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Thread: Marina Bay Suites (D1, 99 years, Keppel Land)

  1. #1
    Join Date
    Mar 2008
    Reflections at Keppel Bay

    Default Marina Bay Suites (D1, 99 years, Keppel Land)

    The New Gem of Marina Bay. Setting New Benchmark for City Living. Comes with Private Lift. Full Facilities with Club House. Exclusive.

    Description: 1 Tower of 65-Storey Apartment

    Total Units: 221 units

    Tenure: 99 years (wef 8 Mar 2007)

    Unit Types:
    3 Bdrm - 1572~1625 sqft (108 units)
    4 Bdrm - 2045~2067 sqft (55 units)
    4 Bdrm +1 - 2680~2691 sqft (55 units)
    Penthouse - 4715~8181 sqft (3 units)

    Expected Date of TOP: 31 Aug 2012

    Price: approx. S$3000psf up

    Richard Sng
    ERA Singapore
    HP: +65-92993342
    Email: [email protected]
    Home Page:
    My Space:

  2. #2
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    Join Date
    May 2006


    Tuesday, August 19, 2008

    Marina Bay Suites may be delayed

    Maintaining target price of $3000 psf, project may only launch in 2012

    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.

  3. #3
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    Join Date
    May 2006


    Published March 21, 2009

    KepLand defers construction of Marina Bay Suites

    Building of Madison Residences also delayed by current market conditions


    KEPPEL Land is deferring construction of the highly touted Marina Bay Suites (in which it has one-third stake) as well as Madison Residences in Bukit Timah, citing 'current market conditions'. KepLand is developing the 221-unit Marina Bay Suites jointly with Cheung Kong Holdings/Hutchison Whampoa and Hongkong Land.

    Worsening sentiment in the high-end residential sector

    In a filing with the Singapore Exchange yesterday, KepLand announced construction deferral of the 56-unit Madison Residences on the former Naga Court site in Bukit Timah.

    The group had earlier managed to sell just one unit in the project, at about $1,740 per square foot, in the second half of last year. However, a KepLand spokeswoman told BT yesterday that the sale of that unit has been cancelled by mutual agreement. 'We are unable to provide details due to confidentiality,' she added. When asked, she also revealed that 'a decision has been made to defer the commencement of the main construction of Marina Bay Suites'. However, construction of another of the group's residential projects in Singapore, The Promont, located in Cairnhill, will continue.

    It has been one postponement after another for Marina Bay Suites because of deteriorating sentiment in the high-end residential sector. The tripartite partnership developing the condo had initially hoped to launch the project around end-January last year, but this was delayed to later the same quarter, and even then, that did not happen. The project has not been launched to date.

    KepLand's spokeswoman did not say how long the construction deferments for Marina Bay Suites and Madison Residences will be.

    In its release to SGX, KepLand said the construction deferment for Madison Residences is not expected to have any significant impact on the consolidated earnings per share and net tangible asset per share of the company for the current financial year ending Dec 31, 2009.

    Separately, construction group KSH Holdings also said in a statutory filing with SGX yesterday that it has agreed to the request of Keppel Land Realty to defer the construction of Madison Residences. The delay is not expected to have any material effect on KSH for the financial year ending March 31, 2009. KSH announced in April last year that it had won a $53 million contract from Keppel Land Realty relating to the construction of Madison Residences.

    In January, Keppel Land's group chief executive Kevin Wong said the group will conduct a review to see if it can delay building some of its projects. 'We are reviewing our operation costs as well as the project costs of all our development projects to trim fat and conserve cash, so that we can invest in any attractive opportunities that come along. 'This cost review exercise could include developing projects in phases to meet demand and even temporarily suspending the entire project if it does not add value to the company under current market conditions,' Mr Wong said then. Projects that are yet to be launched for sale are those that are most likely to be delayed both in Singapore and abroad, he added.

