Special look at Marina View, the centre of transformation
By PropNex Research and editorial
A new residential mixed-use development is set to emerge in the Downtown Core precinct, amid exciting transformation in the Central Business District. When complete, the development will offer 905 units of modern city homes as well as 4,000 sq m of commercial space and 540 hotel rooms.
The 99-year leasehold plot at Marina View was first triggered off the reserve list on 10 June 2021 and opened for tender on 28 June 2021. The public tender was closed on 21 September, pulling in a single bid from Boulevard View Pte Ltd, the wholly-owned unit of IOI Properties Group. The sole bidder placed a bid of S$1.508 billion or $1,379 psf per plot ratio (psf ppr). The site is a rare Government Land Sales site situated in the heart of the central business district (CBD) where it has long been characterized by tall glittering office skyscrapers. As there have been limited new private residential launches in the area in the past few years, this project should pique the buying interest of young professionals and families.
To those living in or familiar with the landscape of Singapore, one would be acutely aware that opportunities to live in the city are far and few. For one, not many are able to afford a home in the city, for another, the supply of homes in the city has been low due to historic urban planning decisions. For those who are able to afford one of the coveted city apartments, the benefits are numerous.
The Marina View site is located along the edge of the Central Business District – home to many multi-national corporations and financial institutions. For those working in the CBD, it could mean a much shorter daily commute – perhaps even just a 5 minutes’ walk to the office. Residents living in the future Marina View residential project will be spared from the morning rush hour and dreary commute on the roads as well as public transportation.
Residents will not only be living within a short distance from their workplace, but also have access to a wide range of amenities and entertainment in the city. Apart from the retail options that will be offered within the development, residents will be pleased to know that shops and amenities are also within easy reach. These include the 100 AM mall, Tanjong Pagar Plaza, OUE Downtown, and Tanjong Pagar Centre. In addition, VivoCity, Marina Bay Sands integrated resort, Gardens by the Bay, and Chinatown are also a short distance away.
In addition, it is located within a stone throw’s away from the culturally-rich Tanjong Pagar precinct – characterized by rows of conserved shophouses that house a wide range of modern uses – from hotels, retail shops, F&B outlets, cafes, and bars. Residents who love their local hawker fare will not be disappointed as well with nearby hawker centres at Amoy Food Centre, Maxwell Food Centre and Lau Pau Sat, all within walking distance.
Residents will get to enjoy unparalleled accessibility from the existing public transportation networks and well-developed road infrastructure. The site is located within walking distance from four MRT stations: Tanjong Pagar (East-West Line), Downtown (Downtown Line), Marina Bay (Circle Line and North-South Line) and the upcoming Shenton Way MRT station (Thomson-East-Coast Line). It is also well-served by main roads and expressways such as the Ayer Rajah Expressway and Marina Coastal Expressway that connects commuters to the rest of the Island.
The excellent transport networks will also facilitate the commute to schools. Nearby education institutions include Cantonment Primary School, CHIJ (Kellock), Outram Secondary School, CHIJ St. Theresa’s Convent, Gan Eng Seng School, and School of the Arts, Singapore.
Prior to becoming the symbol of the 21st Century Singapore, the Marina Bay area has come a long way from its humble beginnings. In the 1800s, the Marina Bay Waterfront area served as the entry way and port-of-call for traders and early settlers. Today, it has transformed into a world-class commercial and business hub, borne out of visionary long-term planning and meticulous implementation.
The government has envisioned to further evolve the Marina Bay landscape into a 24/7 live-work-play waterfront precinct. The future development at Marina View will be on the leading edge of this transformation plan. The site is also well-positioned to benefit greatly from the state’s plan to rejuvenate the CBD as well as the highly anticipated Greater Southern Waterfront (GSW) development.
The government has introduced incentives to encourage the redevelopment of older buildings in the CBD into mixed-use developments that will cater to a wider diversity of uses – such as residences and hotels, more lifestyle and entertainment options. These initiatives are aimed at bringing more buzz to the city and turning it into a 24/7 precinct, which will remain vibrant and lively even after office hours. According to the URA Master Plan 2019, the CBD will be transformed into dynamic neighbourhoods that will enliven the city streetscape and public spaces. Some cornerstone features of this masterplan include developing city arcades or side streets that offer amenities, shops and cafes fronting the main streets, as well as courtyards and event spaces to host community events.
The GSW is one of Singapore’s most ambitious urban planning project, covering 30km of Singapore’s southern coastline, spanning 2,000 hectares of land. This upcoming exciting waterfront precinct will have a wide range of commercial and recreation amenities. Among the key features of the GSW is the continuous waterfront promenade that will seamlessly connect various places of interest, extending from Labrador Park to Marina South. The GSW will be developed in phases, starting with the former Pasir Panjang Power District, Keppel Club and Mount Faber in the next five to 10 years.
OI Properties Group Berhad (“IOIPG”) – the property arm of IOI Group – is one of Malaysia’s leading public-listed property developers. It has more than three decades of track record in the property development industry. Its principal activities include property development, property investment, leisure and hospitality. It has successfully developed a number of sustainable townships in Klang Valley, Johor, and has gone on to venture into international projects in Singapore and China.
IOIPG is no stranger to the Singapore property market, having established its presence in 2007, it has built a number of notable projects, comprising high-end residential developments and integrated mixed-use developments. Among them are the luxury condominium developments of Seascape and Cape Royale in Sentosa Cove and the award-winning South Beach project. It is also the developer of the up-and-coming IOI Central Boulevard Towers – a S$3.5 billion commercial mixed-use development, located in the heart of Marina Bay, slated to be complete in 2023.
September 30, 2021