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Thread: Marina Bay Residences (D1, 99 years, Keppel Land, Cheung Kong, Hongkong Land)

  1. #1
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    Default Marina Bay Residences (D1, 99 years, Keppel Land, Cheung Kong, Hongkong Land)

    from http://www.kepcorp.com/press/press.a...&L=&Y=2006&Q=4
    Press Releases - All

    5-October-2006

    New $2 billion Marina Bay Financial Centre in Singapore
    Marina Bay Residences will set a new standard for inner-city living

    The new S$2 billion Marina Bay Financial Centre will help double Singapore’s premium office space from 2010, meeting the pent-up demand from major banks, and global financial and professional services firms expanding their operations in the city.

    The development by a joint venture of three of Asia’s leading property companies – Cheung Kong (Holdings), Hongkong Land and Keppel Land – will be officially unveiled by Singapore’s Minister for National Development, Mr Mah Bow Tan, at a special event in Singapore tonight.

    Marina Bay Financial Centre General Manager, David Martin, says the Marina Bay Financial Centre will add around 150,000 square metres of Grade A Premium office space, and combined with the joint venture’s adjacent One Raffles Quay office towers (120,000sq m), will effectively double the supply of top-tier office space in the central business district.

    “The Marina Bay Financial Centre will form a new central zone for Singapore’s CBD, drawing in the major players in the banking and financial services sector – this is poised to become a vibrant new financial precinct, just as Canary Wharf is the new heart of London.”

    “There are only a handful of truly premium locations in the business district which can offer column-free space [floorplates in excess of 1,700 square metres (18,000 sq feet)] and world-class services to accommodate big global firms who often require a number of floors for their operations.

    “Our experience with One Raffles Quay – which is now fully tenanted by the likes of ABN AMRO, Barclays Capital, Credit Suisse, UBS and Deutsche Bank AG – demonstrates that there is strong demand for this quality and quantity of space from leading global financial enterprises,” Mr Martin said.

    “The continued confidence in Singapore as Asia’s financial hub, the internationally competitive office rentals as well as business and lifestyle-friendly attributes are set to fuel demand further.

    “Marina Bay Financial Centre provides the only significant supply of top-tier office space in the CBD through to the end of the decade – and redevelopment of older buildings for residential use will squeeze the office supply further,” he said.

    Phase One of the Marina Bay Financial Centre (expected to be completed in 2010) will provide a total of 244,000sq m (GFA Gross Floor Area) of world-class office space, luxury residences – under the name Marina Bay Residences – and complementary retail facilities.

    “This exciting development reflects our confidence in the local economy, the ongoing expansion of foreign companies’ operations here, and particularly a long-term view that Singapore will continue to reinforce its standing as one of the world’s leading commercial centres,” Mr Martin said.

    “The entire Marina Bay development will sharpen Singapore’s edge in attracting global investment and talent, with a major commitment to supporting infrastructure and public amenities in the area.”

    Minister Mah Bow Tan said the Marina Bay Financial Centre reinforced the Singapore Government’s commitment to planning and providing a quality, vibrant environment for people to “live, work and play”.

    David Martin added, “Marina Bay is a place planned with people in mind. The public will be able to enjoy more than 100 hectares of waterfront gardens and a range of entertainment options, including Singapore’s first Integrated Resort and the Singapore Flyer. Apartment developments like Marina Bay Residences will set a new standard for inner-city living.”

    “This development represents the next phase in the evolution and extension of Singapore’s central business district through to Marina Bay. And, the opening up of a new metropolitan lifestyle without parallel in Asia,” Mr Martin said.

    Designed by internationally renowned architects Kohn Pedersen Fox, the Marina Bay Financial Centre, is a showcase of masterful planning and contemporary urban design, providing a ‘complete environment’ for 24/7 living and convenience.

    New York-based head of the Marina Bay Financial Centre design team, Paul Katz, said the family of buildings had been placed to maximise views of the bay, city and seascape – while also retaining an open and visually appealing aspect to the Marina Bay Financial Centre site.

    Planned as a “City in a Garden”, Mr Katz said the Marina Bay Financial Centre provides an integrated live-work-play development. Retail, dining, landscaped public spaces, sky-gardens, and a connection to Singapore’s mass transit system create a 24-hour lifestyle environment. At the pedestrian level, active and inviting public spaces take advantage of the development’s proximity to both the Bay and the adjacent Central Park.

    “This is the realisation of Singapore’s vision for a new standard in the quality of urban lifestyles – combining vibrant metropolitan energy with complementary tranquil garden precincts, extensive recreational areas and public spaces.”

