17 Aug '16, 8am

Marina Bay site goes on sale

A developer triggered the site's release for sale from the Government's reserve list by committing to bid at least $1.536 billion at the tender, or about $1,010 per sq ft per plot ratio (psf ppr). The news comes despite a tough office leasing market, with concerns over the 3.6 million sq ft of space in the central area due for completion this year and the next - across such projects as Guoco Tower, Duo Tower, Marina One and 5 Shenton Way . Grade A Central Business District (CBD) rents fell 9.3 per cent from last year to $8.86 psf per month in the second quarter, while vacancy rates rose from 3.8 per cent to 4.2 per cent over the same period, according to Cushman & Wakefield. Infrastructure and transport links are growing in the area with the recently completed Downtown Line and upcoming Thomson-East Coast Line . It means the tender for this site "re-establishes Marina Bay ...

Full article: http://www.srx.com.sg/singapore-property-news/22592/marin...

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