White site at Marina View launched for sale
The White location at Marina View has recently been opened offer for sale, plus a property developer has recently executed to tender a minimum of $1.508 bil for it, declared the Urban Redevelopment Authority on Monday 28Jun.
By having a size of 7thousand 8hundred 17.6 square meter, the ground runs under the Reserve List of the early half 2021 GLS program as well as is expected for different purpose property with hotel room, residential, commercial and/or serviced apartment.
The location is predicted to offer 905 house apartments, 5hundred 40 hotel suites and also Two thousand square m in gross floor area of commercial space.
Positioned among the Marina Bay community, the ground is close to the Marina Bay plus Downtown MRT terminals, as well as the coming future Shenton Way Thomson-East Coast Line Mass Rapid Transit terminal. It is similarly close to the conference and hotel room core at Marina Centre and the blended holiday spot at MBS.
The tender for the ground are going to close on 21September’21.
“Any one offer listed below the minimal proposal rate of $1.508 billion will not be signed,” said URA.
Huttons Asia projects the plot to “acquire approximately 5 bidders comprised of unions as a result of the sizable amount also bigger uncertainties incorporated”.
It noticed that generally there is no fresh feed of houses among District 1, other than V on Shenton and also Marina One Residences.
“With vaccinations occurring globally and world-wide traveling recommencing pretty soon, this location grants an initial mover benefit to property developers who intend to launch brand-new accommodation strategy to travellers,” it declared.
Huttons forecasts the final sale value to get the spot to float from $One thousand Seven hundred to $2thousand per sq ft and the final selling price at exceeding $3thousand per square ft.