KUALA LUMPUR: Marina One Residences, the first phase of M+S Pte Ltd’s integrated Marina One development at the centre of Singapore’s Marina Bay central business district (CBD), will be launched in early October.
“One of the two residential towers (Park Tower) will be released for sale in phases with the remaining tower to be launched after the temporary occupation permit (TOP) [is obtained],” said chief operating officer Kemmy Tan.
The luxury residential project comprises 1,042 units — namely 1-, 2-, 3- and 4-bedroom types and penthouses, with built-ups from 657 sq ft to 2,250 sq ft and penthouses ranging from 6,491 sq ft to 8,568 sq ft.
Prices range from S$1,960 (RM5,025) per sq ft (psf) to S$3,100 psf, translating into a starting price of S$1.4 million for the smallest unit, said Tan.
“As 70% of Marina One Residences are smaller units, it will appeal to investors who are looking to rent out to working professional singles in the financial CBD, [and] owner-occupiers looking for a city pad for its convenience and connectivity, and the vibrant Marina Bay lifestyle. Meanwhile, the luxury 3- and 4-bedroom units which offer city/sea views appeal to local and foreign purchasers who are looking for owner-occupation,” she said.
According to Tan, a private preview was held at the Marina One sales gallery in the middle of this month and about 800 people turned up over the weekend, expressing “strong interest” in the project.
Marina One will be linked to four mass rapid transit (MRT) lines, namely the North-South, Circle, Downtown and upcoming Thomson lines, via the Marina Bay Interchange and Downtown stations.
The development will also be surrounded by the Marina Station Square and Central Linear Park upon completion, and combined with Marina One’s Green Heart park and the office and retail components, offers buyers a “rare opportunity” for a park-like lifestyle similar to London’s Hyde Park and New York’s Central Park, said Tan.
Tan shrugged off concerns over falling property prices in Singapore that saw fire sales of luxury condominiums in recent times.
“The product is unique and offers buyers the rare opportunity to own a landmark integrated development in the heart of Marina Bay, Singapore’s new financial centre, which in itself is a key selling proposition.
“We believe that there will always be discerning buyers who will seize a good investment opportunity as long as a development offers quality attributes — even through the peaks and troughs of the market,” she said
Meanwhile, DTZ Research chief operating officer Ong Choon Fah said the Marina Bay area was identified under the Urban Redevelopment Authority Master Plan 2014 as a new growth area in the city which will seamlessly extend Singapore’s downtown district.
“Although still in the initial stages, these plans are envisaged to further anchor Marina Bay as a choice destination to work, live and play, integrating residential, commercial and recreational use.
“Marina One will add to the supply of premier residential, office and retail spaces to the Marina Bay area upon completion. In terms of the pipeline supply up to 2017 in Marina Bay, no other project will be coming up in the precinct for some time.
“Although there is a white site in Marina View that is in the reserved list of the government land sales programme, this has not been triggered despite being on the list for some time,” said Ong.
DTZ is one of the appointed marketing agencies of Marina One Residences.
|View of the sea from a Marina One Residences’ 4-bedroom unit. Photo by M+S Pte Ltd|
This article first appeared in The Edge Financial Daily, on September 26, 2014.
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