SINGAPORE — The launch of the very first site in the Marina South precinct — Marina Gardens Lane — is part of a long-term plan to increase the residential population in and around the Central Business District and to heighten buzz in the Marina Bay area.
Blessed with sea views and facing Gardens by the Bay, this plum site can yield about 790 residential units and up to 8,073 sq ft of commercial space, and is near the future Marina South MRT. It is the first of five plots that have been zoned for residential with commercial at first-storey use in the precinct so far.
As such, the 12,245.1 sq m plot will offer first-mover advantage to developers and home buyers, and is expected to fetch land bids of between $1 billion and $1.2 billion, representing a land rate of between $1,350 and $1,650 psf per plot ratio (psf ppr), analysts say.
“Unlike the Marina View white site, which has a larger range of uses, this Marina South site is for residential and commercial use only and has a smaller sellable gross floor area of 68,573 sq m, compared with the white site, which has a maximum gross floor area of 101,629 sq m,” OrangeTee & Tie chief executive Steven Tan said.