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COMMENTARY

Rejecting the ‘too-low’ bid for the Marina Gardens Crescent site risks missing the big picture

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Leslie Yee

Leslie Yee

Published Thu, Feb 8, 2024 · 05:03 PM
    • The government plays a critical role in ensuring adequate private housing supply.
    • The government plays a critical role in ensuring adequate private housing supply. PHOTO: BT FILE

    THE Urban Redevelopment Authority (URA) has rejected the sole bid for the 99-year leasehold Marina Gardens Crescent site, assessing the bid price to be too low. 

    The site, launched for sale under the confirmed list of the Government Land Sales (GLS) Programme for the first half of 2023, will now be made available on the reserve list of the H1 2024 GLS Programme. Developers can submit applications for the sale of the site, with a minimum price that is acceptable to the government.

    Located next to Marina South MRT station, the Marina Gardens Crescent plot can be used for residential and commercial development. It has a maximum gross floor area of nearly 783,000 square feet, and can generate about 775 private homes.

    Government Land SalesResidentialSingapore residential propertyGuocolandURA

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