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

  1. #31
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    Quote Originally Posted by dtrax
    Did you clarify with them the exact reason for the non-approval, i.e age. Although the portfolio can be proven to be paid in full but considering your retiree status and the sheer amount of the loan, the age issue can be the problem. If age is indeed the main issue, you can also considered other alternative like joint ownership with your children which I assume is way below 60/65 age and should not be a problem borrowing for 10-20yrs
    Yes, the no income part was the killer. They say they cna give 80% , 30yrs if got income. But no income, so only can give 60% for 30yrs.

    Anyway, small matter. just that i am exploring ways to loosen them up abit.. no point putting so much money into a house that you are staying and not generating any money...

  2. #32
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    Phase 1 of Marina Bay project 72% leased
    Gabriel Chen
    The Straits Times
    Thursday, 5 November 2009


    Phase 1 of the new Marina Bay Financial Centre (MBFC) mega office development is now 72% leased. -- Photo: Samuel He, ST

    Phase 1 of the new Marina Bay Financial Centre (MBFC) mega office development is now 72% leased, thanks to mining company BHP Billiton taking a further four floors.

    The company has taken the additional floor space at Tower Two which, together with Tower One, comprises the first phase of the ambitious project intended as a seamless extension of the Central Business District.

    BHP committed to 142,000 sqft at Tower Two a year ago and is now slated to have a total leased floor area for 10 years from 2011 of 231,000 sqft on levels 40 to 50 of Tower Two.

    Phase 2 of MBFC will be complete when Tower Three has been opened. But already, about 64% of total office space in Phases 1 and 2 has been leased.

    The three office towers have almost 3 million sqft of grade A office space. MBFC will also have two residential towers of 649 luxury apartments, and 176,000 sqft of retail space.

    Mr Wilson Kwong, chief executive of Raffles Quay Asset Management, which manages the centre, said BHP’s decision to take up additional space is testament to the MBFC’s vision of being Asia’s best business address.

    BHP’s commitment is a healthy boost of confidence for the Asian office market, which some analysts have tipped to improve as rental decline slows further.

    According to a new report by property consultancy firm CB Richard Ellis, the Asian office market downturn stabilised in the third quarter, as the improvement in Asian employment markets clearly indicated that the office market was close to bottoming out.

    It also said that activity surrounding the planning of new premises in Singapore rose, as did occupier requests for relocation alternatives.

    The firm noted that while Singaporean office rents fell for the fourth consecutive quarter, clear evidence has emerged that the pace of rental decline has eased following an improvement in business confidence.

    The MBFC is being developed by a joint venture comprising property developers Cheung Kong Holdings, Hongkong Land and Keppel Land.

  3. #33
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    Quote Originally Posted by thesailowner, SkyscaperCity, 12 November 2009 1.32 pm
    Anyone knows the PSF for MBS? Hearsay is 2-2.5k.

    Anyway, 3 bedders fully booked. I think is stack 3. Smallest quantum I guess. Will developer up price?

    Sail/MBR owners just love this, don't they? :cheers::cheers:
    A repeat of MBR in 2007.
    Why 3 bedroom fully booked?
    Why not ...?

  4. #34
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    Quote Originally Posted by Reporter
    Why 3 bedroom fully booked?
    Why not ...?
    We had the "Centro Effect", the "Silversea Effect", the "Optima Effect" ...

    Are we now going to witness The "Marina Bay Suites Effect"?

    Will the "Marina Bay Suites Effect" send MBR and Sail into uncharted territories?

  5. #35
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    Slowly, Foreign Buyers Drift Back Into Singapore
    Sonia Kolesinkov-Jessop
    The New York Times
    Singapore
    Thursday, 5 November 2009

    After 5 consecutive quarters of decline in Singapore’s property market, the luxury segment is starting to improve, partly helped by the slow reappearance of foreign buyers.

    According to statistics from the island-state’s Urban Redevelopment Authority, the overall residential property market has seen its shortest downturn in the past 18 years, with only four quarters of price declines before the official private home price index posted a spectacular 15.8% quarter-on-quarter jump in the third quarter this year.

    Singapore’s government, startled by the sharp uptick, worried that a property bubble was forming and, in September, they discontinued a system that allowed buyers to defer the bulk of payment on apartments until the properties were complete. It also announced that next year it would resume land sales for development.

    The sales rebound primarily has been driven by mass-market and mid-tier properties, but a few recent transactions indicate the high-end luxury sector also has started to pick up.

    “With the financial crisis, developers saw potential with affordability and launched more projects at that level, with smaller-size flats to keep prices low. As a result, the mass market has really been driving this market recovery in the last few quarters,” said Chua Yang Liang, head of research for Southeast Asia at the Jones Lang LaSalle real estate agency.

    “It’s only just recently with the improvements in regional economies that we’re seeing more developers releasing projects for the high end of the market.”

    According to an analysis by CB Richard Ellis real estate, the number of apartments priced at more than S$4 million, or US$2.86 million, that changed hands totaled 210 in the third quarter of 2009, 87 in the second quarter and just 15 in the first quarter.

    This compares with 280 in all of 2008 and 1,740 in 2007, at the peak of the market. A sales price record was achieved recently by SC Global Developments, which sold 6 homes at its 41-unit Seven Palms Sentosa Cove project for an average price of S$11 million, ranging from S$3,100 to S$3,400 psf for the 3- or 4-bedroom units.

    Previously, the highest median price for a condominium on Sentosa was S$2,734 psf in late 2007.

