Singapore sale of rare Marina Bay land set to fetch bumper price

SINGAPORE (Sept 2): The first sale of land in Singapore’s Marina Bay in nine years is set to fetch a bumper price as developers jockey for a piece of the sought-after financial district.

The 1.1 hectare (2.7 acre) plot may fetch more than $1.8 billion, according to Cushman & Wakefield Inc., or $1,200 per square foot of gross floor area. That would make it the city’s most expensive land sale since 2007, when the Asia Square Tower I plot sold at $2.02 billion, or a rate of $1,409 per square foot.

“This will be a hotly contested plot,” said Christine Li, director of research at Cushman in Singapore. “Bidders could include sovereign wealth funds and aggressive bids from Chinese developers.”

---

Related Stories

• Metech appoints former Keppel Land president Ng Ooi Hooi as independent director
• CICT's manager proposes to acquire ION Orchard at $1.85 billion, subject to EGM
• Fed pivot makes it easier for CapitaLand Investment and City Developments to achieve targets

---