The Urban Redevelopment Authority has rejected a $770.46 million bid submitted on Jan 18 by a consortium comprising GuocoLand, Hong Leong Holdings, and TID (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan) for a government land sale (GLS) site at Marina Gardens Crescent.

The GuocoLand-led consortium was the only party to submit a bid for the 1.73-ha white site. Their bid price works out to $984 psf per plot ratio (ppr).

According to a URA press release on Feb 8, the GLS site was not awarded as the sole bid is "assessed to be too low". The site will be available on the Reserve List of the 1H2024 GLS Programme. This opens the door for other interested parties to submit applications for the sale of the site with a minimum price acceptable to the government.

Read also: Government launches tender for mixed-use GLS site at Tampines St 94

The Marina Gardens Crescent site tender is the second land parcel for sale in the Marina Gardens area. An earlier site, at Marina Gardens Lane, was awarded to a Kingsford Group-led consortium last June. The tender drew four bids, and the winning bid was $1.034 billion, which translates to a land rate of $1,402 psf ppr.

However, the Kingsford Group-led consortium’s bid was 42% higher than the second-highest bid, which came from a joint venture (JV) between GuocoLand and Hong Leong Group, who submitted a bid of $727.04 million, or $985 psf ppr.

The press release issued by URA today also announces the tender decision for a separate GLS site at Media Circle, which has been awarded to the highest tenderer, a JV comprising Qingjian Realty and Forsea Holdings, who submitted the highest bid of $395.29 million ($1,191 psf ppr).