THE Urban Redevelopment Authority yesterday offered a 0.9-hectare land parcel at prime site Marina View (picture) for tender.
It estimates that at least 60 per cent of its gross floor area will be developed for office use, 25 per cent for hotels, and 15 per cent for retail, residential or entertainment purposes.
The parcel — the second white site to be offered in Marina View — has a gross plot ratio of 13, yielding a maximum gross floor area of 113,580 sq m.
The land parcel is part of the huge government land sales programme announced last month — indicative of the Government’s determination to contain the hefty rise in property prices.
Analysts expect big developers such as City Development and CapitaLand to bid for the land.
The site enjoys direct frontage onto a public open space linking Marina Boulevard to Straits Boulevard, so that all buildings would have panoramic views of the city skyline and Marina Bay. Also, the area will also be served by an extensive network of covered underground space and other links.
Mr Wallace Chu, DBS Vickers’ property analyst, said timing is important for whoever gets the bid.
“They want to build it as soon as they can, to catch as much of the demand as they can,” he said, adding that financial institutions will probably snap up the space.
Bidders will likely take the cue from Mapletree Investments’ recent $391.9-million offer of an Anson Road site.
The tender closes in November
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