    Mr Katz said the three towers – the 55-storey, 428-unit Marina Bay Residences, and the offices of 32 and 46 storeys – have been developed as a series of dramatic crystalline forms which have been sculpted and chamfered to reflect light and provide a sense of depth to the surfaces. The towers are also sculpted at the skyline to create a unique and captivating profile for the development.

    “Each tower of the Marina Bay Financial Centre will have a unique identity within ‘the family’, and together they will have the necessary unity and critical mass to create a dominant focal point at the head of Marina Bay,” Mr Katz said.

    About Marina Bay Financial Centre
    Marina Bay Financial Centre is a joint venture by three of Asia’s most experienced and trusted property developers – Cheung Kong Holdings, Hongkong Land and Keppel Land.

    The Consortium will manage the development of the prime waterfront 3.55ha site in the heart of Singapore’s new downtown, with Phase One including 244,000 square metres (sqm) of best-in-class office space, high-end residences and complementary retail and recreational facilities. The same joint venture partners developed the adjacent One Raffles Quay, now tenanted by leading global financial institutions.

    About Kohn Pedersen Fox
    The Marina Bay Financial Centre was designed by Kohn Pedersen Fox Associates PC (KPF) an international practice with studios in New York, London and Shanghai. The firm’s extensive portfolio, developed over thirty years, includes designs ranging from a small jewel-like glass pavilion for Rodin sculptures to an entire new city in Incheon, Korea.

    KPF has many projects completed, in design, or under construction throughout Asia, including China, Hong Kong, Taiwan, Japan, Singapore, the Philippines, Vietnam, Indonesia, and Korea. Since the completion of the Orchard Building Redevelopment, KPF has had an ever-growing presence in Singapore. Completed projects include One Raffles Link (2001), CityLink (2002), 30 Hill Street (2001) and the Singapore Exchange Centre (2002) and One Raffles Quay (2006).

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    Default Re: Marina Bay Residences (D1, 99 years, Keppel Land, Cheung Kong, Hongkong Land)

    http://www.kepcorp.com/press/press.a...&L=&Y=2006&Q=4

    Press Releases - All

    9-November-2006

    Marina Bay Residences to put Singapore on world map for iconic waterfront living
    Developers unveil design for world class waterfront homes at Marina Bay ahead of year-end launch

    Stunning bay-wide views, three exclusive ‘sky lounges' and open balconies in almost all of the 428 luxury apartments are features that will put Marina Bay Residences at the forefront of world-class urban waterfront living said developers of the Marina Bay Financial Centre (MBFC), who unveiled designs for the
    luxury homes today.

    Mr Kan Kum Wah, MBFC Development Head of Residential Marketing, said that world renowned architects Kohn Pedersen Fox of New York had designed the 55 storey Marina
    Bay Residences to take full advantage of the strategic epicentre Marina Bay location.

    “Centred in the world’s latest ‘live, work and play’ destination at Marina Bay, the Marina Bay Residences will place owners at the heart of the 24/7 waterfront action with the glamorous integrated resort, tranquil Waterfront Gardens and world class business district.

    “Every aspect of its design and detailing will deliver signature views of the Marina Bay area and city skyline, in effect offering Marina Bay Residences buyers the opportunity to own the best known ‘postcard of Singapore’,” he said.

    To be launched for sale later this year, almost every unit in the Marina Bay Residences has balconies opening to Marina Bay or the nearby Straits of Malacca, while the six apartments located on lower floors, enjoy some of the most intimate views of the Marina Bay, framed by floor-to-ceiling picture windows.

    The Marina Bay Residences will be crowned by Singapore’s first waterfront super penthouse stretching over three floors, while adjacent floors incorporate a further nine
    penthouses in one and two level configurations from 330 to 430 square metres, some with jacuzzis on the outdoor terraces.

    The development also enjoys three ‘sky lounges’ located on floors 7, 27 and 47 of the 55-storey building. The level 7 lounge, designed for appreciating the outdoors at an altitude, includes barbecues, fresh air social activities and an infinity pool which opens to views of
    Marina Bay. Level 27 provides space for residents and guests to interact amidst the panoramic views, while the level 47 lounge is designed for luxury dining, meetings and entertainment.

    The clear accent on waterfront living at Marina Bay Residences will help meet a worldwide trend towards this lifestyle. The trend is driving exceptional demand for recent waterfront releases in Singapore and created an active secondary market, with the Straits Times
    recently reporting waterfront apartments changing hands at 30% premiums above recent purchase prices.

