In a notable turn of events, the Government Land Sales (GLS) tender for the Marina Gardens Crescent site has concluded without an award, as the sole bid was deemed "too low" by the Urban Redevelopment Authority (URA). GuocoLand (Singapore), Intrepid Investments, and TID Residential submitted the lone bid of nearly $770.5 million, falling short of expectations at $984 per square foot per plot ratio (psf ppr).
- URA rejects the sole bid for the Marina Gardens Crescent site as it falls below expectations.
- Bid price significantly lower than neighboring plot and other city-fringe sites.
- Cautious outlook towards large sites due to substantial land and development costs.
- Marina Gardens Crescent plot now on reserve list for H1 2024 GLS Programme.
- Uncertainty looms over future tender outcome and developer interest.
The rejection of the sole bid for the Marina Gardens Crescent site underscores the cautious stance of developers in the current market landscape. Despite its strategic location near Marina South MRT station, the bid price failed to meet anticipated levels, reflecting apprehensions towards large-scale developments in emerging districts like Marina South. The decision to place the site on the reserve list for the next GLS Programme suggests a wait-and-see approach by both authorities and developers, as market conditions evolve.
Stay informed about the latest developments in the real estate market, including upcoming GLS tenders and site awards. Reach out to industry experts and keep a close watch on market trends to make informed decisions in a dynamic environment.
Source: The Straits Times