New Reporter
03-07-23, 11:35
URA launches Marina South, Media Circle sites for sale
Jul 03, 2023
https://i.imgur.com/FNjDyw2.jpg
THE first “white” site in the Marina South precinct is up for tender, along with a plot for housing along Media Circle in the Buona Vista area.
The two sites are the last two to be launched for sale under the government land sales (GLS) programme’s confirmed list for the first half of 2023.
The Marina Gardens Crescent mixed-use parcel comes on the heels of a recently concluded tender for Marina Gardens Lane, in which Kingsford put in the top bid of S$1.03 billion.
Kingsford’s offer was 42.3 per cent higher than the next highest bid from a GuocoLand and Hong Leong Holdings tie-up.
An estimated 775 residential units and 6,000 square metres (sq m) of commercial space can be built on the Marina Gardens Crescent site, adding to the 790 residential units coming up on the earlier tendered site at Marina Gardens Lane.
Tenderers are also required to build an early-childhood development centre on the Marina Gardens Crescent site.
Tricia Song, CBRE’s head of research for South-east Asia, expects the winning bid to come in at S$1 billion, or S$1,300 per square foot per plot ratio (psf ppr), lower than that of Marina Gardens Lane.
Analysts anticipate between two and five bidders.
The Marina Gardens Crescent site has a lower plot ratio and may not have a full unblocked view of Gardens by the Bay but will still have a substantial sea view, she said.
The closest comparable new launch in the area, One Bernam, has sold 47 units in 2023 to date at a median price of S$2,611 psf, she said.
In the resale market, Marina One Residences saw eight transactions at a median price of S$2,348 psf this year.
PropNex Realty head of research and content Wong Siew Ying noted that as the higher Additional Buyer’s Stamp Duty rates for foreigners and investors could crimp investment demand for residential units and affect take-up, developers may still exercise caution about the site.
Consisting of four plots, the largest plot in the Marina Gardens Crescent site spans 17,319.2 sq m, with a maximum gross floor area (GFA) of 72,741 sq m. The site includes a second plot measuring 5,410.5 sq m, which has been set aside as an open space and two underground space plots.
Justin Quek, OrangeTee & Tie’s deputy chief executive, said that the Marina Gardens Crescent site being the first white site launched in the Marina South precinct will give its developer first-mover advantage in providing amenities there.
“The footfall in the commercial component of the project will likely be high, as the project is situated beside the Marina South MRT Station,” he said.
The Media Circle site is zoned residential with commercial use on the first floor.
The site area is 10,633.8 sq m in size, with a maximum permissible GFA of 30,839 sq m, the Urban Redevelopment Authority (URA) said on Friday (Jun 30).
The site, which is near the one-north office clusters, can yield 355 residential units, with 400 sq m of commercial space on the first floor.
The plot could attract between five and 10 bidders, with the top bid seen at between S$1,100 and S$1,350 psf ppr and in the S$350 million to S$400 million range.
CBRE’s Song said the most recent land sales in one-north were two land parcels at Slim Barracks that were awarded in September 2021 for S$1,210 and S$1,246 psf ppr and received 10 bids each.
One of them is being developed by EL Development into Blossoms By The Park, which launched in April 2023.
To date, the condominium has sold 212 units at a median price of S$2,432 psf.
PropNex’s Wong said the Media Circle site’s comparably smaller size might be a draw.
“A number of the upcoming GLS confirmed list (H2 2023) sites have a medium-to-large development size, offering more than 500 residential units each. Developers who are reluctant to take on the risks that come with larger sites will likely look into this plot,” she said.
The launch of the Marina Gardens Crescent and Media Circle sites follows the release for sale of the 6.5 ha white site in Jurong Lake District last week, which can yield about 1,700 residential units.
In total, 9,250 private housing units have been added under the GLS programme’s confirmed list for the whole of 2023 – the highest in a decade.
The tender for both parcels will close on Jan 18, 2024, which gives it a longer six-month tender period compared to the typical three months, CBRE’s Song noted.
