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Thread: 80 units sold at Marina Bay Suites preview

  1. #1
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    Default 80 units sold at Marina Bay Suites preview

    http://www.businesstimes.com.sg/sub/...61191,00.html?

    Published November 26, 2009

    80 units sold at Marina Bay Suites preview

    Developer not expected to release more units in the condo until 2010

    By KALPANA RASHIWALA


    ABOUT 80 of the 90 units previewed at Marina Bay Suites yesterday have been sold, at an average price understood to be slightly above $2,300 per square foot.


    In the spotlight: The developer says that the 'average price range was between $2,200 psf and $2,500 psf'

    However, the consortium developing the project said that the 'average price range was between $2,200 psf and $2,500 psf'. Only three and four-bedroom units on the low to mid- floors at the 66-storey development were released for yesterday's preview.

    'Unit sizes range from 1,572 to 2,691 sq ft for the three to four-bedroom units,' said a spokesman for Raffles Quay Asset Management, the asset manager for Marina Bay Suites.

    BT understands that the consortium developing the 221-unit, 99-year leasehold condo, does not plan to offer any more units in the development until next year. The show suite for the condo will be completed in the first half of next year and housed in an office tower in the Marina Bay Financial Centre (MBFC).

    The condo, MBFC and an earlier condo project, Marina Bay Residences, are being developed on a 99-year leasehold plot sold by the Singapore government in 2005 to a consortium controlled by Keppel Land, Cheung Kong Holdings and Hongkong Land Holdings.

    Yesterday's preview was held on the mezzanine level of One Raffles Quay, which was also developed earlier by the three partners. The project is being marketed by CB Richard Ellis and DTZ.

    'There are no immediate plans to officially launch Marina Bay Suites (MBS). This private preview was for invited clients, business associates, registered prospects, staff and directors. We will launch MBS at the appropriate time,' the spokesman said.

    Initially, the consortium had planned to release only 50 units but decided to add 40 more due to keen demand from potential buyers.

    BT understands that at least a third of the buyers were foreigners (including permanent residents) and companies, with Indonesians being the predominant foreign buyers. Well-heeled Singaporeans also bought units in the condo.

    Prices of three-bedders start from $3 million or about $1,908 psf, BT understands.

    The least expensive four-bedder (a 2,045 sq ft unit) cost $4.3 million or $2,103 psf. For the larger four-bedroom apartments of 2,680 sq ft, prices start from $6.1 million or $2,276 psf.

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    http://www.straitstimes.com/Money/St...ry_459224.html

    Nov 26, 2009

    Strong sales at Marina Bay Suites preview

    Buyers snap up most of the 90 units released for sale yesterday

    By Joyce Teo


    A one-day preview at the upmarket Marina Bay Suites development saw invited buyers snap up most of the 90 units released for sale at average prices ranging from $2,200 to $2,500 per sq ft (psf).

    At least 81 units were bought yesterday at the 99-year leasehold, 221-unit condominium in Marina Bay, whose launch had been delayed by almost two years, said a spokesman for Raffles Quay Asset Management, which manages Marina Bay Financial Centre. The centre has two residential towers - Marina Bay Residences, which sold out in late 2006, and Marina Bay Suites.

    Prices achieved were below the expectations the developers had early last year, before the property market slumped as the global crisis took hold.

    It was then thought that the condo could be priced around $3,000 psf, given that the most expensive units in Marina Bay Residences and The Sail @ Marina Bay had then traded beyond that price level.

    The invited group of buyers yesterday consisted of registered clients, directors and staff working for the developers - a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Holdings.

    The condo has units of three- to four-bedrooms ranging in size from 1,572 sq ft to 2,691 sq ft, as well as three larger penthouses.

    Yesterday, the three-bedroom units went for between $3 million and $3.7 million.

    The smaller four-bedroom units sold for around $4.3 million to $5 million, while the larger four-bedroom units achieved prices of $6.1 million to a shade below $7 million.

    About two-thirds of the Marina Bay Suites buyers were Singaporeans, with the balance made up of foreigners, permanent residents and a few companies, said Mr Joseph Tan, executive director for residential properties at one of the marketing agents, CBRE.

    Marina Bay Suites had been slated for launch early last year when there was talk that the three-bedroom units would command a price of $4 million to $5 million.

    But the market downturn prompted the postponement and, said Mr Tan, the preview had to be pitched at today's prices.

    Cushman & Wakefield managing director Donald Han agreed that in today's high-end market, 'you need to provide a discount from the peak levels'.

    'The value proposition is there for investors keen on luxury properties,' he said.

    'Generally, there may be more upside as prices in the high-end to luxury markets are still about 20 per cent to 25 per cent from the peak levels in early 2008.'

    Mr Han said the market is seeing demand slowly returning in the $2,000 psf to $3,000 psf range, but not yet for those priced above these prices.

    Experts also said Marina Bay Suites' location is a major selling point.

    'The lure factor of Marina Bay properties is the proximity to the integrated resort, and the finite supply of homes there,' said Mr Han.

    Caveats lodged for The Sail @ Marina Bay this month showed deals done at between $1,744 psf and $2,800 psf, while Marina Bay Residences deals were done at $2,170 psf to $2,420 psf last month.

    Sellers are hoping that values in the area will rise by the time the integrated resort in Marina Bay is completed, he said.

    Indeed, Mr Tan said the plan was to launch the condo at 'better prices' in the first half of next year when the integrated resort opens.

    The showflat would be ready by then.

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    It seems like MBS is set to cross the $3k psf mark when the IR is up and running. The market has gone nuts but we are still lagging behind cities like hong kong and shanghai. problem with singapore is that when the market is set to soar to the skies, the govt always intervenes to apply those freaking brakes.

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    They always said they should make the best hays while the sun shine but this seen to apply only to increasing taxes, GSTs, utility prices, transport fares etc BUT does not apply to properties prices? (but they expect to apply to the land prices they are selling?)

    Quote Originally Posted by Regulators
    It seems like MBS is set to cross the $3k psf mark when the IR is up and running. The market has gone nuts but we are still lagging behind cities like hong kong and shanghai. problem with singapore is that when the market is set to soar to the skies, the govt always intervenes to apply those freaking brakes.

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