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Marina View White site launched for tender by URA under GLS programme

The 1st Half 2021 Government Land Sales (GLS) programme saw Marina View White site being launched for tender

Marina View White site

The Urban Redevelopment Authority (URA) on 28 June launched the Marina View White site for public tender. The Marina View White site was available for sale on the Reserve List of the first half 2021 (1H2021) Government Land Sales Programme.

The Marina View White site is intended for a mixed use development with residential, hotel, commercial and/or serviced apartment.

On 10 June 2021, URA announced that it had received an application from a developer for the site to be put up for public tender. The developer committed to a bid price of not less than $1,508,000,000 in the tender for the site.

Details of Land Parcel at Marina View

LocationMarina View
Site Area / Horizontal Cross-Sectional AreaPlot 1: 7,817.6 m2 (Land Parcel) Plot 2: 18.0 m2 (Subterranean Stratum) (1)
Land Use ZoningWhite site
Maximum Gross Floor Area (GFA)101,629 m2 Minimum 51,000 m2 is to be for Residential use. Minimum 26,000 m2 is to be for Hotel rooms and Hotel-related uses. Maximum 2,000 sqm for optional Office use. Maximum 2,000 sqm for Commercial use. The remaining GFA can be used for additional Residential, Hotel, Serviced Apartments and Commercial uses of such types and quantum as the Competent Authority under the Planning Act may approve.
Maximum Building HeightNot exceeding 200m SHD (2) and 245 m SHD (2) for roof articulation
Estimated Number of Housing Units (3)905 units
Estimated Number of Hotel Rooms (4)540
Lease Period99 years
source: URA

(1) Estimated cross-sectional area and subject to cadastral survey
(2) Building height is based on Singapore Height Datum
(3) Actual number of dwelling units provided by the developer may vary
(4) Actual number of hotel rooms provided by the developer may vary

The tender for the land parcel will close at 12 noon on 21 Sep 2021. URA said that any tender below the minimum bid price of $1,508,000,000 will not be accepted.

Mr Paul Ho, chief officer at iCompareLoan, said: “The Marina View white site which has been launched for application on the Reserve List is eye-catching owing to its attractive location within the Downtown Core.”

The Marina View White site development will complemented by supporting retail and food and beverage uses. Sitting next to the future Shenton Way MRT station and flanking the Marina Bay and a rejuvenating Shenton Way, this site is expected to offer an attractive proposition to developers with hotel interests or developers with varying interests can form a Joint Venture. The whole development excluding the GFA for residential use, may be held under a single strata lot.

Colliers International predicted in 2018 that “given the numerous permutations of the final product (it estimates) the top bid could range from SGD1,380 – 1,600 psf ppr or SGD1.5 – 1.75 billion.”

Huttons Group said after the announcement of URA that “the eventual sale price may be between $1,700 and $2,000 with an eventual selling price above $3,000 psf.”

It added, “We think the tender will attract no more than five bidders made up of consortiums because of the large quantum and higher risks involved. Other than Marina One Residences and V on Shenton, there is no new supply of homes in District 1. With vaccinations taking place around the world and international travel resuming soon, this site offers a first mover advantage to developers who want to introduce new hospitality concept to travellers.”

“The Downtown Core is shaping up well as an attractive place to live in. Furthermore the site will be right above the future Shenton Way MRT station.”

Huttons Group

Mr Ho added, “the White site was triggered from the reserve list after 3 years suggests that developers are upbeat. If you are eyeing private properties to capitalise on the strong property prices growth following announcement of the Government Land Sales site but unsure if you have sufficient funds, you can get a mortgage loan Singapore quickly through trustable Mortgage Broker.”

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Written by Ravi Chandran

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