Marina Bay Suites sees strong demand despite market uncertainty

Marina Bay Suites is seeing strong demand despite uncertainty in the market, according to its marketing agents.

Both CB Richard Ellis and DTZ Debenham Tie Leung say they’ve received significant numbers of enquiries from both local and foreign buyers.

What goes up may not necessarily come down, even in these uncertain times.

Demand for these luxury apartment units overlooking Marina Bay seems almost immune to external shocks.

Ong Choon Fah, Executive Director and Regional Head, Consulting and Research, DTZ Debenham Tie Leung (SEA), said: “The top end of the market is like your blue chip stocks. When the market recovers they’re the ones that run first, the price recovery is the fastest. But when the market comes down, a lot of them don’t need to sell, so activity may come down but we find there’s very good price support.”

Joseph Tan, Executive Director – Residential, CB Richard Ellis, said: “This is likely to be probably one of the last sites that has views of the Bay so in any property purchase situation, it’s still location, location, location.”

According to Raffles Quay Asset Management, the prevailing market rate for the Marina area is between S$3,000 and S$4,000 per square foot.

And it remains bullish about the capital appreciation from residential units there.

Kan Kum Wah, Marketing Head – Residential, Raffles Quay Asset Management, said: “You can see from the first phase of Marina Bay Residences, the price has moved between 25 percent and 75 percent as of today, and we believe that based on the current strong economy, we’ll be growing in tandem or even outperform.”

Each unit in Marina Bay Suites comes with its own private lift lobby and there are just four units per floor.

The apartments range from 1,600 to 2,700 square feet in area each.

The development also includes three penthouse units, ranging from 4,700 to over 8,100 square feet each.

Selected buyer previews for all 221 units will be held later this month. – CNA/ch

Source : Channel NewsAsia -16 Jan 2008

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