Marina Bay white site launched for sale
Map showing the location of the white site. Source: URA
A 1.1ha white site along Central Boulevard in Marina Bay was launched for sale by the Urban Redevelopment Authority (URA) on Tuesday (30 August), after a Chinese developer reportedly triggered its release earlier this month.
Although the identity of the applicant was not revealed, The Business Times reported that Nanshan Group was the party that submitted the minimum bid of $1.536 billion for the plum site, which was deemed acceptable to the government. This translates to about $1,010 psf per plot ratio (psf ppr).
Offered on a 99-year lease, the site has a maximum permissible gross floor area (GFA) of 141,294 sq m. Approximately 70 percent (100,000 sq m of the GFA) will be reserved for office development, while the remaining GFA can be set aside for hotel, serviced apartment or residential uses.
Situated opposite Lau Pa Sat food centre, the future development will be connected to One Raffles Quay and Marina Bay Financial Centre (MBFC) via underground and overhead pedestrian links. It will also be linked to the Downtown and Raffles Place MRT stations, as well as the future Shenton Way station.
Despite the mind-boggling price set for the site, it is not the most expensive offer by far for the area. The record price currently stands at $2.02 billion ($1,409 psf ppr) for the Marina View land parcel A where Asia Square Tower 1 stands, which was netted in 2007 by private equity real estate firm MGPA.
Meanwhile, a consortium comprising Keppel Land, Cheung Kong and Hongkong Land paid $1.9 billion ($381 psf ppr) for the 3.55ha MBFC site more than a decade ago. Completed in 2013, the massive development features nearly three million sq ft of Grade-A office space, 649 luxury apartments and 179,000 sq ft of retail space.
Meanwhile, the tender for the white site at Central Boulevard will close on 8 November. Any tender less than $1.536 billion will not be considered, said the URA.
Aerial view of the white site at Central Boulevard. Source: URA
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
