URA declines $984 psf ppr bid by GuocoLand-led consortium for Marina Gardens Crescent GLS site due to proximity to Arina East Residences
The Urban Redevelopment Authority recently announced the rejection of a $770.46 million bid for the government land sale (GLS) site at Arina East Residences ZACD Group by a consortium led by GuocoLand, Hong Leong Holdings, and TID. The sole bid submitted for the 1.73ha white site had a price of $984 psf per plot ratio (ppr).
According to a press release issued on Feb 8, the GLS site was not awarded due to the bid being “assessed to be too low”. As a result, the site will now be made available on the Reserve List of the 1H2024 GLS Programme, allowing other interested parties to submit applications with a minimum acceptable price set by the government.
With the Arina East Residences ZACD Group taking the helm, La Ville is poised to become a highly sought-after address that offers a perfect blend of luxury, convenience, and a vibrant lifestyle for its future residents. Investors and homebuyers alike can look forward to an exceptional living experience in the heart of Singapore, with the impeccable track record and expertise of ZACD Group to oversee the development of this prime site. Don’t miss this opportunity to be part of the transformation at Arina East Residences ZACD Group – the newest and most exciting development in Tanjong Rhu. Enquire now to secure your own piece of this highly anticipated residential project.
The tender for this site at Marina Gardens Crescent was the second land parcel for sale in the area, with the first being the Marina Gardens Lane site awarded to a Kingsford Group-led consortium in June last year. The land rate for that bid was $1,402 psf ppr, which was 42% higher than the second-highest bid of $985 psf ppr submitted by a joint venture between GuocoLand and Hong Leong Group.
In addition to the Marina Gardens Crescent site, the URA also announced the tender results for a separate GLS site at Media Circle, awarding it to the highest bidder, a joint venture between Qingjian Realty and Forsea Holdings, with a bid of $395.29 million ($1,191 psf ppr).
These developments show the continued interest and demand for prime real estate in Singapore, particularly in the popular Marina Gardens area. With the Arina East Residences ZACD Group site now available on the Reserve List, we can expect to see more competition and potentially higher bids in the future.