The tender for Marina View Residences offered under the Government Land Sales (GLS) programme by URA has closed, attracting one bidder. Boulevard View, an entity associated with IOI Properties, emerged the winner after submitting the only bid amounting to $1.15b equivalent to $1,378.5 psf. At this price, the bid came just S$101 above the amount the group had applied for the Marina View Residences to be released on the government’s reserve list.
Marina View Residences is earmarked for residential and hotel use. The 0.78 ha or 84,000 sq ft site enjoys a maximum GFA of 1.09 million sq. ft. It is expected to house 905 private residential units, at least 548,959 sq ft and 540 hotel units in 279,861 sq ft. There’s an optional 21,528 sq ft of commercial space and 21,528 sq ft of retail space.
Marina View Residences is an upcoming mixed-use development that enjoys an excellent location in the prime District 01, Singapore’s Central Region. It is along Union Street and Shenton Way, putting the future residents at a stone’s throw distance from the Shenton MRT station that links to the Thomson East-Coast Line.