Plum Marina South site may attract bids of over $1 billion
Plum Marina South site may attract bids of over $1 billion. The launch of Marina Gardens Lane, the first site in the Marina South sector, is part of a long-term strategy to grow residential population in and around the Central Business District while also increasing bustle in the Marina Bay area. This superb site, with sea views and a view of Gardens by the Bay, could house 790 residential units and up to 8,073 square feet of commercial space, and it is near to the new Marina South MRT station. It is the first of five plots in the precinct allocated for residential with commercial on the first level.
As a result, the 12,245.1 sq m plot will give developers and home buyers first-mover advantage, with land offers expected to range between $1 billion and $1.2 billion, implying a land rate of $1,350 to $1,650 psf per plot ratio (psf ppr), according to analysts. The Marina Gardens Lane project will put to the test the desire for high-end residential properties near the CBD. According to Mr Wong Xian Yang, Singapore head of research at Cushman & Wakefield, bids are expected to be tempered due to the hefty sum of around $1 billion, as well as increased finance and construction expenses.
The former AXA Tower at 8 Shenton Way, the old Maxwell House in Tanjong Pagar, and the former Fuji Xerox Towers on Anson Road are among the upcoming CBD renovation projects. 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) via the government land sales (GLS) program, was the most recent site sold in the Marina Bay region under the GLS program. “Unlike the Marina View white site, this Marina South site is only for residential and commercial use, with a lesser sellable gross floor area of 68,573 sq m than the white site.”
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