GuocoLand-led consortium sole bidder for Marina Gardens Crescent white site at $984 psf ppr

The Government Land Sales (GLS) bid for the white site in Marina Gardens Crescent as well as the residential site in Media Circle closed on the 18th of January.

Newport Residences

Marina Gardens Crescent received only one bid, $770.46M, by a group consisting of GuocoLand Holdings Hong Leong Holdings TID. (a joint venture formed between Hong Leong Holdings Mitsui Fudosan and Japanese developer Mitsui Fudosan).

If the site is selected, we plan to create an exciting new mixed development to cater to local businesses and residents, as well contribute to Government visions of making Marina South into a vibrant, sustainable and community focused district.

The bid price comes out to $984 PSF per plot ratio for the 1,73ha white, 99-year leasehold property.

The white area can be developed to include commercial, residential, sporting and recreational components and other compatible uses.

URA estimated that it could potentially produce 775 units of residential space.

Newport Residences Showroom

The Marina Gardens Crescent Site is the 2nd site to be offered for sale within the Marina Gardens area. This follows the GLS site adjacent to Marina Gardens Lane which was sold by Kingsford Group in June 2017 for $1,402 psf (ppr). The site’s zone is residential at first storey with commercial.