The White location at Marina View has been introduced procurable, as well as a property developer has already executed to propose at least $1.508 billion for it, announced the URA on Monday 28Jun.
Having a stretch of 7,817.6 sq meter, the plot goes under the Reserve Checklist of the first 2 quarters 2021 GLS program and is planned for varying utilization property with hotel, residential, retail and/or serviced apartment.
The location is projected to offer 9hundred 5 house units, 5hundred 40 resort suites including 2K sq meter in gross floor area of business capacity.
Found among the Marina Bay location, the location is in close proximity to the Marina Bay and Downtown Mass Rapid Transit stations, along with the prospective Shenton Way TEL Mass Rapid Transit station. It is in addition near the convention plus hotel room core at Marina Centre and even the blended hotel at Marina Bay Sands.
The bidding for the plot will end on 21 September ’21.
“All the tender lower than the minimal quote price of $1.508 billion will certainly not be acknowledged,” announced Urban Redevelopment Authority.
Huttons Asia forecasts the plot to “draw in approximately five offerors included of affliations due to the big amount and also bigger threats incorporated”.
It recorded that presently there is no brand new produce of apartments inside Area One, other than V on Shenton and Marina One Residences.
“With vaccinations taking place around the world also global transit proceeding quickly, this location uses an initial mover perk to developers that want to come out with brand-new hospitality plan to tourists,” it declared.
Huttons projects the closing deal figure intended for the location to range from $1.7K to $2thousand per sq ft and the prospective asking price at beyond $3,000 per square foot.