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Prices at the 99-year leasehold high-end condo are fast approaching 2007 peak levels. Most recently, a 2,368 sq ft apartment on the 30th floor changed hands for $8.288 million, or $3,500 sq ft. The last time it hit such levels was in mid-June 2007, when a 4,489 sq ft unit on the 51st floor was sold in a sub-sale for $16.16 million, or $3,600 psf.

From March 30 to April 6, there were four transactions in the $2,531 to $3,049 psf range — the first time prices have breached $3,000 psf since December 2007, when a unit on the 25th floor changed hands for $3,080 psf.

Marina Bay Residences, next to The Sail @ Marina Bay, is one of the most actively traded properties in Singapore. The high of $3,049 psf was achieved for a 1,969 sq ft unit on the 30th floor. It was sold for $6 million, according to a March 30 caveat lodged with URA. The previous owner had purchased the unit in a sub-sale for $5.3 million, or $2,700 psf, in June 2007.

The most recent transaction at Marina Bay Residences was for a 1,055 sq ft unit on the 41st floor, which changed hands in a subsale for $2.986 million, or $2,830 psf, according to an April 5 caveat with URA. The apartment was sold in July 2007 for $2.405 million ($2,280 psf), hence the owner saw a gain of 24%.

Meanwhile, another unit, a 1,216 sq ft apartment on the 22nd floor, was sold for $3.49 million, or $2,869 psf, in a sub-sale, according to an April 5 caveat. The unit last changed hands in July 2007 for $2.86 million ($2,349 psf), hence there was a capital appreciation of 22%.

On the 14th floor, a 1,065 sq ft unit was sold for $2.7 million, or $2,531 psf, translating into a 47% gain for the previous owner, who acquired it for $1.83 million, or $1,720 psf, in January 2007. The unit was sold for $1.558 million, or $1,462 psf, in 2006, representing a 17.4% gain.

Beyond the opening of the IR, Marina Bay Residences is also seeing renewed investor interest as the second condo tower, Marina Bay Suites, is likely to release its second phase of units for sale over the next one to two weeks.

Last November, the developers had released around 90 units at Marina Bay Suites in a private preview at prices ranging from $2,200 to $2,500 psf. Another 130 units could be released in the upcoming second phase preview of the 66-storey, 221- unit Marina Bay Suites, which is said to be a more upscale version of Marina Bay Residences.

The pricing this time around will be guided by the transactions of properties in the vicinity, notes Joseph Tan, CBRE executive director for residential services. The remaining units are mostly on the higher floors and likely to fetch a higher price than those released in November, he adds. The project is expected to be completed in 2014.

At the 1,111-unit The Sail @ Marina Bay, two units changed hands for prices above $3,000 psf this year. The units were on the 58th floor of Tower 2. One was an 883 sqft apartment that sold for $2.69 million ($3,048 psf) on Feb 1, according to a caveat lodged with URA. The other was a 936 sq ft apartment that changed hands for $3 million, or $3,204 psf, in late January. From March 30 to April 6, there were three transactions, with prices ranging from $1,870 to $2,646 psf. The Sail @ Marina Bay, which was developed jointly by City Developments Ltd and AIG Real Estate and completed in 4Q2008, hit a high of $3,387 psf in 2008, when a 1,033 sqft unit was sold for $3.5 million.

Several properties sold at Marina Bay Residences are said to have hit prices above $3,000 psf, although the caveats have yet to be lodged. As the opening of the IR draws near, attention is returning to properties in the Marina Bay area like Marina Bay Residences, and it looks like prices are on an upward trend.

Source : The Edge – 29 Apr 2010

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The Sail was the first residential project to be launched and completed in Marina Bay, and was jointly developed by City Developments and AIG. Tower 1 (the 70-storey Marina Bay Tower with the address 6 Marina Boulevard) was launched in September 2004, followed by Tower 2 (the 63-storey Central Park Tower with the address 2 Marina Boulevard) a year later. Both towers were completed in 4Q2008, in the wake of the collapse of investment bank Lehman Brothers.

Since hitting a low of $1,146 psf in April this year, transaction prices at The Sail have been on a steady uptrend. The record-high achieved in terms of price psf was in April last year, when a 1,033 sq ft unit on the 60th floor of Tower 1 went for $3.5 million, or $3,387 psf.

Most recently, a 688 sq ft unit on the 58th floor of Tower 1 changed hands at $1.9 million, or $2,800 psf, according to caveats lodged with URA Realis. This is close to the highest price psf achieved so far this year: $2,849 psf in September, when a 936 sq ft unit on the 61st floor of the same tower was sold for $2.67 million.

