MACQUARIE Global Property Advisors has submitted the highest bid of $S2.02 billion for Land Parcel A at Marina View in Singapore.
The site is being offered for sale by the Urban Redevelopment Authority,
MGPA outbid two other interested parties for the 99-year leasehold site.
Mapletree was more than $S200 million short with its $S1.8 billion bid, whilst IOI Consolidated offered $S1.6 billion.
The site, which measures 110,400 sq ft with a maximum permissible gross floor area of 1,432,890 sq ft is located within the Marina Bay Business and Financial Centre and is surrounded by two existing and two planned MRT stations.
MGPA’s managing director Simon Treacy said the site presents a rare opportunity to develop a Grade A+ office building in the prime business district of Singapore where strong demand coupled with limited supply makes now an ideal time for high quality office development.
“The site’s proximity to landmark developments such as One Raffles Quay, Marina Business Financial Centre, The Sail and Marina Bay Sands Integrated Resort makes it a highly sought-after location for corporates.” He added
Australian Property Journal