    “Our sales agents CB Richard Ellis and DTZ Debenham Tie Leung are experiencing an intense level of enquiries in the Marina Bay Residences from both Singapore and
    overseas, including keen interest from fund management companies in whole floors,” Mr Kan said.

    Reflecting indications of strong demand for larger apartments on upper floors, Marina Bay Residences incorporates more than 100 three and four bedroom apartments ranging in size from 151 to 220 square metres, many with private lift access Mr Kan said.

    Working couples and single professionals are also superbly catered for in the Marina Bay Residences.

    “The property includes a substantial number of one and two bedroom apartments ranging in size from 66 to 114 square metres which all enjoy water views and highly efficient space utilisation to enhance the living experience,” Mr Kan said.

    Located at the heart of a round-the-clock ‘live, work and play’ environment of Marina Bay, residents will enjoy both above and below the ground walking access to landmark business locations at adjacent Marina Bay Financial Centre, One Raffles Quay and beyond to nearby Raffles Place. A pedestrian promenade in front of the residences provides close access to the tranquil environment of the Waterfront Gardens under development at Marina Bay.

    The Marina Bay Residences, to be jointly marketed by CB Richard Ellis and DTZ Debenham Tie Leung (SEA) Pte Ltd, are expected to be launched for sale in late 2006 and be completed in early 2010 when the adjacent Marina Bay Sands integrated resort would have opened. The Marina Bay Residences are being developed by a joint venture of three
    of Asia’s leading property developers – Cheung Kong(Holdings), Hongkong Land and Keppel Land.

    Marina Bay Residences are a joint venture by Cheung Kong (Holdings), Hongkong Land and Keppel Land.

    About Marina Bay Residences
    Marina Bay Residences are being developed by a joint venture by three of Asia’s most experienced and trusted property developers – Cheung Kong Holdings, Hongkong Land and Keppel Land.

    The consortium will manage the development of the 55 storey residential condominium and world-class amenities designed to take full advantage of its outstanding waterfront location at the heart of Singapore’s new downtown in Marina Bay.

    Marina Bay Residence form a part of a larger integrated development, the Marina Bay Financial Centre providing 244,000 square metres of world-class office accommodation on Singapore’s Marina Bay waterfront.

    About BFC Development Pte Ltd
    BFC Development Pte Ltd is a joint venture of three of Asia’s most experienced and trusted property developers – Cheung Kong Holdings, Hongkong Land and Keppel Land – focused on the development of the Marina Bay Residences and the Marina Bay Financial Centre Singapore.

    The consortium will manage the development of the prime waterfront 3.55ha site in the heart of Singapore’s new downtown, with Phase One (to be completed in 2009) including a luxury 55-storey residential apartment building, 244,000 square metres (sqm) of best-inclass
    office space, and complementary retail and recreational facilities.

    The shareholding of BFC Development Pte Ltd is held equally by Cheung Kong Holdings(represented through Choicewide Group Ltd, which is co-owned with Hutchison Whampoa Limited), Hongkong Land (represented through Sageland Pte Ltd) and Keppel Land(represented through Bayfront Development Pte Ltd).

    About Cheung Kong (Holdings) Limited
    Cheung Kong (Holdings) Limited is a property development and strategic investment company based in Hong Kong. It is one of the largest property developers in Hong Kong,
    having developed about one in twelve private residences in the territory. The company also owns a large portfolio of commercial, residential and industrial premises in Hong Kong, and is a major developer of the Central District.

    In Singapore, Cheung Kong’s residential property portfolio includes Cairnhill Crest, an oasis of tranquillity ensconced in prime district 9, and Costa del Sol, a prestigious east coast marine-themed development.

    In terms of commercial property, the Company developed One Raffles Quay in its first joint venture with Keppel Land and Hongkong Land in Singapore. Cheung Kong is a substantial unit holder in Fortune REIT – which holds eleven retail malls in Hong Kong and was listed on The Singapore Exchange in August 2003 – with a 26.92% stake.

    About Hongkong Land
    Hongkong Land is a leading property investment, management and development group with a major portfolio in Hong Kong, where it owns and manages some five million sq. ft of prime office and retail space in the heart of the Central business district. Established in 1889, the Company’s business is built on partnership, integrity and excellence.

    The Group also develops high quality commercial and residential property projects elsewhere in Asia and holds a 77% shareholding in Singapore-listed residential property developer, MCL Land. These assets are also managed from Hong Kong by Hongkong Land Limited, which provides services to Group companies.

