One Shenton will be the latest residential development at Marina Bay to achieve completion, with the temporary occupation permit (TOP) expected this month. “Owners of the lower floor units at One Shenton are expecting to collect their keys soon, while mid- to high-floor units will also be ready for handover in the near future,” says Kelvin Cheong, an associate director at Dennis Wee Realty Pte Ltd.
City Developments Ltd’s 341-unit One Shenton was designed by world-renowned architect Carlos Ott and comprises of two gleaming towers of 50 and 43 storeys linked by a podium with 11 retail units. The 99-year leasehold development contains a mix of units featuring one bedroom, with or without study, to four bedrooms. There are also penthouses, sky suites and sky villas.
Like most buyers of property in Districts 1 and 2 in the CBD, the majority of purchasers at One Shenton are investors expecting strong rental rates and future capital appreciation, Cheong says. “Rental rates at One Shenton will probably be in the same range as that of The Sail @ Marina Bay. However, One Shenton cannot command the same rates as Marina Bay Residences, whose location offers unobstructed sea views for most of its units.”
Owners are already asking agents to put their units up for rent. “About a dozen owners have already contacted me,” says Desmond Tan, division director of resale agency at HSR. He estimates that one-bedroom units sized at 517 to 1,001 sq ft (for those that come with a study) have asking monthly rental rates of $4,000 to $4,800, while two-bedroom units of 904 to 1,227 sq ft are going for $5,300 to $5,500.
One Shenton’s three-bedroom units measuring 1,455 to 1,604 sq ft are likely to indicate $6,000 per month — similar to The Sail, which commands $5,700 to $6,500 depending on layout.
At Marina Bay Residences, on the other hand, three-bedroom units command $8,000 to $9,000 a month, as the three- and four-bedroom apartments there have private lift entrances.
At the soft launch in January 2007, units at One Shenton were sold at $1,500 to more than $2,000 psf. At least 70% of the 341 apartments were snapped up during the preview. The highest average price achieved was $2,757 psf, or a total of $5.2 million, for a four-bedroom, 1,894 sq ft unit on the 44th floor in June 2007.
In the week of Jan 18 to 25, One Shenton saw two transactions at $1,970 and $1,999 psf, according to caveats lodged with URA Realis. The higher price was set on Jan 21, when an 850 sq ft, onebedroom unit on the 23rd floor changed hands in a sub-sale for $1.7 million. This represented a 22.4% capital gain for the seller, who bought the unit for $1.39 million ($1,633 psf) from the developer during its launch four years ago. The other transaction, also a sub-sale, was for a 36th-floor, 581 sq ft unit, which sold for $1.14 million.
The latest asking price at One Shenton is from $2,040 psf or so, says Cheong. This is slightly lower than the 1,111-unit The Sail also by City Developments and Keppel Land’s 428-unit Marina Bay Residences. The Sail has an average asking price of $2,050 psf, while owners at Marina Bay Residences are indicating $3,130 psf, he adds.
In the most recent transactions there, based on URA Realis data, a 1,184 sq ft, 10th-floor unit at The Sail changed hands for $2.6 million ($2,196 psf) in the resale market on Jan 13, while a 1,636 sq ft unit at Marina Bay Residences went for $5.12 million ($3,130 psf) on Jan 7.
Source : The Edge – 14 Feb 2011