    KepLand's earnings for the year ended Dec 31, 2008 fell 70.8 per cent to $227.7 million, from $779.7 million in FY 2007.

  4. #4
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    May 2006


    March 21, 2009 Saturday

    KepLand to defer luxury project

    Madison joins others in weakening market that have been put on hold

    By Jessica Cheam

    Construction of the 56-unit luxury development in Bukit Timah was originally scheduled to start last June and a preview had already been held. -- PHOTO: MADISON RESIDENCES

    PROPERTY developer Keppel Land (KepLand) yesterday announced that it will defer the construction of its 56-unit development, Madison Residences, because of weak market conditions.

    The project has not been launched.

    Luxury condos such as the Madison have fallen out of favour in recent times as buyers turn to smaller, more affordable apartments.

    Some earlier reports said 'some units' had been sold at the preview of the Bukit Timah condo for a median price of $1,801 per sq ft (psf).

    However, KepLand said yesterday only one sale had been made, and that had been cancelled 'by mutual agreement'. It declined to give details.

    Analysts that The Straits Times spoke to said it was not uncommon for developers to offer to buy back units sold at the preview of a project if there were changes to its development.

    A search on the Urban Redevelopment Authority's website showed a single caveat lodged for a 1,776 sq ft unit at $3.1 million - or $1,745 psf - in September last year.

    'Given current market conditions, there is no urgency to proceed with the construction of Madison Residences. The launch or when the construction will resume for the project will depend on market conditions,' KepLand told The Straits Times.

    Construction was meant to start last June and take 21/2 years. Construction and property group KSH Holdings had won a $53 million contract from Keppel Land Realty to build Madison, it was reported.

    The project consists of luxury three- and four-bedroom apartments that range in size from 1,460 sq ft to 4,000 sq ft.

    Madison is the latest in a string of projects in the local property market that have been deferred in the wake of the global economic crisis.

    Luxury units seem to have been hit harder, noted analysts, as buyers now prefer mass-market, lower-priced condos.

    KepLand said in January that it would consider delaying the construction of some of its projects to save costs.

    Some measures unveiled in January by the Government in the Budget also gave developers greater flexibility in terms of selling their residential units.

    The measures include a one-year extension of the completion period for private residential projects. Also extended was the period in which developers with qualifying certificates need to dispose of all residential units, from two years to four. They can rent out unsold units during this time.

    CB Richard Ellis executive director Joseph Tan said there had been examples in the past of developers offering to buy back units if there were changes to the development plans. He noted that it was also not unusual for a project to be deferred even after the preview.

    In its statement to the Singapore Exchange, KepLand said the deferment is not expected to have any significant impact on the company's earnings per share for the current financial year.

    [email protected]

  5. #5
    F01 N54 Sheer Driving Pleasure Reporter's Avatar
    Join Date
    Apr 2008


    Quote Originally Posted by CNA

    Restrictions on sand exports by Vietnam will not hurt supply in Singapore
    Tan Hui Leng & Imelda Saad
    Channel NewsAsia
    Wednesday, 7 October 2009, 2243 hrs

    Singapore's Building and Construction Authority (BCA) said Wednesday the recent restrictions on sand exports by Vietnam have not affected the supply of construction sand to Singapore.

    It was responding to MediaCorp New's enquiries following reports that Vietnam has suspended exports of sand to the island-state due to concerns that the current pace of extraction will damage the Mekong Delta.

    BCA said Singapore's import of construction sand is a commercial activity, and added that the industry has been importing construction sand from various countries in the region.

    Singapore has also started using recycled materials as an alternative to construction sand.

    BCA said in October last year that two companies - Holcim and ecoWise - have set up the Geocycle Singapore plant to process copper slag for concreting and other uses.

    Separately, the construction industry here said it has not yet felt the impact of any immediate sand shortage.

    Property analysts said although developers are likely to pass on any increase in construction cost to the consumers, whether contractors will jack up prices is another question.

