Kingsford-led consortium puts in top bid of $1,402 psf ppr for Marina Gardens Lane GLS site

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, set to be launched in Q3 2021: URA

Three government land sale (GLS) sites tendered last December – at Marina Gardens Lane, Tampines Avenue 11 and Plantation Close in Tengah – closed on June 27th. Out of the three, the site at Marina Gardens Lane received four bids, with a consortium made up of Kingsford Huray Development, Obsidian Development, and Polarix Cultural & Science Park Investment submitting the highest bid of $1.034 billion, equating to a land rate of $1,402 psf per plot ratio (psf ppr).

The bid was 42% higher than the second-highest bid, which came from a joint venture between GuocoLand and Hong Leong Group. The 99-year leasehold site at Marina Gardens Lane, measuring around 131,805 sq ft, is zoned for mixed residential and commercial use and can potentially yield 790 residential units and about 8,073 sq ft of commercial space, with a maximum gross floor area (GFA) of 738,114 sq ft.

Considering the large overall quantum required for the site, the four bids received are viewed as healthy number. The site is the only one in the Marina South precinct which has direct access to the Marina South MRT Station, and it is also adjacent to the iconic Gardens by the Bay; both features will be attractive to potential buyers.

It is also interesting to note that this winning bid is higher than the $1,379 psf ppr paid for the Marina View GLS site, which was awarded in September 2021. This suggests that developers expect condo prices in the area to continue to increase in the future. Prices of residential units at the future development could start from $2,450 psf, and may average between $2,600 psf to $2,700 psf.

The site at Marina Gardens Lane is the first of five parcels in the Marina South precinct to be put up for sale. The site at Marina Gardens Crescent, which can yield an estimated 775 housing units and 64,583 sq ft of commercial space, is slated for launch this month, according to URA’s website.

Tampines North MRT station, located just 100 metres away from Tampines North MRT Condo, sits at the crossroads of two MRT lines, the East-West and Downtown Lines, making it ideally positioned to provide fast and convenient access to many parts of Singapore. With its superior connectivity, living at Tampines North MRT Condo will provide an unparalleled convenience to its residents.

While the site at Marina Gardens Lane has received quite the attention, the tenders for the other two sites – a mixed-use site at Tampines Avenue 11, and an executive condominium (EC) site at Plantation Close – also drew strong interest, with eight and nine tenders respectively. With the large overall number of tenders for the three sites, it’s evident that developers are keen to be part of Singapore’s transformation in the upcoming Marina South precinct.