    The upscale Seven Palms project, the only beachfront residence of its kind in Singapore, is being built on Sentosa island, where a resort casino and Universal Studios theme park is scheduled to open early next year. The Seven Palms residences are being sold with 99-year leaseholds on the land, and are expected to be completed in December 2013.

    Singaporeans are said to have bought 2 of the units, with the other 4 going to foreigners who are permanent residents of the city-state.
    The Alba, another new upmarket development but in the more suburban central district, has sold 12 of the 18 available units, with prices averaging S$2,100 to S$2,500 psf for freehold units of 1,852 to 2,250 sqft, or 172 to 209 sqm.

    Luxury projects delayed in the wake of the global downturn include the Marina Bay Suites, near the Marina Bay Sands, the other casino resort due to open next year and the 228-unit Quayside Isle Collection, also on Sentosa.

    “Currently, we are seeing an increasing number of enquiries and interest in the luxury market as compared to three months ago,” said Tan Bee Kim, director of Wheelock Properties Singapore. The group is planning early next year to introduce Orchard View, a project in which each of the 30 4-bedroom condominiums will occupy an entire floor. Ms. Tan said the company has been receiving enquiries from locals and foreigners alike about the development.

    Ong Choon Fah, executive director of the property consultant DTZ Debenham Tie Leung, believes developers are not yet in a hurry to release new high-end condominiums — but she expects that will change next year when the two casinos under construction, referred to locally as IR, or Integrated Resorts, will open. “This should help boost property prices, especially in the high end,” said Ms. Ong, estimating that luxury prices could rise as much as 10%.

  6. #36

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    Think this post belongs here.
    Quote Originally Posted by Reporter on The Sail @ Marina Bay thread

    Preview of Marina Bay Suites next week
    Kalpana Rashiwala
    The Business Times Weekend
    Saturday, 21 November 2009


    Marina Bay Suites

    After an almost two-year wait, Marina Bay Suites will finally be previewed next Wednesday to VVIPs and invited buyers, BT understands.

    Pricing for the preview has not been finalised, but some market watchers suggest it could be a shade below $2,500 psf on average. Others tip the average price at about $2,300 psf. No interest absorption scheme will be offered.

    Early last year - when the 99-year leasehold project was expected to be released - the average price was tipped at about $2,800 psf.

    The 66-storey condo block has 221 units, comprising 218 3- or 4-room apartments and 3 penthouses.

    Three-bedders range from about 1,570 to 1,620 sqft; 4-bedders will be 2,050 to almost 2,700 sqft. The penthouses include 2 duplex units of about 4,700 and 8,100 sqft and a single-level unit of around 5,600 sqft.

    Marina Bay Suites was due to be released early last year, but steadily worsening market conditions that culminated in the global financial slump meant the project could not be released in 2008. In March this year, Keppel Land - which is part of the consortium developing the condo - confirmed the project's construction was deferred.

    The other members of the consortium are Hongkong Land and Cheung Kong Holdings / Hutchison Whampoa. Marina Bay Suites will be the second residential project on the Business and Financial Centre site, which the consortium bagged in a Singapore Government tender in 2005.

    The first residential project - the 428-unit Marina Bay Residences (MBR) - sold out in three days in December 2006. The 55-storey development achieved an average price in the region of $1,850 psf, according to a statement by the developer at the time.

    Many buyers flipped their units - in some cases within days of their purchase - for handsome gains as high as $1 million or even more for 4-bedroom units that face Marina Bay.

    MBR has one and two-bedroom units in addition to 3- and 4-bedders. The project, along with the neighbouring completed development, The Sail @ Marina Bay, continues to make news in the secondary market. Sources say a 900 sqft bay-front unit on the 50th floor at The Sail sold recently for about $3,000 psf, while a 30-odd storey 4-bedder at MBR facing the bay fetched just above $2,700 psf.

    Marina Bay Suites' preview will be held on the mezzanine level of One Raffles Quay.
    BE CENTRED BY ALL AT THE FRINGE OF THE CITY @

  7. #37
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    Quote Originally Posted by sleek
    Think this post belongs here.
    Thanks.

    My eyes played tricks on me? I thought I posted on the right thread. But ...

  8. #38

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    Wow big quantum. All above 3m. Targetting foreigners?

  9. #39
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    Quote Originally Posted by overlorden; SkyscaperCity, 3.36 pm
    So difficult for BT to check facts?
    Original 08 launch price quoted by Cheung Kong die die will be 3k not 2.8k.
    Think u do simple caveat check for MBR that average price was not 1850.
    Since when does lowest floor price become average price?
    Also forgetting the 6 penthouses sold for 90 million to Mr Ho....
    Can tell some journalist very lazy one...if I am cheung kong / keppel I not happy...
    Aiyah! Maybe it's just a honest mistake?

    Mr S. Ho bought 6 penthouses? For what? For the whales?

  10. #40
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    Quote Originally Posted by Reporter
    Pricing for the preview has not been finalised, but some market watchers suggest it could be a shade below $2,500 psf on average. Others tip the average price at about $2,300 psf. No interest absorption scheme will be offered.
    Only $2,300 psf to $2,500 psf?

    Isn't that very cheapskate compared to Hong Kong's $13,000 psf at 39 Conduit Road?

    Such low pricing ... will it cause foreign investors to lose interest?

    Looks like Singapore is still closer to Third World pricing than a respectable international city.

    Maybe we should advertise that Marina Bay Suites is near KLCC.

    325 km is quite near.



    Average price per sq foot RM 2000 (S$820 psf)

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