A record price of S$2.6 billion has been secured for a 99-year leasehold government site, held by the Urban Redevelopment Authority (URA), in Singapore’s marina Bay. This is the first land sale in the area in nine years. The winning bid for the Central Boulevard site was submitted by Malaysian property development firm IOI Properties Group’s unit, Wealthy Link Pte.
Central Boulevard Condo near to Marina Bay Sands
Wealthy Link Pte was one of six bidders competing for the site against international property firms such as Temasek-owned Mapletree Investments, Hong Kong Land – Cheung Kong and CapitaLand. The bid was 16.4 per cent above the second highest bid, equating to S$1,689 per square foot while analysts expected the bids to range between S$1.54 billion and S$1.8 billion. The site of the Central Boulevard Condo development has a gross plot ratio of 13 and maximum gross floor area (GFA) of 141,294sqm. It is by Wealthy Link and IOI Properties and it is near to Marina Bay Sands.
The Central Boulevard Condo development is located in the core of the Marina Bay region with Central Boulevard, Shenton Way and Raffles Quay forming the site boundaries. This mixed use development will include commercial retail, hotel, office, residential condos and serviced condos. A childcare facility with a minimum GFA of 500sqm will also be included.
Central Boulevard Lau Pa Sat Condo IOI Properties
Commercial uses (excluding GFA for hotel, condo and residential) will be allowed a maximum of three strata lots making strata subdivision of office space units for sale prohibited. These conditions will make the Central Boulevard Condo development attractive to major financial institutions and multinational corporations given its proximity to Singapore’s financial and business district. These conditions will make the Central Boulevard Condo development attractive to major financial institutions and multinational corporations given its proximity to Singapore’s financial and business district.It is located at the CBD area with commercial and residential component located in the development.
With its central location, the Central Boulevard Condo development is serviced by three nearby metro stations- Downtown, Shenton Way and Marina Bay. In addition, the Downton metro line is linked to the Raffles Place Interchange station and future Shenton Way MRT station (Thomson-East Coast Line) making the development accessible to a number of major transport nodes. If you’re used to driving, the development is also a 5 to 10 minute drive from Marina Boulevard, Sheares Avenue, Bayfront Avenue and major expressways including the East Coast Parkway (ECP), Ayer Rajah Expressway (AYE), Central Expressway (CTE) and the Marina Coastal Expressway (MCE).
Central Boulevard IOI Properties Wealthy Link Condo
The Central Boulevard Condo development will commence late 2017 or early 2018 with completion expected by late 2021. The expected completion of the Central Boulevard Condo development will follow a series of commercial office openings expected in Singapore from 2019 to 2021. Singapore citizens, permanent residents and foreign buyers are eligible to purchase units in the Central Boulevard Condo development.