According to a caveat lodged in early November, a larger unit of 1,033 sq ft on the 31st floor of Tower 1 changed hands for $2.63 million, or $2,549 psf. The owner made a quick flip, after purchasing it for $2.6 mil-lion, or $2,516 psf, in August.

Just a block away is another luxury waterfront condominium — the 428 unit Marina Bay Residences, which is expected to be completed in mid-2010. The residential tower is part of the Marina Bay Financial Centre, a mixed development by the consortium of Hongkong Land, Keppel Land and Cheung Kong (Holdings). When the luxury condominium project was first previewed in December 2006, all the units were sold out at an average price of $1,850 psf within three days.

Prices have since surged, hitting a high of $2,700 psf in May last year. The latest transaction at Marina Bay Residences was a 753 sq ft unit on the 18th floor, which went for $1.65 million, or $2,199 psf. The original owner had purchased it for $1.53 million, or $2,031 psf, in July, translating into a gain of 8%.

Market expectation is that the luxury segment has room for further price growth, as prices are estimated to be 15% to 20% below the peak level in 4Q2007. Thus, it is no surprise that the consortium held the private preview of the Marina Bay Suites near the end of the year.

Source : The Edge – 29 Nov 2009

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The 55-storey, 428-unit luxury residential tower is part of the first phase of the Marina Bay Financial Centre (MBFC), a multi-billion-dollar mixed-use development jointly built by the consortium of Keppel Land, Hongkong Land and Cheung Kong (Holdings). When the 99-year upmarket condominium first previewed in December 2006, all the units were snapped up at an average price of $1,850 psf within days without the need for an official launch.

Marina Bay Residences is scheduled to be completed in mid-2010, and as the completion of the Marina Bay Sands integrated resort nears, and interest mounts, prices have naturally also increased.

Most recently, a 1,227 sq ft, 50th level unit at the condominium was sold for $3.07 million, or $2,500 psf. According to caveats lodged with URA Realis, the seller of the apartment had purchased the two bedroom unit at the launch three years ago and paid $2.71 million ($2,205 psf) for it.

On the 51st level, a 1,130 sq ft apartment was recently sold for $2.71 million ($2,400 psf). This is the second time the unit has changed hands in a sub-sale. The last time it happened was in July 2007, when it was sold for $2.49 million ($2,200 psf). The original buyer of the unit paid $2.07 million ($1,835 psf) when the project was first rolled out.

Another unit that has been flipped twice in the last few years is a 710 sq ft unit on the 49th floor that recently changed hands for $1.63 million ($2,299 psf). The previous owner bought the unit in a sub-sale for $1.53 million ($2,149 psf) in June 2007, while the original buyer paid $1.29 million ($1,817 psf) in December 2006.

On the 21st floor, a 1,636 sq ft three-bedroom apartment changed hands for $3.76 million ($2,300 psf). The previous owner had purchased the unit when the project was first launched, for $3.03 million ($1,851 psf). Meanwhile, a similarsized apartment on the 44th floor was recently sold for $3.89 million ($2,380 psf). The previous owner purchased the unit in June 2007 in a sub-sale for $3.78 million, or $2,310 psf.

With residential sales having picked up strongly in recent months, the consortium is reviewing plans to launch its second residential tower, the 66-storey Marina Bay Suites. The project was shelved early last year when the global financial crisis hit. The 221- unit Marina Bay Suites was supposed to offer mainly three- and four-bedroom apartments of 1,600 to 2,700 sq ft. However, according to industry sources, given the strong demand for small one- and two-bedroom apartments in the Central Business District, the consortium is considering reconfiguring some of the larger units.

Just a block away from Marina Bay Residences is an even more actively traded residential project, and the first residential development in the Marina Bay area: the 1,111-unit The Sail @ Marina Bay developed by City Developments Ltd and AIG. The 99-year leasehold twin-tower development was completed in 4Q2008. Most recently, an 861 sq ft apartment on the 39th floor of the 70-storey Tower One was sold for $1.81 million ($2,100 psf), which represents a 79% gain for the seller, as the unit was first purchased for $1.01 million ($1,174 psf) in November 2005 when the tower was first launched.

Earlier, in August, a 50th floor, 1,184 sq ft apartment unit in the 63-storey Tower Two also hit the $2,000 psf level when it changed hands in a resale for $2.55 million ($2,154 psf). It was first purchased in November 2004 for $1.17 million ($984 psf), when the tower was first launched.

