Doubt the impact on V shenton as they are of different class. Just look at the ambience and design.
The Business Times retweeted
Kalpana Rashiwala @KalpanaBT 11m11 minutes ago
Marina One Residences sales cross 300 units as at end-Friday #SingaporeProperty Photo of balloting on Friday Oct 10
http://www.channelnewsasia.com/news/...medium=twitter
Marina One Residences launch sees lukewarm response
Sales starting to tank, lol.
http://www.channelnewsasia.com/news/...s/1410012.html
SINGAPORE: Luxury project Marina One Residences opened its doors to the public on Saturday (Oct 11) but saw a lukewarm response, with only 20 units sold. Its developer had cleared 300 units in the past week during private sales.
20 units sold without early bird discount? If so, I would think that is very good response given the residual are the non-choice units (quantum/facing wise).
That aside, I personally think the 3/4 bedders are going to collect dust for a long time till ABSD is loosened for foreigners. If even the richest who can afford hardly bought any of the 3/4br during the multi unit purchases... who is going to buy?
SINGAPORE: Luxury project Marina One Residences opened its doors to the public on Saturday (Oct 11) but saw a lukewarm response, with only 20 units sold. Its developer had cleared 300 units in the past week during private sales.
One analyst described the sales as "commendable" for the current market, but said prices - which now range from S$1,960 to S$3,100 psf - might need to be lowered to further boost demand.
Ku Swee Yong, CEO of Century 21 Singapore, said: "The current competition of the unsold units along the Shenton Way stretch, up to Tanjong Pagar, as well as future Government Land Sales of parcels around Marina One would affect investment sentiments in the project." Mr Ku said units from older projects nearby are going at competitive prices, averaging about S$2,000 to S$2,500 psf.
CNA is a joker. Lukewarm response??
Nothing much left to sell on Saturday, so of course sell very little la!
Nothing left to sell or no ppl buying...if there is a long queue, developer can easily release more stacks to sell esp in this market
Some projects will qualify their prospective buyers. Southbeach will be one of them.
The land is free and none of the selling deadlines apply to them. Two sovereign funds between two uneasy neighbors collaborating. Usual economics do not apply.
And yes, the report is dumb. failing to understnsd that multiple unit buyers are also public buyers is unforgivable for a reporter
"SINGAPORE: Luxury project Marina One Residences opened its doors to the public on Saturday (Oct 11) but saw a lukewarm response, with only 20 units sold. Its developer had cleared 300 units in the past week during private sales."
During a private preview, buyers most of the time are being put through various undue stress / pressure to buy. Hence, during a preview, if the marketing agencies get their marketing mix right, the sales can be encouraging like in this case. The real test given current market condition is the public launch. This is where we can have a better feel how the public's reception and perception of the development.
For a development with more than 1000 units, only 20 units were sold during the public launch cannot be viewed as good. We all know that if there were real buyers wanting to buy, the developer would be more than willing to release more units for sale during the public launch.
The reporter was merely reporting facts and obviously he/she wasn't impressed with the public launch. It is up to us to interpret if the sale has been good this far.
there is no so called private preview. there is only one very public launch but those buying more than 1 units get to choose first and those buying only 1 unit get to choose second. and those buying more than 1 unit bought all the good units, such that there is nothing much left for the 1 unit buyer. if you can afford 3 units, you would be right at the front of the queue. This is a matter of fact, not opinion.
private launch my laughing toes.
These multiple unit buyers would be at the front of the queue and there were just these many buyers who could afford. Call it public launch or official launch or whatever the marketing game is. Isn't this tactic of allowing multiple unit buyers to buy first a form of marketing strategy? It appears to be quite successful in getting commitment from these investors.
So the so call public launch is opened mainly to the public who are likely to buy only one unit for own stay or investment. These are the masses that decide the success of the launch especially so for development with more than 1000 units. The real test is the sale following the launch. We will need to wait and see. Then again the developer may decide not to sell anymore if demand dries up so as not to give the impression that the sale is not doing well. This is yet another form of strategy given the current market condition.
It could well be the case similar to Kallang Riverside. Only the affordable units were snapped up during launch and quiet thereafter.
Wouldn't it be better for developers to do away with priority queue based on no of units bought and allow everyone an equal chance of balloting at the first go?
This way the crowd will be even bigger.
The richer ones may be better placed to buy the bigger quantum and less favourable units.
It is not exactly Nobel winning strategy to let multiple buyers go first. Jurong fish market works that way too. so do countless launches before MarinaOne. Its just letting your best customers have the best. and even then, there were multiple unit applicants who went away empty handed.
The market is bad, everybody knows. U know, i know, Khazana and Temasek know, the people who can do north of $3m a pop know. And clearly M+S is holding out for better days which they, unlike other developers, can do so without penalty.
anyway, fact = there was no private preview. Fact = anyone could go and express interest in any unit they want. (PS i did : )). Fact = those who express interest for more than one unit were offered units first. Fact = most of those who express interest for one unit would be told days in advance the unit (or whatever alternative choice) they want is gone (Inference = such bidder probably won't bother anymore). Fact = M+Z got more units that they could release to these buyers but they didn't. Fact = they are not run of the mill developers desperate to move any units in this market.
rubbish = Marina one response is lukewarm because 20 units found buyer after the multiple unit buyers already snapped up almost everything on sale.
Good one : ). I agree the response was very good.
It is the developer strategy to keep units until TOP when they will simply up their selling prices.
I have to agree that the developers strategy is a good one to give the market the impression that the launch is successful. They are also telling the market that if you do not buy now, you may have to wait till the project obtains its TOP to buy. This give reason for people who want to buy the commitment to buy now.
Between now and TOP, the market is expected to be challenging anyway. So hopefully, by TOP date the market would have recovered.
Finally took the plunge and exercised the OTP for a 2 bedder unit in Marina One. After weighing the pros and cons, we thought that this will be a good long term investment given the growth plans of Marina Bay. Only time will tell..
Congrats, need to pay any ABSD?