According to a URA press release on Feb 8, the GLS site was not awarded as the sole bid is "assessed to be too low". The site will be made available on the Reserve List of the 1H2024 GLS Programme. This opens the door for other interested parties to submit applications for the sale of the site with a minimum price that is acceptable to the government. Read also: GuocoLand’s ‘master developer’ aspirations in Lentor Hills estate.
The Urban Redevelopment Authority has rejected a $770.46 million bid submitted on Jan 18 by a consortium comprising GuocoLand (SGX:F17
) , Hong Leong Holdings, and TID (a joint venture between Hong Leong Holdings and Japanese developer Mitsui Fudosan) for a government land sale (GLS) site at Marina Gardens Crescent.
The GuocoLand-led consortium was the only party to submit a bid for the 1.73-ha white site. Their bid price works out to $984 psf per plot ratio (ppr).
