Marina Bay white site launched for sale

Posted by Kaeden Ong on 31st August 2016 in Blog

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1A 1.1ha white site along Central Boulevard in Marina Bay was launched for sale by the Urban Redevelopment Authority (URA) on Tuesday (30 August), after a Chinese developer reportedly triggered its release earlier this month.

Although the identity of the applicant was not revealed, The Business Times reported that Nanshan Group was the party that submitted the minimum bid of $1.536 billion for the plum site, which was deemed acceptable to the government. This translates to about $1,010 psf per plot ratio (psf ppr).

The 99-year leasehold site has a maximum permissible gross floor area (GFA) of 141,294 sq m, and was made available on the reserve list of the second half 2016 Government Land Sales (GLS) Programme. Approximately 70 percent (100,000 sq m of the GFA) will be reserved for office development, while the remaining GFA can be set aside for hotel, serviced apartment or residential uses.

Situated opposite Lau Pa Sat food centre, the future development will be connected to One Raffles Quay and Marina Bay Financial Centre (MBFC) via underground and overhead pedestrian links. It will also be linked to the Downtown and Raffles Place MRT stations, as well as the future Shenton Way station.

Despite the mind-boggling price set for the site, it is not the most expensive offer by far for a plot in Marina Bay. The record price currently stands at $2.02 billion ($1,409 psf ppr) for the 1.02ha Marina View land parcel A where Asia Square Tower 1 stands, which was netted in 2007 by private equity real estate firm MGPA. The 43-storey office tower with a net lettable area of 1.25 million sq ft opened in 2011.

In 2005, a consortium comprising Keppel Land, Cheung Kong and Hongkong Land paid $1.9 billion ($381 psf ppr) for the 3.55ha MBFC site. Completed in 2013, the massive development features nearly three million sq ft of Grade-A office space, 649 luxury apartments and 179,000 sq ft of retail space.

Meanwhile, the tender for the white site at Central Boulevard will close on 8 November. Any tender less than $1.536 billion will not be considered, said the URA.

Credits: Propertyguru

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