In June and July, three units at Tower One of The Sail had been transacted for around $2,500 psf. A 1,776 sq ft, 67th-floor apartment was sold in July for $4.53 million, or $2,549 psf, which was the highest price psf achieved this year. The other two transactions were in June: a 936 sq ft apartment went for $2.34 million, or $2,499 psf, and a 2,174 sq ft unit changed hands for close to $5.48 million, or $2,520 psf. This is in stark contrast to early this year when sentiment was still weak and transactions from February to April saw the prices of some units plummeting to levels below $1,200 psf.

Source : The Edge – 14 Sep 2009

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At the 1,111-unit The Sail, which was completed in 4Q 2008, the most recent transaction was a 50th floor, 2,174 sq ft apartment that changed hands in the resale market for $4.1 million, or $1,886 psf. The initial owner bought the property at launch in 2004 for over $2.385 million, or $1,097 psf, so he has seen a 72% capital appreciation on the apartment in about five years.

There are signs that specu-investors have also returned and, if anything, this marks a return of optimism to the property market.

In late April, a 657 sq ft apartment on the 52nd floor was sold for $951,200, or $1,449 psf. The same unit changed hands a month earlier at $867,240 ($1,321 psf), according to a caveat lodged in early March. The last time the unit changed hands in a sub-sale was in early 2007, when it went for $952,650, or $1,451 psf. The original owner had purchased the unit in early 2005 for $576,180,or $878 psf.

“There is a relatively strong buying interest in the market recently,” says Jack Chua, president and executive director of ERA Realty. “Confidence is back in the market; investors who are cash-rich are looking again at property as a form of investment.”

At the 428-unit Marina Bay Residences expected to be completed by mid-2010, there were four transactions ranging from $1,581 to $1,880 psf for caveats lodged from May 1 to 15. The highest price achieved in terms of price psf at the upscale condominium in that timeframe was for a 44th floor, 1,959 sq ft apartment that changed hands in the sub-sale market for $1,880 psf, or a total of $3.68 million.

According to caveats lodged earlier, this unit was one of 10 on the same floor scooped up en bloc by a single party for a total of $23 million, or an average of $1,830 psf. The original transaction was when the development was launched in December 2006.

The first of the 10 units to change hands in a sub-sale was a 1,636 sq ft unit that went for $3.779 million, or $2,310 psf, in June 2007, according to a caveat lodged with URA Realis. The second was the following month — a 1,130 sq ft unit sold for $2.46 million, or $2,180 psf. Subsequently, in August, a third unit was resold — a 732 sq ft unit that went for $1.79 million, or $2,450 psf. The seller pretty much rode the crest of the property boom, with most of the sub-sale prices achieved above $2,000 psf.

There was a lull for about a year before the next transaction in September 2008, when a 710 sq ft apartment changed hands in a sub-sale for $1.25 million, or $1,760 psf. In January this year, a 1,055 sq ft unit was sold for $1.728 million, or $1,638 psf; in April, a 1,227 sq ft apartment was sold for $1.94 million, or $1.580 psf; while the most recent transactions were in the first two weeks of May, as mentioned above.

Source : The Edge – 8 Jun 2009

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IF THE market for luxury homes fails to pick up, the launch of Marina Bay Suites may be held off until 2012 when the project is completed, Mr Wilson Kwong, the general manager of Raffles Quay Asset Management said in an interview with Lianhe Zaobao yesterday.

Marina Bay Suites was scheduled for launch during Chinese New Year this year but the date has since been put off indefinitely amid softening property market sentiment in the wake of the United States sub-prime mortgage crisis that has sent markets plunging worldwide.

Marina Bay Suites, located near One Raffles Quay, will feature 218 three- and four-bedroom apartments, and three penthouse units.

The project, which is part of the Marina Bay Financial Centre, is a joint venture between three developers — Cheung Kong/Hutchison Whampoa, Hongkong Land and Keppel Land.

Raffles Quay Asset Management oversees the asset management aspects of the project.

Mr Kwong said it would not be lowering prices in order to boost sales. Maintaining its target price of $3,000 or more per square foot for Marina Bay Suites, it will wait for the most opportune time to launch the project.

At present, it is keeping all options open, and these include launching the development after it is completed.

Mr Nicholas Mak, consultancy and research director of property firm Knight Frank, said: “It is a wise and prudent move. The market is going through a period of uncertainty now, but the chances of the market picking up in the next four years is quite high.”

Mr Kwong said the three joint developers have a robust capital base that will allow them to hold back the launch until market sentiment improves.

“They certainly have the capacity to wait it out and the four years gives them the option of working out the best possible strategy,” Mr Mak said.

