In a highly competitive bidding process for a coveted GLS site in Marina South, Kingsford Development emerged victory with a groundbreaking bid of S$1.03 billion or S$1,401.52 per square foot per plot ratio (psf ppr). The impressive offer surpassed the expectations of industry experts and demonstrates the strong demand for prime real estate in Singapore.
Kingsford Group outbid Guocoland by 42 per cent as the latter submitted the second highest bid of S$727.0 million, or S$985 psf ppr.
Kingsford Development's successful bid of S$1.03 billion for the Marina South site represents a significant milestone in Singapore's real estate sector. The bid exceeded market predictions, reflecting the developer's confidence in the potential of the location and their commitment to delivering exceptional projects. The record-breaking figure is a testament to the robustness of Singapore's property market, even amidst the evolving economic landscape.
The Marina South GLS site holds immense strategic value due to its prime location. Situated in close proximity to the city center, the development will benefit from excellent connectivity and easy access to various amenities. Additionally, its proximity to the Marina Bay Financial Centre and other prominent landmarks adds to its allure. The winning bidder is well-aware of the immense potential for growth and aims to leverage the site's advantageous position to create a highly sought-after property.
“The Marina Gardens Lane site will feature a first-of-its-kind seafront residential project counting Singapore’s icons Marina Bay Sands and Gardens by the Bay as neighbours,” says a spokesperson for Kingsford.
Located along Marina Gardens Lane, the plot can yield about 790 private residential units and up to 8,073 sq ft gross floor area (GFA) of commercial space. The project on the site can have a maximum GFA of 738,113 sq ft.
The presence of industry giants Guocoland and Far East in the bidding process further underscores the significance of the Marina South site. Both renowned developers have an established track record in delivering world-class projects and possess deep expertise in the Singapore property market. Their participation in the bidding process reflects their long-term vision and commitment to securing prime land for their portfolios.
Far East Organization and its subsidary Sino Group joint venture with City Developments (CDL) submitted a bid of S$703.3 million or about S$953 psf ppr.
JT Chia, Managing Director at Propertyforsale Pte Ltd, predicts the project launch price for this Marina South to be about $2,400 PSF. "Clearly, the Chinese developer is overly bullish than our local property developers who knows our own backyard," he says.
Kingsford Development started property development in 2012 with Kingsford Hillview Peak, a 512-unit condominium at Hillview Avenue. It then went on to develop Kingsford Waterbay at Upper Serangoon View comprising a 1,165-unit condominium, retail shops and a childcare centre.
Kingsford Development is on course to complete Normanton Park, a massive development with 1,862 residential units and some retail shops, by end of 2023.
Marina South will be Kingsford first foray into Singapore Prime location.