Marina Bay Land Set for Record Price

• 9 December 2016
• Local News
• 821 Views

The first piece of land to be sold in Singapore’s prestigious Marina Bay for nine years is expected to fetch a record price at auction.

Bidders are competing to buy the property in one of the world’s most sought-after areas until the auction closes on 8 November.

The 1.1 hectare plot of land could sell for as much as USD1.3 billion (or over USD100,000 per square foot) according to agents Cushman & Wakefield, which would be the most expensive property transaction since the Asia Square Tower I sold in 2007.

Observers expect aggressive bidding from both the Middle East and China and a reserve bid of USD1.1 billion has already been placed on the property from an unidentified buyer.