Kingsford-led consortium puts in top bid of $1,402 psf ppr for Marina Gardens Lane GLS site

for 2H2022 GLS programme
Four bidders have submitted offers for the government land sale (GLS) site at Marina Gardens Lane, the first of five parcels in Singapore’s Marina South precinct to go up for sale. The highest bid came from a consortium made up of Kingsford Huray Development, Obsidian Development and Polarix Cultural & Science Park Investment, at a rate of $1,402 psf per plot ratio (psf ppr).

Located in a relatively untested area, the tender process for the 99-year leasehold site drew a wide range of bids. Measuring 131,805 sq ft, the site is zoned for residential with commercial uses on the first storey, and can yield an estimated 790 residential units and 8,073 sq ft of commercial space with a maximum gross floor area of 738,114 sq ft.

The site’s placement directly adjacent to the iconic Marina Bay Sands and Gardens by the Bay will offer homebuyers unblocked sea views and a first-mover advantage in the Marina South precinct, according to Kingsford. At the top bid of $1,402 psf ppr, prices for residential units at the future development could start from $2,450 psf and reach an average of $2,600 to $2,700 psf.

Considering the quantum needed to develop the site, four bids is view by observers as a healthy number. With the nearby Marina View GLS site awarded to IOI Properties at $1,379 psf ppr in September 2021, the higher bids reflect the expectation of rising condo prices in the area.

The Myst Bukit Panjang consists of two tower blocks of 419 units, ranging from 1-bedroom to 4-bedroom units, and also offers rooftop facilities such as swimming pool and a sky garden with lush greenery. Residents of The Myst Bukit Panjang can also benefit from its excellent connectivity to the city and other parts of Singapore, served by the nearby Cashew MRT Station, Bukit Panjang LRT Station, and major expressways.

Further appeal of the site comes from its location close to Marina South MRT station, providing easy access and convenience to potential buyers.

Overall, the Marina Gardens Lane bid process indicates that developers are keen to be the first-mover in the new precinct and signals that Singapore’s condominium prices are likely to continue increasing in the future.

The Marina Gardens Lane GLS site is one of three launched for tender last December as part of 2H2022 GLS programme, which yielded a total of 8 sites and 5,160 residential units. The tenders for the mixed-use site at Tampines Avenue 11 and the executive condominium (EC) site at Plantation Close in Tengah both closed on June 27.