Press Release
5 December 2022
Launch of land parcel at Marina Gardens Lane
FOR IMMEDIATE RELEASE
The government has just launched the tender for the land parcel at Marina Gardens Lane.
https://www.ura.gov.sg/Corporate/Media-Room/Media-Releases/pr22-46
The Urban Redevelopment Authority (URA) has launched the tender for a Government Land Sales site at Marina Gardens Lane. It is zoned for Residential with Commercial at 1st Storey use with a site area of about 12,245.1 sqm, generating an estimated 790 units with 750 sqm of commercial space. The tender will close on 27 June 2023.
As the first parcel put up for sale in the up-and-coming Marina South Precinct, we expect developers to be keenly interested in this plot. Thus far, there are a total of 5 plots that have been zoned for Residential with Commercial at 1st Storey use. This plot will have the first-mover advantage in the development of the Marina South precinct, which is envisioned to be a sustainable and car-lite neighbourhood with a good mix of residential, retail, office and recreational uses.
For leisure activities, the site is near Gardens by the Bay, Marina Barrage, and the Marina Bay Sands shopping mall. The site offers excellent connectivity, located in the Marina Bay area, and integrated with Marina South MRT station on the Thomson-East Coast Line (TEL). Slightly further away is Gardens by the Bay MRT station (TEL), and Marina South Pier MRT station on the North South Line (NSL). No new projects have been launched in the Marina Bay area in recent years, and there is only 1 upcoming project at Marina View by IOI Group that will be launching in the near future. There should be strong interest in this site from developers given the limited supply in the vicinity coupled with the excellent location. However, as the potential bid quantum for this site may exceed 1 billion, we may see more joint ventures forming for this tender exercise. We anticipate between 2 to 5 bidders, at a top land price of S$1,450 to S$1,550 psf ppr.