URA rejected Guoco

The Urban Redevelopment Authority (URA) rejected the sole bid submitted by a joint venture led by GuocoLand for the Marina Gardens Crescent site. The bid of $770.5 million, which translates to $984 per square foot per plot ratio, was deemed "too low" by the URA.

This decision marked the first time in over 12 years that the URA has rejected a land sale tender, the last instance being in November 2011. The bid was significantly lower than the price fetched for the adjacent Marina Gardens Lane site, which was $1,402 per square foot per plot ratio in July 2023.

As a result, the Marina Gardens Crescent site has been placed on the Reserve List of the URA's first-half land sale programme, allowing other developers to submit applications for the sale of the site with a minimum price acceptable to the government. Analysts do not expect the site to be launched back on the market soon due to the current market conditions and the ample supply of upcoming new homes in the area.