Marina Square, long known as a bustling commercial hub, may soon offer more than just shopping and dining. Singapore Land Group (SingLand), in partnership with UOL Group, has applied to rezone a portion of Marina Square for residential use. This potential transformation of the iconic mixed-use development has caught the attention of both investors and property enthusiasts.
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Rezoning for Residential: SingLand's application to the Urban Redevelopment Authority (URA) aims to rezone part of Marina Square from "hotel" to "residential with commercial on the first storey." This could pave the way for future residents to enjoy stunning views of downtown Singapore and the city skyline.
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Intensified Development: With the removal of the gross plot ratio restrictions, SingLand appears poised to intensify developments on its land, which is on a 99-year lease dating back to 1980. The complex currently boasts a gross plot ratio of 3.4, offering exciting possibilities for reimagining this iconic location.
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Strategic Location: Marina Square's strategic location, proximity to amenities, and rarity of residential options make it a prime candidate for residential expansion. This move aligns with URA's efforts to enhance the city center's vibrancy and accessibility.
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Market Impact: Property analysts have noted the surprise at this proposed transformation. While the fight for retail competition is intensifying, the addition of homes to Marina Square could reshape the landscape. Estimates suggest around 110 to 120 units could be accommodated within the proposed rezoning area.
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Strategic Development Incentive: Marina Square is situated in an area covered by URA's Strategic Development Incentive Scheme, designed to encourage developers to positively transform urban environments. This aligns with SingLand's vision for the property.
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Rare Opportunity: Homes in this area are scarce, with only a handful of residential units nearby. SingLand may consider a lease top-up before selling potential homes, making this a unique investment opportunity.
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Foreign Investor Consideration: Luxury non-landed homes in the area may attract foreign investors, but additional stamp duties could be a hurdle. Developers will carefully assess the market conditions before committing to such conversions.
SingLand's bold move to reshape Marina Square reflects the evolving property landscape in Singapore. As the city strives for vibrancy and growth, this iconic location is poised for a new chapter. Keep an eye on this transformation – it might just be the next big investment opportunity in Singapore's real estate market.
Are you ready to explore the future of Marina Square? Contact us today to stay updated on this exciting development!