Plum Marina South site may attract bids of over $1 billion
Plum Marina South site may attract bids of over $1 billion. The opening of Marina Gardens Lane, the first site in the Marina South sector, is part of a long-term plan to boost residential population in and around the Central Business District and increase buzz in the Marina Bay area. With sea vistas and a view of Gardens by the Bay, this prime site may accommodate 790 residential units and up to 8,073 square feet of commercial space, and it is close to the upcoming Marina South MRT station. It is the first of five plots in the precinct that have been zoned for residential with business on the first floor.
As a result, the 12,245.1 sq m plot will provide first-mover advantage to developers and home buyers, with land bids estimated to range between $1 billion and $1.2 billion, indicating a land rate of $1,350 to $1,650 psf per plot ratio (psf ppr), according to analysts. The Marina Gardens Lane property will put the demand for high-end residential houses near the CBD to the test. Bids are projected to be moderated due to the large sum of around $1 billion, as well as increased finance and construction costs, according to Mr Wong Xian Yang, Singapore head of research at Cushman & Wakefield.
Upcoming CBD renovation projects include the former AXA Tower at 8 Shenton Way, the old Maxwell House in Tanjong Pagar, and the former Fuji Xerox Towers on Anson Road. The latest site sold in the Marina Bay region under the government land sales (GLS) program was the Marina View white site, which was granted to Malaysia’s IOI Properties Group in September 2021 for $1.508 billion ($1,379 psf ppr). “Unlike the Marina View white site, this Marina South site is for residential and commercial use only and has a smaller sellable gross floor area of 68,573 sq m as compared to the white site.”
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