Marina Bay Suites’ sister project Marina Bay Residences attracted strong interest when it was launched towards the end of 2006 in the midst of the property market boom, with all units sold within three days.

Although some property analysts expect the luxury segment of the market to fall by as much as 40 per cent from its highs last year, Raffles Quay Asset Management points out that there are only three luxury developments — Marina Bay Suites, Marina Bay Residences and The Sail @ Marina Bay — in the area.

So, compared to Districts 9, 10 and 11, prices will remain relatively firm in the foreseeable future.

Units in the Marina Bay Residences and The Sail achieved prices exceeding $3,000 psf at the peak of the market but have since retreated to around $2,000 psf in recent months.

Source : Today – 19 Aug 2008

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CROWN Jewel Of Marina Bay

Poised to become the most desirable address in Singapore, Marina Bay Residences is a new iconic landmark that will redefine the meaning of luxurious living.

Set in the heart of the brand new Marina Bay district, Marina Bay Residences offers residents a superb selection of business and pleasure activities. The Marina Bay Financial Centre is right next door and the corporate and business centre of Raffles Place is less than a five minute stroll away. With the new Marina Bay Sands integrated resort and the Esplanade just across the Bay, Marina Bay Residences is the ultimate location for living, working and playing.

At the heart of it all

Marina Bay Residences will place residents at the very heart of exciting Marina Bay and connect them to the rest of Singapore via the East Coast Parkway, the Raffles Place Mass Rapid Transport (MRT) station and the upcoming Circle Line MRT. The rest of the world is close by too – thanks to Marina Bay Residences offering easy access to Changi Airport. Residents can even commute to work along the Singapore River via river taxis.

Location: Marina Boulevard, Marina Bay Financial Centre (District 1)
Developer: Keppel Land Ltd, Hongkong Land, Cheung Kong Holdings Ltd
Tenure: 99 years
Year of Completion: 2010
Total Units: 428
Unit Types:
1 bedrooms ~ 66 sq m (710 sq ft) – 70 sq m (753 sq ft)
2 bedrooms ~ 91 sq m (980 sq ft) – 114 sq m (1,227 sq ft)
3 bedrooms ~ 151 sq m (1,625 sq ft) – 185 sq m (1,991 sq ft)
4 bedrooms ~ 220 sq m (2,368 sq ft) – 221 sq m (2,379 sq ft)

Facilities:
Lap pool
Reflecting pool
Children’s pool
Jacuzzi
Clubhouse
Gymnasium
Steam bath
Function room
KTV
Playground
Basement car park
24 hours security

A wealth of entertainment options surround you

At Marina Bay Residences, you will be surrounded by a vast array of entertainment options thanks to the exciting new Marina Bay Sands integrated resort right next door.

This landmark in entertainment will also offer the most exquisite cuisine from around the world. Over a dozen restaurants, including six destination-style restaurants managed by world famous chefs from the US, Japan, Australia and Italy, are set to make Marina Bay and Singapore the epicurean capital of Asia.

You will also be able to enjoy world-class entertainment in two 2,000-seat theatres. Or explore the fascinating worlds revealed by a unique ArtScience Museum.

Dining experiences that set your senses alight

At Marina Bay Residences you will be spoilt for choice when it comes to superb dining experiences. Dine al fresco under the stars and by the water, at Boat Quay and the Marina Bay Waterfront. Enjoy the most exquisite repasts at Singapore’s finest restaurants and hotels. Food lovers will also be able to treat themselves to authentic local cuisine at famous food centres. Whatever your tastes and fancies, Marina Bay Residences will meet your desires.

Indulge in Ultimate Shopping

Your new home at Marina Bay Residences will put you in close proximity to the finest shopping in Singapore. You will be in the midst of some of the world’s most exclusive retailer brands including Saks Fifth Avenue and Neiman Marcus. Down by the new waterfront at Marina Bay, you will have a selection of shops and boutiques to explore. A short stroll will take you to mega malls like Marina Square and Suntec City. And you can be in the shopping mecca of Orchard Road in less than 10 minutes. Whether for life’s daily necessities or the most luxurious brands, Marina Bay Residences puts you close to everything.

Discover the Fine Art of Living

Art lovers and theatre goers are well catered for at Marina Bay Residences. Just across the Bay, the stunning esplanade regularly hosts world-renowned artists and world-class performances. With the conversion of the old Supreme Court and City Hall buildings into Singapore’s new National Art Gallery, you will be able to enjoy the critically acclaimed Asian and international artworks. An exciting revamp of the Collyer Quay will create a whole new space to show case the arts. And, even closer to home, Marina Bay Residences homeowners can explore the fascinating art galleries and boutiques that will line the new waterfront.

