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The Urban Redevelopment Authority (URA) has put up a second white site at Marina View for sale today to meet the growing demand for prime office space and hotels in the Marina Bay area.With a site area covering 0.9 ha and a gross plot ratio of 13, the land parcel can yield a maximum permissible gross floor area (GFA) of 113,580 sq m.
It is strategically located within the Marina Bay area, next to the existing Central Business District (CBD) at Raffles Place and close to other prime office developments such as One Raffles Quay (ORQ) and Marina Bay Financial Centre (MBFC).
The concept of 'white' sites is introduced to give developers more flexibility in development options on certain land parcels sold by the State.
'White' sites are sites in which a range of uses are allowed, giving developers the flexibility to decide on the mix of uses and how much floor space for each use, as long as the total permissable GFA for the whole development is not exceeded.
In addition, successful tenderers of "white" sites may also change the mix or space allotted for use as stipulated in the conditions of tender without the need to pay differential premium during the lease period.
Source: URA
The release of this plot comes two months after the first white site, covering 110,206 sq ft, at Marina View was launched in May, and the tender for this closes on Sept 19. Property consultants estimate that this site could fetch $850 to $1,000 psf of the potential gross floor area. This translates into bids of $1.22 billion to $1.43 billion, and some analysts reckon that the price could for even higher given the current robust property market.
The URA, in a statement, said the development "will contribute to building up the critical mass of office space and hotel rooms in the Marina Bay area and developing the precinct as an international business and financial hub."
"This land parcel offers a unique opportunity for a distinctive landmark office and hotel development in a prime downtown location," it added.
URA said at least 60% of the total permissible GFA for the land parcel will be developed for office use to meet the demand for prime office space.
The successful tenderer for this site will also be required to allocate at least another 25% of the maximum permissible GFA for hotel use, which can yield about 550 hotel rooms.
"This is to contribute to the supply of hotel rooms to meet the expected increase in demand arising from the Singapore Tourism Board's target of attracting 17 million visitors by 2015," said the URA.
Apart from the required minimum quantum for office and hotel uses, the remaining GFA may be developed for additional office, hotel or other permitted uses, such as residential and other commercial uses, for example, retail and entertainment.
The site enjoys direct frontage onto a public open space linking Marina Boulevard to Straits Boulevard and has panoramic views of the city skyline and Marina Bay. It will be connected to surrounding developments ORQ, One Marina Boulevard, MBFC and the future developments at One Shenton and the earlier white site through an extensive network of covered walkways, underground pedestrian walkways and second storey links.
The site will be served by the Common Services Tunnel, a comprehensive system of underground tunnels which house and distribute utility service lines, including power and telecommunication cables.
The future office tenants will have access to uninterrupted supply of major utilities, emergency back-up services and the capacity for expansion to meet changing utility needs.
The land parcel is one of the sites to be sold via the confirmed list under the second half of the Government Land Sales Programme announced by the Ministry of National Development on June 14.
More details of the site are available on URA website at http://www.ura.gov.sg/sales/MarinaViewLPB/MV-intro.html.
Developments around Marina Bay
The Marina Bay area, Singapore's downtown district, is located within the heart of the city. It comprises the existing CBD at Raffles Places, Shenton Way and Marina Centre, together with the new development area around the Bay. The district will be an international business and financial hub and is envisaged to be a dynamic, 24/7, Garden City by the Bay.
The URA said the Marina Bay is shaping up well and fast.
Apart from the The Sail, a luxurious condominium development, MBFC and Marina Bay Sands Integrated Resort which will be completed in the next few years, the government has also recently sold the 2.67 ha site at Collyer Quay to be developed into a lifestyle hub featuring a luxury boutique hotel with a good mix of retail and entertainment uses.
"The development at Collyer Quay site is scheduled to be completed in 2009.
Other exciting attractions that will be added to the loop of existing attractions around the bay, includes The Singapore Flyer - one of the tallest observation wheels in the world which is scheduled to be completed in 2008, 100 ha of prime land for the development of three distinctive and unique world class Gardens by the Bay and a 3.5 km long promenade and a new iconic pedestrian bridge featuring the world's first double helix
design construction.
The tender of the second white site at Marina View will close at 12 noon on Nov 13.
Selection of the successful tenderer will be based on the tendered land price only, said the URA.
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