    Hongkong Land Holdings Limited is incorporated in Bermuda with its primary share listing in London. The Company’s shares are also listed in Bermuda and Singapore. Hongkong Land is a member of the Jardine Matheson Group.

    About Keppel Land Limited
    Keppel Land Limited is the property arm of the Keppel Group, one of Singapore's largest multi-national groups. The Company is one of the largest property companies by total assets on the Singapore Exchange.

    As an established developer of premier residential properties and investment-grade commercial properties, it is geographically diversified across 11 countries in Asia Pacific.

    Keppel Land is a major office landlord with a quality portfolio of prime office towers located mostly in Singapore’s Central Business District.

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    Default Re: Marina Bay Residences (D1, 99 years, Keppel Land, Cheung Kong, Hongkong Land)

    Top Print Edition Stories
    Published December 2, 2006

    Marina Bay Residences - agents are asking for blank cheques

    By ARTHUR SIM
    AND UMA SHANKARI

    (SINGAPORE) Property agents are whipping up a pre-sales frenzy for Marina Bay Residences before the launch date has even been set, with some asking for blank cheques to ensure a spot on the 'priority list'.



    Property consultants CB Richard Ellis (CBRE) and DTZ Debenham Tie Leung (DTZ) have been appointed by Marina Bay Financial Centre (MBFC) to market the 428-unit residential component of the financial centre, and their agents have already placed advertisements in the classified sections of local newspapers looking for buyers.

    These agents have also revealed asking prices of between $1,500 and $2,000 psf. Although not all asked for a blank cheque for a guaranteed place on the priority list or an invitation to the private preview, some did make unusual sales pitches.

    CBRE and DTZ could not be reached for comment. But their agents have been telling buyers that as many as 20 floors have already been booked, that a further 50 individual units are also spoken for - and that priority will be given to those buying entire floors.

    A DTZ agent said invitation-only previews will be conducted for buyers looking at acquiring entire floors in mid-December, and those looking to pick up individual units may only get to see the development a day later.

    Some agents have even offered to put buyers in touch with other buyers so they can acquire whole floors together, though one agent did caution there could be complications because purchases have to be under a single name.

    An ERA agent who placed an advertisement asked for a blank cheque, saying buyers willing to make such an open-ended commitment will get right of first refusal for available units.

    Interestingly, ERA has not been appointed by MBFC to market the project, but the agent said ERA is selling units through an 'agreement among agencies'.

    MBFC's head of residential sales Kan Kum Wah said launch prices or other details have not been fixed.

    Mr Kan expressed surprise that some agents have asked for blank cheques. MBFC 'does not condone this', he said. Also, MBFC 'has not decided if (it) will have preview sales yet'. And 'there is no priority list'.

    He did say, however, that the response to Marina Bay Residences has been overwhelming, with 'demand very strong over supply'. He also expects 60-70 per cent buyers will be Singaporean.

    On possible launch prices, he would only say that prices for The Sail @ Marina Bay are hitting $1,700 psf in the secondary market, so it is unlikely the 55-storey Marina Bay Residences will be sold for less. 'Our development has much better views,' he said.

    In July 2005, when the MBFC site was sold to a consortium comprising Hongkong Land, Keppel Land and Cheung Kong/Hutchison Whampoa, property experts estimated the break-even cost for the residential component at $800-$850 psf. The consortium now looks set to achieve at least a 100 per cent profit margin.

    Perhaps satisfied with this, Mr Kan said it is unlikely that the consortium will sell Marina Bay Residences in phases - a method that allows them to gradually adjust prices according to demand. 'If demand is overwhelming, we may sell all the units,' he said. 'From a joint-venture group's perspective, we will want to sell all the units.'

    It seems other developers are waiting to see what demand will be like for Marina Bay Residences before launching their own downtown condos.

    Far East Organization, City Developments and BS Capital all have residential redevelopment sites in the Central Business District (CBD). None has fixed a launch date, though it is understood that Far East's The Clift is already 50 per cent sold.

    As usual, when the market is picking up, property agents are showing their creative side.

    Banking on a spillover effect from Marina Bay Residences, an agent from HSR International Realtors put an advertisement in The Straits Times on Nov 25 with the telling headline, 'Flip The Clift After BFC Ctr Launch'.

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    Default Re: Marina Bay Residences (D1, 99 years, Keppel Land, Cheung Kong, Hongkong Land)

    SINGAPORE (Dow Jones)--The consortium developing Singapore's upcoming Marina Bay Financial Centre Monday said it will sell residential apartments in the project for between S$1,550 and S$2,150 per square foot, setting a new benchmark for property prices in the vicinity.