Immediately adjacent to Marina Bay Residences, the Central Promontory will be a signature waterfront development that will be home to many public attractions, including a museum, art gallery, science centre, planetarium or aquarium. It will also house retail, food and beverage, recreational and entertainment outlets as well as possible convention halls.

Relax and unwind in the Gardens of the City

Living at Marina Bay Residences puts you in close proximity to the green sanctuaries of the Gardens By The Bay. These stunning parks and gardens will further enhance Singapore’s reputation as a beautiful garden city. The 54-ha Marina South garden is planned around giant tree-like structures for orchids and ferns, shell-shaped cooled conservatories that showcase flowers and plants from more temperate climates and a mini-lake. Plans for the 30-ha Marina East garden include wind-and water-themed gardens featuring lotus ponds, eateries set amidst herb and vegetable gardens and a nature education centre. A third 10-ha garden in Marina Centre is also planned for.

Savour the pure joy of living by the waterfront

Marina Bay Residences offers the perfect setting to enjoy the sights and sounds of aquatic water sports, such as jet ski and wakeboard championships, water skiiing, canoeing and dragon boating in the newly created fresh water Marina Bay Reservoir. For those who desire less energetic pursuits, a jog or gentle stroll around the Bay will allow you to savour the glint of golden sunlight sparkling on tranquil waters and the stunning skyline of the city. You could even indulge yourself with a cruise on one of the many River taxis that meander up and down the Singapore River and the Bay.

All the right connections

As well as being your exclusive sanctuary of luxury, Marina Bay Residences places you in the very centre of things. The Central Business District and Raffles Place are literally right at your doorstep. Wireless broadband internet connections mean that you are never out of touch anywhere within the Residences. And, because it is integrated with the landmark Marina bay Financial Centre, Marina Bay Residences offer you the ultimate living and working choices in the very heart of Singapore’s newest business district.

An Architectural Masterpiece

How many people can claim ownership of a stunning home created by one of the world’s leading architects? The fortunate owners of Marina Bay Residences will be members of this very exclusive club.

Conceived and created by New York-based Gene Kohn of Kohn Pedersen Fox, the crystal-like architectural design of Marina Bay Residences is destined to become a landmark on the Bay and will add a signature image to Singapore’s skyline.

The facade of Marina Bay Residences is illuminated from below, creating a glorious night-time landmark. The sculpted crowns and sky gardens at the top are dramatically lit from the inside, forming a visual dialogue with the other crowns of the CBD skyline.

Unmatched facilities with dazzling views

On its 7th floor, Marina Bay Residences provides a complete range of superb condominium facilities that combine stunning views with sumptuous luxury. Splash out in the lap pool and children’s pool, relax in the jacuzzi, stroll through open pavilions, enjoy intense workouts in the gym or wind down with a cool evening barbecue and take in the glorious sights of the sea, the Bay and the CBD skyline.

Indulge yourself totally

On the 47th floor, Marina Bay Residences takes luxury to a new level with a wonderful spa-like retreat that sets you high above it all. Here you can relax and escape from the challenges of a busy working day by practicing yoga as the lights of the city glitter and dance far below you. Relaxation and meditation corners as well as cosy function rooms allow you to escape to your very own exclusive world of luxury.

Marina Bay’s most exclusive club

When you live at Marina Bay Residences, you will join a very select few. And the magnificent 47th floor Sky Lounge is a fitting reflection of this achievement. Mix and mingle with other high flyers and achievers as you enjoy the most privilege views in Singapore. A superb wine cellar and select cigar room complete the ambience of total exclusivity.

Live the High Life

The incredible beauty of the views that you will enjoy from you living room are matched only by the luxurious fixtures and fittings that adorn you entire apartment. Create your own unique environment within the capacious and well-planned spaces of your home. Marina Bay Residences represents the epitome of luxury living and truly reflects your accomplishments in life.

All you could possibly desire… and more

At Marina Bay Residences you will be able to wake up every morning to the glorious sight of the sun sparkling on the Bay. Enjoy a delicious cup of coffee as you relax on the balcony and savour the cool sea breezes. Every day at Marina Bay Residences is a gift to the senses and a confirmation of your good taste. For the ultimate lifestyle of luxury on Marina Bay, there is only one place to be… Marina Bay Residences.

Contact us at info@lushhomemedia.com or +65 9631 8037 for more information.

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