    Cushman and Wakefield Singapore's managing director Donald Han noted that construction costs have come down by some 20 to 25% since the peak in mid-2008, and is still in a bit of lull.

    "In 2007, the market was hit quite substantially as there were big ticket tenders out on the market place like the Integrated Resorts," said Han.

    "Now, there are hardly any billion-dollar projects, even the construction of the Sports Hub has been deferred; residential projects are not big ticket items and will not create competition for the sand."

    The Indonesian ban on sand two years ago saw the industry facing a sand supply crunch for at least two to three months.

    Then, concrete prices went up from S$70 to S$200 per cubic metre.
    Sand prices also went up from S$20 to between S$60 and S$70 per cubic metre as alternative distant sources were sought.
    MBS (Marina Bay Sands) may not need so much sand now but MBS (Marina Bay Suites) will definitely need a lot of sand in the coming months.

    Will their construction cost go up?

  6. #6
    F01 N54 Sheer Driving Pleasure Reporter's Avatar
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    Apr 2008


    55%楼面租出 滨海湾联通广场明年底陆续开业
    星期三, 28-10-2009

    滨海湾金融中心(MBFC)内的购物商场——滨海湾联通广场(Marina Bay Link Mall)将分阶段自明年底开始营业。

    负责管理这座霸型综合项目的莱佛士码头资产管理(Raffles Quay Asset Management)零售市场部主管唐碧婷说,整座拥有17万6000平方英尺零售楼面的购物商场,虽然还要等上至少一年才能开业,但是至今已经租出了55%的楼面。

    其中45%的商店已经租了出去,一些已经签下租约的零售商包括:著名酒吧集团哈利控股(Harry’s Holdings)、Mirchi印度餐厅、乐天客栈(Paradise Inn)、Cedele全天餐厅、屈臣氏、百汇珊顿医药与牙科诊所等。







    “路易威登和香奈儿就留给滨海湾金沙(Marina Bay Sands)吧!我们与滨海湾金沙的关系应该是互惠互利的,它们将引进旅客和会展参观者,而我们却能为他们带来日常的上班族群和居民。”

    滨海湾联通广场将建有地下冷气行人走道,由莱佛士坊地铁站,穿越滨海舫(The Sail)共管公寓、莱佛士码头一号、滨海林荫道一号,一直连接到滨海湾金沙,以及未来的滨海市区线地铁站。


    耗资40亿元建造的MBFC,第一期工程包括高33层的第一大楼、50层的第二大楼、55层的滨海湾居(Marina Bay Residences)共管公寓,以及9万3800平方英尺的零售楼面。目前,第一大楼的办公楼面已经全部租出、第二大楼租出了47%的办公楼面,滨海湾居的428个共管公寓单位已在2006年推出并卖个满堂红

    第二期工程则包括高46层的第三大楼、66层的滨海湾轩(Marina Bay Suites)共管公寓,以及8万2200平方英尺的零售楼面。第三大楼至今租出55%楼面,拥有221个共管公寓单位的滨海湾轩还未推出。

  7. #7
    Join Date
    Nov 2008


    insider news

    2300-2500 for low flrs, 3.5-4k for highest floors/PH w IR view.

    all are 3rms and above, no studios or 2 bedders
    Last edited by gfoo; 31-10-09 at 19:35.

  8. #8
    Join Date
    Dec 2008


    Quote Originally Posted by gfoo
    insider news

    2300-2500 for low flrs, 3.5-4k for highest floors/PH w IR view.

    all are 3rms and above, no studios or 2 bedders
    btw the "1st" floor starts at which level?

  9. #9
    Join Date
    Nov 2008


    7.... i think

  10. #10
    Join Date
    Jun 2008


    so..if $2.3k is the min for the low floor ..
    then the sail and marina bay residence will huat big time loh..
    the surrounding high floors definitely will not be $2.3k coz they got better views than marina bay suites..

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