    The price range for the Marina Bay Residences is higher than the S$1,400-S$1,700/square foot obtained by investors in secondary market transactions for units at the nearby The Sail @ Marina Bay residential development.

    "Strong interest in Marina Bay Residences has been building since details of the development were first announced in October this year," Marina Bay Financial Centre's head of residential marketing, Kan Kum Wah, said at a media briefing.

    CB Richard Ellis and DTZ Debenham Tie Leung, the sales agents, have recorded around 1,000 sales inquiries to date for the 428 units at the 55-story Marina Bay Residences, he added.

    The Marina Bay Financial Centre, which is designed to be Singapore's new financial center, is an equal joint venture involving Keppel Land Ltd. (K17.SG), Cheung Kong (Holdings) Ltd. (0001.HK) and Hongkong Land Holdings Ltd. (H78.SG).

    The three companies have said they expect to spend S$2 billion to develop the first phase of the waterside development, which will comprise two office towers, a residential block and a shopping mall. The buildings are slated to be ready in 2010.

    Prices for luxury properties in Singapore have rallied during the past two years, following a long period of stagnation in the aftermath of the 1997 financial crisis. For example, City Developments Ltd.'s The Sail @ Marina Bay, the first residential development in the area, sold for an average of about S$900/square foot when the initial batch of apartments were launched in October 2004. The CityDev project is slated for completion in 2009.

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    Default Speculators eye Marina Bay Residences

    Property
    Published December 12, 2006

    Speculators eye Marina Bay Residences
    Project likely to be priced at just under $1,700 psf on average


    By KALPANA RASHIWALA

    PROPERTY speculators are heading for their next gold mine - at Marina Bay Residences, market watchers say.


    Attracting attention: Foreigners are expected to account for more than 30 per cent of Marina Bay Residences buyers

    Previews begin today and although pricing has not been finalised, the net average price is expected to be just shy of $1,700 per square foot.

    'We've seen strong interest from Singapore, Indonesia, Hong Kong, the Middle East and Europe and have received enquiries about multiple purchases,' the head of marketing at BFC Development, Kan Kum Wah, said at a news briefing yesterday.

    Some parties are keen on several units and others are eyeing entire floors, said Mr Kan, who described the likely price range of $1,550 to $2,150 psf as 'a very fair price'.

    The indicative average price of just under $1,700 psf for the 99-year leasehold development is in line with going prices in the area. Bay-front units in the neighbouring The Sail @ Marina Bay are changing hands for about $1,600-$1,700 psf in the sub-sale market. The 1,111-unit project is fully sold and has been a speculation hotspot.

    So far there have been 162 sub-sales deals at The Sail - about 15 per cent of the project's total units. But the actual number of units involved may be higher, as about 10 of these deals involved multiple units.

    Sub-sales are seen as a proxy for speculation.

    DTZ Debenham Tie Leung executive director Ong Choon Fah said yesterday: 'People who are buying in this location have deep pockets. Besides owner occupiers and long-term investors, there may be some 'specu-vestors', meaning they are prepared to hold on to their units if necessary but can be persuaded to sell if they receive a good offer.'

    City Developments and AIG began selling units at The Sail's first tower in October 2004 at an average price of $950 psf and in the second tower a year later at $1,080 psf initially, eventually achieving an average of $1,200 psf for the second tower.

    More than 40 per cent of the total 1,111 units sold by the joint developers were snapped up by foreigners.

    Over the past three months, units at the development have changed hands at an average price of about $1,300 psf.

    Despite the rapid price gain in the area seen over the past few years, Mrs Ong believes that there is potential for further gains.

    'We'll have two integrated resorts,' she said. 'A lot of international companies are choosing Singapore as their hub. And residents in the Marina Bay area will enjoy the 54-hectare Gardens by the Bay at their doorstep.'

    CB Richard Ellis chairman (Asia) Willy Shee reckons foreign buyers will account for more than 30 per cent of Marina Bay Residences buyers. 'We've seen strong interest from both local and foreign buyers - from Hong Kong, Indonesia, Malaysia, Korea and the Middle East. We expect a very good sell rate in the next few days,' he said at yesterday's briefing.

    CBRE and DTZ are marketing the project jointly.

    Marina Bay Residences, a 428-unit luxury residential tower, will be part of the Marina Bay Financial Centre project being developed by Hongkong Land, Keppel Land and Cheung Kong (Holdings).

    Offers of more than $20 million have been received for the 'uber penthouse' of 11,012 sq ft on the top three levels of the 55-storey tower. There will be nine other smaller penthouses in the project, which will also have units with one, two, three and four bedrooms.

