Another record has been set for property prices at the Marina Bay area.
A new residential development, Marina Bay Residences, is being put on the market at between S$1,550 and S$2,150 per square foot.
This will dwarf the previous benchmark set for the area by another development – The Sail @ Marina Bay – which went for up to S$1,700 per square foot.
Strong interest in the Marina Bay Residences has been building since details of the development were first announced in October this year.
The residences are part of the upcoming Marina Bay Financial Centre.The project is a joint venture by Keppel Land, Cheung Kong Holdings and Hongkong Land.
Kan Kum Wah, Head of Marketing, Residential, BFC Development, said, “Basically the appeal is the view of Marina Bay and also the view of the Straits of Singapore…because we can hardly get such views in any location except Marina Bay…”
A penthouse, measuring 11,000 square feet, has already attracted unsolicited offers of S$20 million.
Sales agents for the Marina Bay Residences say they have recorded about 1,000 sales enquiries to date.
And demand for the apartments is global, with interested buyers calling in from Asia, the Middle East and
Europe.
Sales agents say they expect foreign buyers to make up at least 30 percent of the sales.
Ong Choon Fah, Executive Director, DTZ Debenham Tie Leung, said, “Over the next few years, we’d expect this trend to continue to strengthen, much as London or New York…they have that following of international buyers. And I think this is what Singapore is moving towards as our economy continues to globalise.”
Prices of high-end property in Singapore have been rising in recent months.
Buyers selling in the secondary market have been reaping some good profits.
And Marina Bay has been seen as one area with potentially good returns.
Willy Shee, Chairman, Asia, CB Richard Ellis, said, “Because of this very unique location and the iconic design and now with the confirmation of the two integrated resorts being announced, there was expectation that rentals will definitely go up. So the yields for the project will also go up.”
Construction on the Marina Bay residences is scheduled to be completed by 2010.
The 428 apartments will be launched to the public this Friday.
Source: Channel NewsAsia, 11 December 2006 Contact us for more information or to register your interest