Press Release
27 June 2023
Closing of land tender at Marina Gardens Lane
FOR IMMEDIATE RELEASE
The Urban Redevelopment Authority (URA) has closed the tender for the site at Marina Gardens Lane.
There were a total 4 bids for this land parcel, and the highest bid was S$1,034,480,000, or S$1401.51 per sq ft per plot ratio (psf ppr) from Kingsford Huray Development Pte. Ltd., Obsidian Development Pte. Ltd. and Polarix Cultural & Science Park Investment Private Limited.
Demand for this site was healthy with 4 bids in light of the large overall quantum required for this site. Developers may have been mindful of the recent cooling measures in mind, which saw a raise in ABSD rates.
Nonetheless, developers may have been very keen to be the first-mover in the new precinct, as supply in the upcoming Marina South precinct remains low for now with only 1 other parcel at Marina Gardens Crescent to be launched soon. Moreover, this parcel is also attractive as it is directly opposite Gardens by the Bay.
With no other Marina South land parcels for sale in the H2 2023 GLS programme, it may be some time before more land parcels will be sold in the area. Hence, developers may have been keen to take advantage of this plot as the very first Marina South project.