    Prices start from about $1 million for a one-bedder of 710 sq ft.

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    Default Re: Marina Bay Residences (D1, 99 years, Keppel Land, Cheung Kong, Hongkong Land)

    Singapore
    Published December 13, 2006

    Good start for sale of Marina Bay Residences

    By KALPANA RASHIWALA

    AT LEAST 130 units are said to have been sold on the first day of preview at Marina Bay Residences yesterday - at prices ranging from $1,700 to $2,000-plus per square foot.


    Rival: Meanwhile, City Developments is drumming up publicity for its project in the vicinity, One Shenton

    Meanwhile, rival developer City Developments began drumming up publicity for a nearby project, One Shenton, comprising 341 apartments in two towers on its 1 Shenton Way site.

    CityDev did not provide pricing indication for its 99-year leasehold project, which will be in 50 and 42-storey towers.

    Nor could it specify the launch date - only giving a general indication that this is expected by year-end or early 2007.

    At Marina Bay Residences, the maiden day of previews was open to staff and directors of the three companies behind the project - Keppel Land, Hongkong Land and Cheung Kong Holdings - as well as to VIPs invited yesterday. Bankers, lawyers, architects and doctors are among those who toured the showflat, which is at One Raffles Quay, BT understands.

    The project's developer, BFC Development Pte Ltd, progressively released more units in the project as it chalked up sales. The 99-year leasehold, 55-storey development, has 428 units in total.

    More units are expected to be released and sold today.

    BFC Development's head of residential marketing Kan Kum Wah would only say in statement last night: 'It is too early to provide any detailed information.

    Yesterday, a number of joint-venture staff members and business partners have toured the show suite and there has been lots of interest and all have been very impressed at what is on offer, but it's too early to provide a sales indication.'

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    Default Marina Bay's 418 units sold out, prices hit $2,770 psf

    Top Print Edition Stories
    Published December 14, 2006

    Marina Bay's 418 units sold out, prices hit $2,770 psf

    By KALPANA RASHIWALA

    (SINGAPORE) Luxury condo Marina Bay Residences is virtually sold out. The highest unit price achieved as of 6pm yesterday was $2,770 psf for a high-floor, three-bedroom apartment, compared with a top price of $2,200 psf recorded on Tuesday.


    Long line at the bay: Marina Bay Residences' showflat at One Raffles Place was bustling all day yesterday, with some early birds said to be offering their units for a 20 per cent net profit

    All 418 apartments in the 55-storey project were sold by last night, and developer BFC Development Pte Ltd started selling the first four of 10 penthouses in the 99-year leasehold project through a tender. BFC is a tripartite partnership involving Hongkong Land, Keppel Land and Cheung Kong Holdings.

    It sold the four duplex penthouses within an hour to foreigners at prices said to be more than $10 million each. This is believed to be the first time the tender method of sale has been employed for a residential property launch in Singapore.

    The four duplex penthouses range from 3,606 sq ft to 4,435 sq ft. The remaining six penthouses - comprising five single-level units and a three-storey 'uber-penthouse' of 11,012 sq ft - are expected to be sold by tender today.

    There is talk of early buyers in the development now offering to sell their units for handsome gains.

    One source told BT that some of those who had bought units of one and two bedrooms on Tuesday - the first day of previews - are offering their units to those who failed to get into the showflat early enough, for a 20 per cent net profit.

    The gain is after deducting 4.5 per cent transaction costs - comprising about 3.5 per cent stamp duty and legal fees when buying their units and one per cent for agent fees when selling.

    With the cheapest one-bedroom unit costing around $1 million, this would mean speculators are eyeing profits of about $200,000 or more.

    The project's showflat at One Raffles Place was bustling all day yesterday. A buyer who arrived at 4am, hoping to steal a march on others, found 50 people ahead of him.

    BFC Development's head of residential marketing Kan Kum Wah said in a statement issued just before 6pm yesterday that about 60 per cent of sales have been to Singaporeans, and the rest to buyers from the region including Indonesia, Hong Kong, India, the Middle East and China.

    Marina Bay Residences will be part of the Marina Bay Financial Centre project being developed by Hongkong Land, Keppel Land and Cheung Kong. The development comprises 428 units in total and was designed by Kohn Pedersen Fox Associates, with interior designs by Axis ID.

