recognized,” said Urban Redevelopment Authority.
Huttons Asia foresees the site to “draw approximately 5 bidders composed of unions due to the substantial sum plus elevated uncertainties involved”.
It documented the fact that presently there is no new dispense of apartments within District 1, besides V on Shenton also Marina One Residences.
“With vaccinations happening internationally and world-wide transit restarting quickly, this location supplies a first mover benefits to developers who wish to offer brand new accommodation proposal to travellers,” it shared.
Huttons expects the ultimate price to get the plot to float from $1.7K to $2thousand per square ft and the ultimate asking price at larger than $Three thousand per square foot.