Singapore Land Group (SingLand) U06 has submitted an application to the Urban Redevelopment Authority (URA) to rezone its Marina Square site, reported The Straits Times on Sept 18.
Marina Square is a mixed-use development that has three hotels, a shopping mall and an office. The development sits on 99-year leasehold land that started from Sept 9, 1980. The site area measures 92,197 sqm with a total gross floor area of 315,046 sqm.
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The group, along with its parent company, UOL Group U14 , has a majority stake after a series of acquisitions made in 2019. Of the three hotels, UOL and SingLand own Parkroyal Collection Marina Bay and Pan Pacific Singapore while SingLand owns a 50% stake in Mandarin Oriental. Mandarin Oriental Hotel Group, under the Jardine Matheson group of companies, owns the remaining 50%.
The application, which was seen in a proposed amendment to URA’s masterplan that was published on Aug 1, involved rezoning a portion of the site from “hotel” to “residential with commercial at first storey”. The application also stated the removal of the gross plot ratio of two plots occupied by the mixed-use development along Raffles Boulevard. Marina Square is currently zoned for hotel use with a plot ratio of 3.4. The plots may also be used for commercial or residential use as long as they don’t go over 40% of the total floor area.
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The proposed rezoning means that SingLand has already received in-principle approval from the authorities to build residential units on its property, says The Straits Times.
According to the paper, the proposed rezoning for residential use spans some 3,700 sqm and will include a part of the swimming pool at Parkroyal Collection Marina Bay and a part of the shopping mall.
Based on SingLand’s annual report for the FY2022 ended Dec 31, 2022, the mall has a committed occupancy of 98%.
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A spokesperson for SingLand said that it would reveal details upon any “material developments”.
As at 9.28am, shares in SingLand are trading flat at $2.01.
