Tender decision for URA sale site at Marina Gardens Crescent

The URA has announced that the Marina Gardens Crescent site will not be awarded as the sole bid of S$770.5 million or S$984 psf ppr is too low. The tender for this site closed on 18 January 2024.

It is not entirely surprising that the site has not been awarded as the lone bid is 29.8% lower than the Marina Gardens Lane site that was awarded for S$1,402 psf ppr in July 2023. Should this site be tendered out again, it will be interesting to see if the government will award next time round… especially if there are three bids or more and the land rate of these bids should all come in around the S$984 psf ppr of the tender that closed on 18 January 2024.

After all, if several developers (more than one) assess the sales potential of homes as being weakened due to the doubling of the foreign buyers Additional Buyer’s Stamp Duty (ABSD) rate to 60% (in April 2023), might this not then constitute the new market benchmark for the location?