The Top Bid Submitted by IOI Products for Marina View Condo Site is on brand for the developer. The project is a mixed-use development encompassing 540 hotel rooms, a shopping mall, and a condo tower. In the article, we will look at the project details and the potential competition. This is a very exciting development for both IOI and the City of Marina Bay.
IOI Properties is the only bidder
The tender for the 7,800-sq-m Marina View site was closed on Tuesday. The sale is part of the Government Land Sales programme. Observers predicted strong interest in the site from developers, with some expecting bids of as much as S$1.9 billion. The site is slated to be a mixed development with a mix of residential and commercial units. The land is located in the heart of Singapore’s CBD, which is a hotspot for high-end retail and commercial projects.
IOI Properties has built several high-end residential developments and integrated mixed-use developments in Singapore. These include the award-winning South Beach project, and luxury condominiums in Sentosa Cove. It is also developing Marina One Residences, which is estimated to have a floor area of 1.09 million square feet. It is expected to be completed by 2023. IOI Properties is a global developer with developments in Asia and the UK.
IOI Properties is on-brand for IOI
IOI Properties is a Malaysian real estate company that develops residential, commercial, and industrial properties. With over 30 years of experience, the company has a global presence with more than 27 ongoing developments in Malaysia, Singapore, and China. Its marketing strategy centers on four pillars: People and Culture, Sustainable Design Principles and Practices, and Technology. In addition to offering a wide range of high-quality properties, IOI Properties also delivers on its commitment to the environment and socially responsible practices.
IOI Properties is a global developer, contributing around 18% of the group’s earnings. Its overseas operations are growing on a steady basis and have registered brisk sales in China for the past four quarters. Its recent acquisition of Palm Garden Hotel will allow it to further expand its brand and drive business growth in other countries. IOI believes that this rebound in sales is the result of pent-up consumer interest as the country recovers from the Covid-19 pandemic.
IOI Properties’ Marina View condo site is a mixed-use development
IOI Properties has announced its plans to build a mixed-use development at the former Marina View condominium site. The developer bought the site at a state land auction for S$2.6 billion in 2016. The proposed development is comprised of 905 residential units, 540 hotel rooms, and 21,528 square feet of commercial space. The project is expected to be completed in the third quarter of 2023.
The developer plans to combine residential and commercial uses on the Marina View “white” site. The 1.1-hectare site will feature office space and retail spaces. The company entered a bid of S$1.508 billion, matching the reserve price. The site will feature luxury residential and hotel units. The development will have a prestigious address for high-end residents, as well as an adjacent commercial district.
540 hotel rooms
The government released the Marina View condo site from reserve list on 28 June. Upon completion, it will yield 905 private residential units, 2,000 sq m of commercial space, and 540 hotel rooms. The developers hope to attract Chinese investors with this development. However, there are concerns about the development. Some developers have already withdrawn their bids for the site because they are not confident that the investment will meet their expectations.
The site is not only an attractive location for investors, but it is also unique in the residential and hotel sectors. The developers may be tempted by the site because it allows for residential construction, and also takes advantage of the tight residential supply in Singapore. Other projects in the downtown core area have been met with favourable feedback. Analysts at Cushman & Wakefield Singapore say that the demand for premium CBD flats will continue to rise as more family offices set up shop in Singapore.
2,000 sq m of commercial space
The MarinaView site is a 99-year leasehold site that can accommodate residential, retail and hotel uses. A total GFA of 101,629 square meters is anticipated. The site is located southwest of the Asia Square Complex. This site will feature office, retail and hotel elements in combination with a residential tower. The winning bidder, IOI Properties, was committed to bidding S$1.508 billion for the land.
The MarinaView site has been released from the Government’s reserve list. It is worth about S$1.508 billion, indicating the strong demand for residential units. In addition to residential units, the site also contains 2,000 square meters of commercial space. The project is expected to yield 905 private residences, 540 hotel rooms, and 2,000 sq m of commercial space. This site is in the prime CBD of Singapore and is located next to the city center.
The tender for the MarinaView site is likely to be won by IOI Properties Group Bhd, the sole bidder. The company has offered a S$1.5 billion bid for the 99-year leasehold site. Analysts estimate the potential value of the project at between S$2.1 billion and RM6.4 billion. IOI submitted its bid to the Urban Redevelopment Authority (URA), which is acting on behalf of the government of Singapore.
The site is 84,110 square metres, which is slated for a future mixed-use development. It would include 905 residential units and 540 hotel rooms, with an additional 2,000 square metres for retail and office spaces. The site would have a gross floor area of over a million square feet. The developer is also offering an attractive discount scheme for buyers. The units are still in pristine condition, so buyers can have them renovated according to their preferences.