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White site at Marina View triggered from Reserve List

Nisha Ramchandani

Published Fri, Jun 11, 2021 · 05:50 AM

Singapore

The Urban Redevelopment Authority (URA) will launch for public tender a white site at Marina View after an unnamed developer made a successful application for the site's release from the Reserve List.

The 99-year leasehold site - which can yield about 905 private homes, 2,000 square metre (sq m) gross floor area (GFA) of commercial space and 540 hotel rooms - will be released for sale on June 28. The white site was on the Reserve List of the H1 2021 Government Land Sales (GLS) programme.

The developer has committed to bid a price of at least S$1.508 billion at tender, which works out to about S$1,379 per square foot per plot ratio (psf ppr), given the maximum GFA of 101,629 sq m.

However, analysts expect the winning bid will ultimately be higher. Knight Frank's head of research Leonard Tay highlighted that the trigger price is lower than other comparable GLS residential sites in the Downtown Core, clocking 10.2 per cent and 5.7 per cent less than the winning bids for the Tan Quee Lan Street and Bernam Street sites respecti…