SINGAPORE (EDGEPROP) - The government land sales (GLS) tender for the white site at Marina Gardens Crescent closed on Jan 18, together with the residential site at Media Circle.

The Marina Gardens Crescent white site drew just one bid at $770.46 million, submitted by a consortium comprising GuocoLand, Hong Leong Holdings and TID (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan).

"If awarded the site, we will develop a new and exciting mixed development catering to local residents and a variety of businesses, and contribute to the Government’s vision of making Marina South an attractive, sustainable and community-centric district." says a GuocoLand spokesperson in a statement.

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The bid price works out to $984 psf per plot ratio (psf ppr) for the 99-year leasehold, 1.73ha white site.

The white site can be developed into a mixed-use project with commercial, hotel, residential, sports and recreational and other compatible components or a combination of two or more of these uses.

The site has a maximum gross floor area of 782,978 sq ft. Based on URA’s estimation, it can potentially yield about 775 residential units.

The Marina Gardens Crescent site is the second site for sale in the Marina Gardens area, after the GLS site at the adjacent Marina Gardens Lane was sold in June last year to a Kingsford Group-led consortium of developers for $1.034 billion ($1,402 psf ppr). The site is zoned “residential with commercial at 1st storey”.

The Kingsford-led consortium’s purchase price at $1,402 psf ppr is 42.5% higher than the $984 psf ppr submitted by GuocoLand and its joint venture partners.

Lee Sze Teck, senior director of data analytics at Huttons Asia, says that the complexity of building close to an MRT line and providing an underground pedestrian link may have been key considerations in the developers' bid for the site.

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The Marina Gardens Crescent site is next to the Marina South MRT station and close to the Marina Bay Financial District and Gardens by the Bay.