URA rejects $984 psf ppr bid by GuocoLand-led consortium for Marina Gardens Crescent GLS site

/ EdgeProp Singapore |
Join our  Telegram  channel and follow our  Facebook  for the latest update.
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.
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).

Follow Us
Follow our channels to receive property news updates 24/7 round the clock.
EdgeProp Telegram
EdgeProp Facebook
Subscribe to our newsletter

Our Site

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

View More