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    Default Re: Marina Bay Residences (D1, 99 years, Keppel Land, Cheung Kong, Hongkong Land)

    SINGAPORE (Dow Jones)--The consortium developing Singapore's upcoming Marina Bay Financial Centre Wednesday said it sold several apartments for more than S$2,700 per square foot - higher than prices at many developments along the city-state's prime Orchard Road shopping belt.

    "We can confirm an intense level of buyer interest in the 428 luxury waterfront apartments of the Marina Bay Residences," BFC Development Ltd.'s head of residential marketing Kan Kum Wah said in a statement.

    He said that more than 90% of the "typical units" have been sold, with prices exceeding S$2,700/square foot in the case of several units, or well above the S$1,400-S$1,700/square-foot selling price of units at the nearby The Sail @ Marina Bay residential development.

    BFC Development, which is developing Marina Bay Financial Centre, Singapore's new central business district, is an equal joint venture between Keppel Land Ltd. (K17.SG), Cheung Kong (Holdings) Ltd. (0001.HK) and Hongkong Land Holdings Ltd. (H78.SG).

    According to the three companies, the first phase of the waterfront development is expected to cost around S$2 billion and will comprise two office towers, a residential block and a shopping mall. The buildings are slated to be ready in 2010.

    BFC's Kan said around 60% of the sales at Marina Bay Residences, as the residential block is called, have been to Singaporean buyers and the balance to buyers from the region and beyond, including China and Hong Kong, India, Indonesia and the Middle East.

    "The Marina Bay Residence's 10 penthouses including the 1,023-square-meter Uber Penthouse are to be sold via a tender process commencing tomorrow evening," he added.

    Prices for luxury properties in Singapore have rallied during the past two years, following a long period of stagnation in the aftermath of the 1997 Asian financial crisis.

    The prices seen at Marina Bay Residences are probably the highest achieved for apartments on 99-year leasehold land.

    Currently, the most expensive residential units in Singapore are found in the vicinity of Orchard Road, with prices hitting as high as S$3,000/square foot for units at City Developments Ltd.'s St. Regis Residences, which is being built on a site that has a 999-year lease.

    The Sail @ Marina Bay, the first residential development in the area, sold for an average of about S$900/square foot when the initial batch of apartments were launched in October 2004.

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    Default Re: Marina Bay Residences (D1, 99 years, Keppel Land, Cheung Kong, Hongkong Land)

    Top Print Edition Stories
    Published December 15, 2006

    Marina Bay penthouse sold for $28m
    Some apartment buyers already seeking to cash in


    By KALPANA RASHIWALA


    (SINGAPORE) The 11,000 sq ft 'uber' penthouse at Marina Bay Residences last night sold for what is said to have been slightly over $28 million - even as some people who had bought apartments in the project earlier this week were already seeking to cash in.



    Quick turnover: A sample of classified ads in The Straits Times yesterday


    Sources said that five smaller, single-level penthouses sold via tender yesterday fetched prices ranging from about $3,238 psf to $3,450 psf - setting new records for residential property prices in Singapore. Some sources also said last night that the top price for a penthouse was $3,500 per sq ft.

    The developer of the 99-year leasehold project, BFC Development, would not talk about specific prices per unit but in a general statement released shortly before 10 pm, said that the entire 428-unit development had been fully sold for an average price in the region of $1,850 psf.

    However, sources told BT that prior to yesterday's tender for the final six penthouse units, the average price achieved in the project was $1,889 psf, which has now been raised to $1,950 psf by last night's sale.

    Buyers of the six penthouses included Hongkongers and other foreigners as well as Singapore citizens. Sudhir Gupta, chairman of Russian tyremaker Amtel, bought a duplex penthouse at Wednesday night's tender for $2,450 psf - working out to nearly $10 million. Amtel Singapore COO Sumeer Mahajan was seen bidding at yesterday's tender.

    The 'uber' penthouse, spread over the top three levels of the 55-storey development, is believed to have been bought by a Hong Kong investor.

    With BFC Development having sold all 418 apartments on Wednesday, anecdotes abounded yesterday of speculators putting up their units for sale in the subsale market.

    Buyers of one and two-bedroom units are said to be demanding prices reflecting net profits of about $150,000 to $300,000 per unit, while three and four-bedroom owners want prices that reflect gains of $700,000 to over $1 million.

    BT heard of some actual subsales as well. A high-profile professional who had bought a mid-floor, four-bedroom unit for $2,100 psf earlier this week sold it to a local businessman for about $2,600 psf yesterday, translating to an estimated net profit of about $950,000. Both seller and buyer are Singaporeans, apparently know each other and transacted directly without agents.

    There was also talk of a four-bedder unit sold in the subsale market for a gain of over $1 million.

