Singapore's real estate landscape is buzzing with anticipation as Huttons shares insights on the recently concluded Government Land Sales (GLS) bids for two prime sites: Media Circle and Marina Gardens Crescent.
Media Circle GLS Site: A Testament to Confidence in one-north
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Top Bid: $1,191 psf ppr.
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Developers' Confidence: Reflects robust demand, with Blossoms by the Park (launched April 2023) selling over 85% of its units.
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Future Supply: No new homes for sale in the next year, emphasizing scarcity.
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Rental Strength: Strong rental market due to a sizable expat population and proximity to Tanglin Trust School.
Marina Gardens Crescent GLS Site: Navigating Complexity for Prime Living
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Unique Considerations: Larger site with complexities in building near an MRT line and providing an underground pedestrian link.
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Strategic Location: Next to Marina South MRT, close to Marina Bay Financial District, Gardens by the Bay, and future Greater Southern Waterfront plans.
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Tenant Pool: Proximity to the financial district ensures a ready pool of tenants.
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Connectivity: Underground pedestrian link connecting Gardens by the Bay MRT to Marina South MRT enhances flexibility and convenience.
Key Takeaways:
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Confidence in Demand: High bids showcase developers' confidence in the ongoing demand for prime residences, especially in the one-north area.
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Scarcity as a Driver: Limited upcoming supply in one-north underscores the appeal of these developments.
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Strategic Location's Impact: Proximity to educational institutions like Tanglin Trust School and major financial districts augurs well for future residents.
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Connectivity Matters: The inclusion of underground pedestrian links adds to the allure, ensuring seamless connectivity for residents.
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