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1. Written by News on 02-05-2010 03:14
 
 
More than 30 units sold
MORE than 30 units were sold at a preview for Marina Bay Suites yesterday. They were among a batch of 36 apartments released on nine floors in the 66-storey condominium project and which are priced between $2,167 per square foot and $3,133 psf. 
 
 
Marina Bay Suites has a total 221 units, comprising 218 three- or four-bedroom apartments and three penthouses 
 
Analysts observe this pricing is about 15 to 20 per cent higher than the $1,900-2,600 psf for the initial batch of about 90 units sold in the condo late last year. 
 
Some potential buyers may have found the quantum of price hike, taking place within a space of less than six months, 'a bit too heavy', as a market watcher put it. 
 
The most expensive unit sold yesterday is said to cost about $8.4 million; it is a four-bedder-with-study on the 51st level. The 'cheapest' of the 36 apartments is a three-bedroom apartment on the seventh storey priced at $3.5 milllion. 
 
The 90-odd units sold last year were mostly below the 46th storey sky terrace. 
 
Those who picked up a unit yesterday are said to comprise a good mix of foreigners and Singaporeans. BT understands the 36 apartments offered range from 1,615 sq ft for a three-bedder to 2,690 sq ft for a four-bedder with study. 
 
Marina Bay Suites has a total 221 units, comprising 218 three- or four-bedroom apartments and three penthouses. A typical floor has only four apartments with private lift lobbies in every unit. Each penthouse comes with its own swimming pool. 
 
While the earlier preview was held on the mezzanine level of One Raffles Quay, yesterday's sales were at a showflat built on the fourth floor of the Marina Bay Financial Centre Office Tower 1. 
 
The latest preview was open to those who had registered interest. From today, sales will be by appointment. The project is being marketed by CB Richard Ellis and DTZ. 
 
This week's preview is timed to ride on the partial opening of the nearby Marina Bay Sands integrated resort on Tuesday. 
 
Marina Bay Suites is being developed by a consortium controlled by Keppel Land, Cheung Kong Holdings and Hongkong Land Holdings.
 
2. Written by News on 03-12-2009 23:30
 
 
6 whole floors sold at preview
ABOUT half a dozen floors at Marina Bay Suites changed hands at last week's preview of the project, BT understands. 
 
The buyers of the whole floors are understood to be Indonesians, Singaporeans and other Asians. 
 
Some of them bought through companies. The foreigners are believed to be Singapore permanent residents. 
 
In absolute terms, the biggest transaction was close to $45 million, involving at least two floors. The buyer is understood to be an Indonesian party. 
 
Market watchers estimate that it could have cost buyers between $17 million and $18 million to purchase a whole floor at the 99-year leasehold condo based on prices at last week's preview. 
 
Each floor has four apartments - two three-bedroom units and two four bedders. The total saleable area per floor is slightly under 8,000 square feet. 
 
Thomas Tan, head of marketing (residential) at Raffles Quay Asset Management (RQAM), told BT yesterday that 87 of the 90 units released for the preview have been sold. 
 
The 87 units fetched close to $400 million, he added. 
 
Two thirds of the units were sold to Singapore residents (including PRs). The remaining one third was sold to non-PR foreigners, including Indonesians, Malaysians, mainland Chinese, Australians and Americans. 
 
'We do have multiple-unit buyers, but due to client confidentiality and privacy reasons, we are unable to reveal such information,' Mr Tan said when asked about purchases of entire floors. 
 
RQAM is the asset manager for Marina Bay Suites, which is being developed by a joint venture involving Hongkong Land, Keppel Land and Cheung Kong Holdings. 
 
Mr Tan declined to give details about pricing except to reiterate that 'the average price range was between $2,200 psf and $2,500 psf'. BT understands that on an average basis, the 90 units were priced at close to $2,300 psf. 
 
However, the range at which the apartments were sold could be about $1,800 psf to slightly over $2,600 psf. 
 
Mr Tan said that the apartments released were from the seventh to the 40-plus floors of the 66-storey development. 
 
The 221-unit project comprises 218 three or four-bedroom apartments and three penthouses. Currently, the plan is to begin construction of the project sometime in the first half of next year, Mr Tan said. 
 
'We have no immediate plans to release more units for the rest of this year but we'll continue to register interested buyers. We'll monitor the market and determine the price at the time of launch.'
 
3. Written by News on 26-11-2009 20:55
 
 
Strong sales at preview
Buyers snap up most of the 90 units released for sale yesterday 
 
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.
 
4. Written by News on 20-08-2008 13:39
 
 
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.
 
5. Written by News on 29-01-2008 14:48
 
 
Preview postponed
Preview has been postponed from the end of this month till after the Chinese New Year festivities.
 
6. Written by News on 17-01-2008 17:26
 
 
Priced around $3,000 psf
Over 600 potential buyers, half foreigners, have registered interest to buy units in 221-unit project 
 
Marina Bay Suites will be initially sold through private previews.
 
7. Written by Joe on 16-12-2007 16:12
 
 
Coming Soon...
High-end project expected to be launched next year. Stay tuned... :)
 

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