    A senior agent of a major property agency told BT he had around 50 apartments at Marina Bay Residences from buyers who want to flip their units for a quick buck. He said that while it will be easier for owners of three and four-bedroom apartments to flip their units because these will boast views of Marina Bay and the future integrated resort, it may be more difficult for those who have bought one and two bedders as the views from units are not as good. They will face office towers.

    'The Sail @ Marina Bay is a nicer looking project with more choice units overlooking Marina Bay and the IR. So many buyers who've missed out on a chance to buy Marina Bay Residences may find it more attractive to pick up a subsale unit at The Sail, rather than Marina Bay Residences,' the agent said.

    He said a buyer did just that yesterday, picking up a 37th floor, four-bedder at The Sail for about $4.2 million from someone who had originally bought the unit from developers City Developments and AIG in early 2005 for $2.3 million. The resale brought a net profit of about $1.8 million.

    According to this agent, about 50 to 60 per cent of buyers in projects in the Marina Bay and Sentosa Cove locations launched over the past 18 to 24 months have been speculators.

    Some market watchers cautioned those buying subsale units at Marina Bay Residences to be careful as the developer has yet to issue Sale & Purchase (S&P) agreements and is expected to do so only about four to eight weeks later.

    'The second buyer will be asked to pay the original buyer a cheque as deposit to secure a unit on mutual trust, but technically the first buyer has not signed the S&P with the developer,' an observer cautioned.

  10. #10
    mr bear Guest

    Default Re: Marina Bay Residences (D1, 99 years, Keppel Land, Cheung Kong, Hongkong Land)

    from Yahoo SG news

    Tuesday December 19, 12:17 PM
    Demand for Marina Bay Residences slows down; market awaits best deals

    After a week of frantic buying at mind-boggling prices, demand for the red-hot property Marina Bay Residences has finally cooled down, with agents attributing the trend to unrealistic prices.
    According to sources, at least two 4-room units in the new downtown condominium were sold in the sub-sale market yesterday at $2,700 psf. The average price achieved in the preview sale last week was $1,850 psf.

    Agents told TODAY that the sub-sale market yesterday was active with enquiries from local and overseas parties but relatively quiet on the transaction side as both sellers and buyers wait for the best deals.

    The prime 99-year leasehold condominium located in the Marina Bay integrated resorts precinct made history last week when all 428 units were snapped up within three days after the launch of its preview sale on Tuesday.

    Prices hit a record-high of $3,500 psf or $28 million for an uber penthouse, said to be bought by a group linked to Macau casino tycoon Stanley Ho. The national record for 999-year units, which are typically more expensive, is $3,030 psf, held by St Regis Residences. By Thursday, Bayunits started emerging in the sub-sale market, triggering market talk that there will be intense speculation.

    Over the weekend, more such units have surfaced, with sellers quoting prices up to 50 per cent higher than the amount they paid, said Mr James Lee, director of James Lee Realty. Buyers are said to be aiming for profits ranging from $150,000 to over $2 million per unit.

    In one instance, one owner quoted $4,000 psf for a 4,400-sq-ft penthouse with a panoramic view of the bay and the sea. This works out to be about $17.6 million for the unit. According to market watchers, these penthouses were bought at around $3,200 psf to $3,400 psf last week.

    Confident that he can get better offers, the owner turned down an extremely attractive offer of $3,800 psf and decided to wait, said an agent.

    "There is definitely demand, but the price is not right. The sellers are asking for about 30 to 50 per cent higher than what they paid, whereas buyers are willing to pay a premium of about 10 per cent to 20 per cent," said Mr Lee.

    For now, it's a waiting game to see who blinks first. Analysts foresee that speculators with less holding power may be forced to cut their prices. "You can place the owners into two groups - the speculators who just want to let go quickly at a profit and the ones with deep pockets, who can afford to hold until nearer to completion date, when the value may go up even more," said Mr Nicholas Mak, director of research and consultancy, Knight Frank.

    "If buyers refuse to bite, the 'flippers' may let go at a slightly lower price, because they'll still make profits anyway," said an agent.

    Besides, prices might dip slightly following the launches of other properties within the central business district such as One Shenton, Mr Mak pointed out. It's a long wait till harvest time as the integrated resort is due to be completed only in 2009.

    "No doubt, it's very prime. Perhaps five years down the road, prices will be supported by fundamentals ... But the question is whether the price is realistic today. Do you have the deep pockets to hold till then?" said Mr Colin Tan, research and consultancy director, Chesterton International. - /fa

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