Singapore's real estate investment sales showed a jump to $4.61 billion, 16 percent year-on-year on…
Marina Bay White Site Triggered for Sale
A white site located in Marina Bay area that was under the Government Land Sales (GLS) programme for the second half of 2016 (2H2016) has been triggered for sale, after unknown property developer placed a $1.536 billion minimum bid for the land parcel, the Urban Redevelopment Authority (URA) revealed on 12 August.
This bid translates to around $1,010 psf per plot ratio, and since the government accepted the minimum bid, public tender for the site will be released.
The 1.1ha site at Central Boulevard, next to Lau Pa Sat food centre, has 141,294 sq m maximum permissible GFA. Only about 100,000 square meters will be reserved for office use, and the remaining GFA can be use for retail, residential, serviced apartments and hotel.
The upcoming project at white site will be connected directly via overhead and underground pedestrian links to neighboring developments such as Marina Bay Financial Centre and One Raffles Quay. The site is also near the Shenton Way and Raffles Place stations, and connected to the adjacent Downtown MRT station. Other Singapore Property in the area is The Marina Bay Suites located along Central Boulevard.
With almost 10 foreign and local bidders, property consultancy believes to see strong interest for the site.
The URA plan to launch the 99-year leasehold site for public tender later this month, while its tender period will be for about 10 weeks.