A white site within the Marina Bay area that was on the reservation list of the second half 2016 Government Land Sales (GLS) Programme continues to be activated for sale, after an unnamed developer committed to a minimum bid of $1.536 billion for the land lot, shown the Urban Redevelopment Authority (URA) on Friday, 12 August.
As the minimum bid price is satisfactory to the government, the site will be released for public tender.
Remaining GFA can be for residential, retail, resort and serviced apartments. m will be allowed for office use, while
The future project will be linked directly to surrounding developments such as Marina Bay Financial Centre and One Raffles Quay via overhead and underground pedestrian links.
The site may also be joined to the next Downtown MRT station, and is near the Raffles Place and forthcoming Shenton Way stations.
“The market continues to be expecting the trigger of this prime site, despite concerns around impending supply in 2016,” said Head, Desmond Sim, CBRE Research, Singapore and South East Asia.
When the new development is completed early 2020 to 2021 “,, it is going to provide continuity in Singapore’s office supply for the mid- to long term.”
The property expects to see interest that is healthy, with close to 10 local and foreign bidders. Consequently, there might be keen competition in terms of pricing.
The URA will start the public tender for the 99-year leasehold site after this month. The bid period will be about 10 weeks.
Video that show the beauty of Marina Bay