80 units sold at Marina Bay Suites preview

Developer not expected to release more units in the condo until 2010

ABOUT 80 of the 90 units previewed at Marina Bay Suites yesterday have been sold, at an average price understood to be slightly above $2,300 per square foot.

However, the consortium developing the project said that the ‘average price range was between $2,200 psf and $2,500 psf’. Only three and four-bedroom units on the low to mid- floors at the 66-storey development were released for yesterday’s preview.

‘Unit sizes range from 1,572 to 2,691 sq ft for the three to four-bedroom units,’ said a spokesman for Raffles Quay Asset Management, the asset manager for Marina Bay Suites.

BT understands that the consortium developing the 221-unit, 99-year leasehold condo, does not plan to offer any more units in the development until next year. The show suite for the condo will be completed in the first half of next year and housed in an office tower in the Marina Bay Financial Centre (MBFC).

The condo, MBFC and an earlier condo project, Marina Bay Residences, are being developed on a 99-year leasehold plot sold by the Singapore government in 2005 to a consortium controlled by Keppel Land, Cheung Kong Holdings and Hongkong Land Holdings.

Yesterday’s preview was held on the mezzanine level of One Raffles Quay, which was also developed earlier by the three partners. The project is being marketed by CB Richard Ellis and DTZ.

‘There are no immediate plans to officially launch Marina Bay Suites (MBS). This private preview was for invited clients, business associates, registered prospects, staff and directors. We will launch MBS at the appropriate time,’ the spokesman said.

Initially, the consortium had planned to release only 50 units but decided to add 40 more due to keen demand from potential buyers.

BT understands that at least a third of the buyers were foreigners (including permanent residents) and companies, with Indonesians being the predominant foreign buyers. Well-heeled Singaporeans also bought units in the condo.

Prices of three-bedders start from $3 million or about $1,908 psf, BT understands.

The least expensive four-bedder (a 2,045 sq ft unit) cost $4.3 million or $2,103 psf. For the larger four-bedroom apartments of 2,680 sq ft, prices start from $6.1 million or $2,276 psf.

Source: Business Times, 26 Nov 2009