Singapore, 27 Jun 2023 The tenders for three government land sale (GLS) sites – a plot at Marina Gardens Lane, a mixed-use site at Tampines Avenue 11, and an executive condominium (EC) site at Plantation Close in Tengah – closed on June 27. All sites were launched for tender last December as part of the 2H2022 GLS programme.
The tender for the site at Marina Gardens Lane drew four bids. A consortium made up of Kingsford Huray Development (a unit of Chinese developer Kingsford Group), Obsidian Development and Polarix Cultural & Science Park Investment submitted the highest bid of $1.034 billion, translating to a land rate of $1,402 psf per plot ratio (psf ppr).
Considering the large overall quantum required for the site, Justin Quek, deputy CEO of OrangeTee & Tie, views the four bids received as a healthy number. “Developers may have been very keen to be the first-mover in the new precinct, as supply in the upcoming Marina South precinct remains low for now,” he comments.