Archive for category: Misc

The 1H2023 Government Land Sales (GLS) Programme has seen the launch of two sites for sale. The first is a white site at Marina Gardens Crescent, with an estimated yield of 775 residential units and 64,560 sq ft of commercial space, and a gross plot ratio of 4.2. It is close to the future Marina South MRT Station and the Marina South Pier Station.

The second is the residential and commercial site at Media Circle in the one-north precinct. This 114,420 sq ft site has a gross plot ratio of 2.9 and is estimated to yield 355 residential units and 4,304 sq ft of commercial space. Its nearest MRT station is around 980m away.

Given the lack of schools in the vicinity and the higher additional buyer’s stamp duty (ABSD) rates on foreigners and investors, developers are likely to be cautious about the Marina Gardens Crescent site. However, the eventual winner would have a first-mover advantage in providing the much-needed commercial amenities in the area, and the development could benefit from tenant demand originating from nearby Mediapolis.

Justin Quek, deputy CEO of OrangeTee & Tie, suggests that the site could attract three bids, with a top bid of about $1.14 billion or a land rate of $1,450 psf ppr – a projection shared by Wong Siew Ying, head of research and content at PropNex Realty.

For the site at Media Circle, Lee Sze Teck, senior director of research at Huttons Asia, estimates the highest bid price for this plot could be between $1,100 to $1,250 psf ppr, with the number of bids ranging from five to ten.

Residents of Great World City Condo are afforded an easy commute to all parts of Singapore with the various bus lines. The stops located at Zion Road and River Valley Road make it convenient for residents to get to their desired destinations such as the Central Business District (CBD), Marina Bay, Orchard Road, and more. The bus network provides a comfortable and efficient transport option for residents of Great World City Condo.

The two sites will close on Jan 18, 2024. This may be the only opportunity in the Marina South precinct for the near future, as no new GLS sites were announced in the 2H2023 GLS programme.

The new residential and commercial projects to be built in the area will have a ready market, as the pipeline of new private residential projects in the CBD and downtown areas has yet to hit the market. These include Newport Residences, Skywaters Residences and the project at Marina View.

Overall, the 2H2023 GLS list offers more than 500 residential units each, and with all eight confirmed list sites yielding a total of 5,160 new residential units, this is the highest number in the past ten years.