New Launch Condominium - Marina View website is for sale, bids below $1.508 billion will not be accepted

New Launch Condominium News- The Urban Redevelopment Authority (URA) conducted a sale of a plum plot in Marina View on Monday morning (June 28), after an unnamed developer pledged to bid for at least $1.508 billion.

Marina View website is for sale, bids below $1.508 billion will not be accepted

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The white land, intended for mixed-use development with residential, hotel, commercial and/or serviced apartments, is on the reserve list of the Land Sale in the first half of 2021 of the Government.

The public auction of the land plot will end at 12pm on September 21. Any bids below the minimum bid of $1.508 billion - or $1,379 per square foot per lot rate (psf ppr) - will not be accepted.

New Launch Property can accommodate 905 private housing units, 2,000 square feet of gross floor space (GFA) of commercial space and 540 hotel rooms.

Located in the Central Business District, near the upcoming Shenton Way MRT station, the Marina View site will benefit from a future Greater Southern Waterfront development, extending from Pasir Panjang to Marina East.

According to The Business Times, an entity affiliated with IOI Properties Group is believed to have triggered the release to sell the website.

When contacted on Monday, a spokesman for the group declined to comment.

Malaysia-listed group developing another white site on Central Avenue, acquired for approximately $2.57 billion in November 2016 after triggering a release for sale with a minimum bid is $1.536 billion. That translates to a land price of $1,689 psf ppr.

IOI Properties told The Straits Times on Monday that its IOI Central Boulevard Towers is "in progress and expected to be completed by the third quarter of 2023".

Located near Lau Pa Sat and four metro stations - Downtown, Marina Bay, Raffles Place and Shenton Way - the primarily office project will provide 1.25 million square feet of Grade A office space in two towers. Typical office floor slabs will range in size from 21,700 square feet to 25,400 square feet.

New Launch Property, which includes an urban sky park and food outlets, will also feature 30,000 square feet of retail space.

Mr. Wong Xian Yang, head of research at Cushman & Wakefield, Singapore, notes that the Marina View white ground is different because it is intended for residential and hotel development, with a small retail division.

"So the main game here is the growth of the private housing market in Downtown and the recovery of the hotel market... With more and more family offices setting up shop. In Singapore, the demand for high-end apartments in the CBD is expected to grow," he said.

PropNex CEO Ismail Gafoor said the site could attract a lot of interest given the limited supply of new homes in the main district, particularly downtown, amid plans to "create vibrant Marina Bay area and ensure the Central Business District doesn't become an after-hours ghost town."

The 99-year land parcel consists of two pieces of land - a land plot of 7,817.6 m2 and an underground space of 18 m2. In total, the site has a maximum GFA of 101,629 square metres.

He added: "The Marina View site has the potential to be a prestigious project for a developer in downtown Singapore. With the large financial commitment required for the site, the developers can co-procurement through a joint venture to manage risk."

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