The Marina Gardens Lane GLS land parcel was announced by the government on 7 June 2022 (Tuesday) as the first GLS site in Marina South - located next to Gardens by the Bay. The Marina Gardens Lane GLS land site is set to kick-start private residential development in the precinct.
This is the first time the government is launching a site in the Marina South neighbourhood. The Marina Gardens Lane GLS site in Marina South is a 12,300 square metre mixed-use plot on Marina Gardens Lane expected to yield about 795 residential units and 750 sq m of commercial space. To be launched for sale in December, the land parcel sits next to the Gardens by the Bay tourist attraction in Singapore’s downtown core.
The 45ha Marina South precinct, which overlooks the Marina Reservoir and the Singapore Strait, will comprise a mix of retail, office, hotel and residential uses. It can yield more than 10,000 homes when the whole area is fully developed in the future.
Real estate professional Kiwi Lim believe the Marina Gardens Lane site in Marina South is likely to be the priciest parcel on the list of avail GLS sites to be released this year. "This plum mixed development site is expected to cost at least a billion and would be the most popular. It is expected to receive seriously competitive bids from developers with deep pockets due to its first-mover advantage in the precinct's development and being the first residential site out of five sites along the same stretch" said Kiwi.
The Government will continue to monitor economic and property market conditions closely and adjust the supply of future GLS Programmes, as necessary.