White site at Marina View launched for sale
The White plot at Marina View has been debuted for sale, plus a property developer has already gone in to propose at minimum $1.508 bil for the site, introduced the Urban Redevelopment Authority on Monday 28June.
With an area of 7,817.6 square meter, the plot runs under the Reservation Checklist of the initial half 2021 GLS programme also is reserved for combined utilization property with hotel, residential, commercial and/or serviced flat.
The site is foreseed to supply Nine hundred and Five property units, 5hundred 40 hotel suites and even 2,000 square m in GFA of retail capacity.
Positioned within the Marina Bay area, the plot is in close proximity to the Marina Bay also Downtown MRT terminals, in addition to the coming future Shenton Way TEL Mass Rapid Transit terminal. It is additionally near the convention and hotel room center at Marina Centre together with the integrated resort at Marina Bay Sands.
The bidding for the plot will wrap up on 21September2021.
“Any offer lower than the minimum bid pricing of $1.508 billion will certainly not be acknowledged,” declared Urban Redevelopment Authority.
Huttons Asia foresees the ground to “acquire no further than five bidders comprised of affliations considering the significant sum as well as bigger threats included”.
It indicated that presently there is no brand-new feed of residences inside District 1, apart from V on Shenton as well as Marina One Residences.
“With inoculations taking place around the world furthermore worldwide travel recommencing swiftly, this location grants an initial mover benefit to real estate investors who would like to present brand new accommodation idea to travellers,” it mentioned.
Huttons presumes the final sale rate intended for the spot to hover from $1.7K to $2thousand per square ft and the ultimate selling price at larger than $3K per sq ft.