White site at Marina View launched for sale
The White location at Marina View has been commenced offer for sale, and even a real estate investor has actually gone in to tender at least $1.508 billion for it, released the Urban Redevelopment Authority on Mon 28Jun.
Including a stretch of 7thousand 8hundred 17.6 sq m, the ground goes beneath the Reserve Listing of the 1st half ’21 Government Land Sales plan also is designated for blended use property with resort, domestic, business and/or serviced house.
The spot is forecasted to offer Nine hundred and Five home apartments, Five hundred Forty hotel suites and also 2thousand square metre in gross floor area of business capacity.
Positioned amongst the Marina Bay location, the site is near the Marina Bay and Downtown Mass Rapid Transit stations, including the approaching Shenton Way Thomson-East Coast Line MRT station. It is also near to the conference and resort hub at Marina Centre and even the integrated hotel at Marina Bay Sands.
The bidding for the site are going to close on 21September2K21.
“Any offer listed below the minimum offer figure of $1.508 billion will certainly not be recognized,” declared Urban Redevelopment Authority.
Huttons Asia predicts the site to “acquire no higher than 5 bidders comprised of consortiums as a result of the extensive sum and increased threats associated”.
It observed that generally there is no fresh fill of homes throughout Area One, other than V on Shenton and also Marina One Residences.
“With inoculations taking place around the world and also global travel resuming in the near future, this spot provides an initial mover benefits to developers that wish to offer fresh hospitality proposal to travellers,” it shared.
Huttons forecasts the resulting price for the location to hover from $1.7K to $Two thousand per square ft and the resulting selling price at greater than $3K per sq foot.