URA launches tender for Marina South residential site under government land sales programme
The plot at Marina Gardens Lane is located next to Gardens by the Bay.
SINGAPORE: The first Marina South site under the Government Land Sales (GLS) Programme was launched for tender on Monday (Dec 5).
Located next to Gardens by the Bay, the plot at Marina Gardens Lane can yield about 790 residential units.
There will also be commercial spaces on the first storey, said the Urban Redevelopment Authority (URA).
The site is about 12,200 sq m with a maximum gross floor area of about 68,570 sq m, and its height could potentially reach up to 163m.
The project completion period is 60 months, with a lease period of 99 years.
The site located in the Marina South precinct was first announced in June under the Government Land Sales programme for the second half of the year.
The 45ha precinct has been planned as a mixed-use residential neighbourhood comprising a mix of residential, hotel, retail and some office uses, said URA. It also overlooks Marina Reservoir and the Straits of Singapore.
“Marina South will be characterised by pedestrian-friendly streets, a comprehensive cycling network, a pedestrian mall and an underground pedestrian network connecting the two Thomson East Coast Line stations at Gardens by the Bay and Marina South,” said URA.
A series of planned elevated pedestrian connections will also connect the precinct to Gardens by the Bay and to the coast.
When fully developed, URA said Marina South can potentially have more than 10,000 residential units with good access to amenities such as parks and shops, as well as community facilities like childcare centres.
Analysts say the Marina Gardens Lane site is expected to be well-received.
Mr Steven Tan, chief executive officer of OrangeTee & Tie, expects keen interest from developers as this plot will have the “first-mover advantage in the development of the Marina South precinct”.
This is due to its proximity to leisure sites such as the Marina Barrage and Marina Bay Sands shopping mall, as well as its integration with public transport options.
“There should be strong interest in this site from developers given the limited supply in the vicinity coupled with the excellent location,” said Mr Tan.
“However, as the potential bid quantum for this site may exceed S$1 billion, we may see more joint ventures forming for this tender exercise. We anticipate between two to five bidders, at a top land price of S$1,450 to S$1,550 per square foot per plot ratio.”
Mr Lee Sze Teck, senior director of research at Huttons, told CNA the location is “probably the best site” on the GLS Programme for the second half of the year.
“Owner-occupiers will benefit from the proximity to the central business district and enjoy vast greenery at Gardens by the Bay while investors can tap on the big pool of tenants in the CBD.”
He also noted the first-mover advantage for both developers and buyers.
“The site may potentially attract a top bid between S$1,250 and S$1,350 psf ppr from not more than five developers,” he said.
The tender for the Marina Gardens Lane site will close at 12pm on Jun 27, 2023.
More details on the land parcel are available on the URA website. Those interested in purchasing eDeveloper's Packets containing details and conditions for tender of the site may also do so online.