The White site at Marina View, just beside Normanton Park is now up for sale. A developer has pledged to offer at least $1.508 million, according to the Urban Redevelopment Authority (URA), on Monday 28 June.
The site covers 7,817.6 square meters and is included in the Reserve List of the First Half 2021 Government Land Sales (GLS). It is planned for mixed-use development, including residential, commercial, and/or serviced apartments.
It is expected that the site will yield 905 housing units and 540 hotel rooms, as well as 2,000 square meters of gross floor area (GFA), of commercial space
The site is located in the Marina Bay area, which is just near Singapore Science Park. It is close to the Downtown and Kent Ridge MRT stations as well as the future Shenton Way Thomson-East Coast Line station.It is close to Marina Centre, the convention and hotel hub and Marina Bay Sands integrated resort.
The site tender will close on the 21st of September 2021.
URA stated that any tender less than the minimum bid price $1.508 billion would not be accepted.
Huttons Asia expects that the site will attract no more than five consortium-based bidders due to the high quantum and higher risk involved.
It was noted that District 1 has no new homes, other than V on Shenton or Marina One Residences.
It stated that “vaccinations are taking place all over the world, and international travel is resuming soon. This site offers a first-mover advantage to developers who wish to introduce new hospitality concepts to travellers.”
Huttons anticipates that the final sale price of the site will hover between $1,700 and $2,000 per square foot (psf), with the eventual selling price being above $3,000 per square foot.