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Marina Bay Suites to go on sale this month

PREVIEW sales of the posh Marina Bay Suites will start before the end of the month, even though sentiment in the property market remains weak and the stock market is very rocky.

About a year ago, apartments like this – in the new downtown and preferably with a bay view – were setting new price benchmarks.

For instance, Marina Bay Residences attracted large crowds and achieved a record price of $3,450 per sq ft (psf) in December 2006.

But since then, Orchard Road properties have emerged as some of Singapore’s hottest properties, crossing $5,000 per sq ft (psf).

Also, the market has now slowed significantly, weighed down in part by fears of a United States recession.

Market sources said Marina Bay Suites could sell for $3,000 psf and above, so the units could go for $4 million to possibly more than $20 million for the penthouses. The condominium is being marketed around the globe.

‘Marina Bay is a growth area,’ said marketing agent DTZ’s regional head (consulting and research), Mrs Ong Choon Fah. ‘This is the next big thing.’

A series of previews for the 221-unit, 99-year leasehold Marina Bay Suites will be held late this month. To the project’s head of residential marketing, Mr Kan Kum Wah, the time is right. ‘As a joint venture, we believe that the market currently is strong enough,’ he said.

The 66-storey condo, which together with two office blocks form phase two of the Marina Bay Financial Centre, is being developed by Cheung Kong (Holdings)/Hutchison Whampoa, Hongkong Land and Keppel Land.

Every unit comes with its own private lift lobby and there are just four units of 1,600 to 2,700 sq ft per floor.

Apart from three penthouses – which range from 4,700 sq ft to more than 8,100 sq ft, each with its own swimming pool – the rest are three- and four-bedders.

‘It is one of the last sites in the bay area with bay views,’ said Mr Joseph Tan, executive director (residential) at CB Richard Ellis, which is also marketing the project.

Elsewhere, Frasers Centrepoint will start staff previews for its freehold Martin Place Residences in Kim Yam Road today and its Waterfront Waves in Bedok Reservoir tomorrow.

But most other launches are expected to take place only after the Chinese New Year celebrations next month.

 

Source: The Straits Times 17 Jan 08

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