Plum Marina South site may attract bids of over $1 billion
Plum Marina South site may attract bids of over $1 billion. Marina Gardens Lane, the first site in the Marina South sector, is part of a long-term goal to increase residential population in and around the Central Business District while simultaneously enhancing activity in the Marina Bay area. This magnificent site, with views of the sea and Gardens by the Bay, could hold 790 residential units and up to 8,073 square feet of commercial space, and it is close to the new Marina South MRT station. It is the first of five residential plots in the precinct, including business on the first level.
As a result, the 12,245.1 sq m plot will provide first-mover advantage to developers and home buyers, with land offers estimated to range between $1 billion and $1.2 billion, meaning a land rate of $1,350 to $1,650 psf per plot ratio (psf ppr), according to experts. The Marina Gardens Lane project will put the demand for high-end residential units near the CBD to the test. Bids are expected to be dampened due to the large sum of over $1 billion, as well as increased finance and construction expenses, according to Mr Wong Xian Yang, Singapore head of research at Cushman & Wakefield.
Among the future CBD refurbishment projects are 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 Marina View white site, granted to Malaysia’s IOI Properties Group in September 2021 for $1.508 billion ($1,379 psf ppr) through the government land sales (GLS) program, was the most recent site sold in the Marina Bay region through the GLS program. “This Marina South property, unlike the Marina View white site, is only for residential and commercial use, with a smaller sellable gross floor area of 68,573 sq m than the white site.”
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