White site at Marina View launched for sale
The White plot at Marina View has recently been launched offer for sale, and even a real estate investor has already acted to bid a minimum of $1.508 billion for the plot, announced the Urban Redevelopment Authority on Monday 28June.
By having a surface area of 7,817.6 sq m, the location goes under the Reserve List of the initial half 2K21 Government Land Sales plan and also is reserved for mixed purpose development with hotel, residential, business and/or serviced flat.
The plot is anticipated to yield 905 living units, 5hundred 40 resort suites and Two thousand square meter in GFA of commercial space.
Positioned through the Marina Bay location, the plot is alongside the Marina Bay also Downtown Mass Rapid Transit stations, alongside the coming future Shenton Way Thomson-East Coast Line MRT terminal. It is furthermore near the convention and also hotel hub at Marina Centre plus the blended resort at MBS.
The offer for the plot are going to close on 21Sept’21.
“Every offer below the minimum quote pricing of $1.508 bil will not be received,” pointed out URA.
Huttons Asia anticipates the plot to “acquire approximately five prospective buyers included of companies given the huge sum also higher uncertainties connected”.
It observed that presently there is no new supply of residences inside District One, besides V on Shenton as well as Marina One Residences.
“With inoculations materializing around the globe furthermore global travel coming back swiftly, this ground uses a primary mover benefits to real estate investors that would like to introduce brand new accommodation plan to visitors,” it claimed.
Huttons projects the eventual price intended for the spot to float from $1,700 to $2thousand per sq foot and the eventual selling price at more than $3,000 psf.