“This should allow developers more time to evaluate their options as the government continues to ramp up its land supply programme,” she said.
https://www.businesstimes.com.sg/property/ura-launches-marina-south-media-circle-sites-sale
Jul 03, 2023
https://i.imgur.com/FNjDyw2.jpg
THE first “white” site in the Marina South precinct is up for tender, along with a plot for housing along Media Circle in the Buona Vista area.
The two sites are the last two to be launched for sale under the government land sales (GLS) programme’s confirmed list for the first half of 2023.
The Marina Gardens Crescent mixed-use parcel comes on the heels of a recently concluded tender for Marina Gardens Lane, in which Kingsford put in the top bid of S$1.03 billion.
Kingsford’s offer was 42.3 per cent higher than the next highest bid from a GuocoLand and Hong Leong Holdings tie-up.
An estimated 775 residential units and 6,000 square metres (sq m) of commercial space can be built on the Marina Gardens Crescent site, adding to the 790 residential units coming up on the earlier tendered site at Marina Gardens Lane.
Tenderers are also required to build an early-childhood development centre on the Marina Gardens Crescent site.
Tricia Song, CBRE’s head of research for South-east Asia, expects the winning bid to come in at S$1 billion, or S$1,300 per square foot per plot ratio (psf ppr), lower than that of Marina Gardens Lane.
Analysts anticipate between two and five bidders.
The Marina Gardens Crescent site has a lower plot ratio and may not have a full unblocked view of Gardens by the Bay but will still have a substantial sea view, she said.
The closest comparable new launch in the area, One Bernam, has sold 47 units in 2023 to date at a median price of S$2,611 psf, she said.
In the resale market, Marina One Residences saw eight transactions at a median price of S$2,348 psf this year.
PropNex Realty head of research and content Wong Siew Ying noted that as the higher Additional Buyer’s Stamp Duty rates for foreigners and investors could crimp investment demand for residential units and affect take-up, developers may still exercise caution about the site.
Consisting of four plots, the largest plot in the Marina Gardens Crescent site spans 17,319.2 sq m, with a maximum gross floor area (GFA) of 72,741 sq m. The site includes a second plot measuring 5,410.5 sq m, which has been set aside as an open space and two underground space plots.
Justin Quek, OrangeTee & Tie’s deputy chief executive, said that the Marina Gardens Crescent site being the first white site launched in the Marina South precinct will give its developer first-mover advantage in providing amenities there.
“The footfall in the commercial component of the project will likely be high, as the project is situated beside the Marina South MRT Station,” he said.
The Media Circle site is zoned residential with commercial use on the first floor.
The site area is 10,633.8 sq m in size, with a maximum permissible GFA of 30,839 sq m, the Urban Redevelopment Authority (URA) said on Friday (Jun 30).
The site, which is near the one-north office clusters, can yield 355 residential units, with 400 sq m of commercial space on the first floor.
The plot could attract between five and 10 bidders, with the top bid seen at between S$1,100 and S$1,350 psf ppr and in the S$350 million to S$400 million range.
CBRE’s Song said the most recent land sales in one-north were two land parcels at Slim Barracks that were awarded in September 2021 for S$1,210 and S$1,246 psf ppr and received 10 bids each.
One of them is being developed by EL Development into Blossoms By The Park, which launched in April 2023.
To date, the condominium has sold 212 units at a median price of S$2,432 psf.
PropNex’s Wong said the Media Circle site’s comparably smaller size might be a draw.
“A number of the upcoming GLS confirmed list (H2 2023) sites have a medium-to-large development size, offering more than 500 residential units each. Developers who are reluctant to take on the risks that come with larger sites will likely look into this plot,” she said.
The launch of the Marina Gardens Crescent and Media Circle sites follows the release for sale of the 6.5 ha white site in Jurong Lake District last week, which can yield about 1,700 residential units.
In total, 9,250 private housing units have been added under the GLS programme’s confirmed list for the whole of 2023 – the highest in a decade.
The tender for both parcels will close on Jan 18, 2024, which gives it a longer six-month tender period compared to the typical three months, CBRE’s Song noted.
“This should allow developers more time to evaluate their options as the government continues to ramp up its land supply programme,” she said.
https://www.businesstimes.com.sg/property/ura-launches-marina-south-media-circle-sites-sale