Friday, April 30, 2010

More than 30 units of Marina Bay Suites sold

Prices for latest preview are 15-20% higher

MORE than 30 units were sold at a preview for Marina Bay Suites yesterday. They were among a batch of 36 apartments released on nine floors in the 66-storey condominium project and which are priced between $2,167 per square foot and $3,133 psf.

Analysts observe this pricing is about 15 to 20 per cent higher than the $1,900-2,600 psf for the initial batch of about 90 units sold in the condo late last year.

Some potential buyers may have found the quantum of price hike, taking place within a space of less than six months, 'a bit too heavy', as a market watcher put it.

The most expensive unit sold yesterday is said to cost about $8.4 million; it is a four-bedder-with-study on the 51st level. The 'cheapest' of the 36 apartments is a three-bedroom apartment on the seventh storey priced at $3.5 milllion.

The 90-odd units sold last year were mostly below the 46th storey sky terrace.

Those who picked up a unit yesterday are said to comprise a good mix of foreigners and Singaporeans. BT understands the 36 apartments offered range from 1,615 sq ft for a three-bedder to 2,690 sq ft for a four-bedder with study.

Marina Bay Suites has a total 221 units, comprising 218 three- or four-bedroom apartments and three penthouses. A typical floor has only four apartments with private lift lobbies in every unit. Each penthouse comes with its own swimming pool.

While the earlier preview was held on the mezzanine level of One Raffles Quay, yesterday's sales were at a showflat built on the fourth floor of the Marina Bay Financial Centre Office Tower 1.

The latest preview was open to those who had registered interest. From today, sales will be by appointment. The project is being marketed by CB Richard Ellis and DTZ.

This week's preview is timed to ride on the partial opening of the nearby Marina Bay Sands integrated resort on Tuesday.

Marina Bay Suites is being developed by a consortium controlled by Keppel Land, Cheung Kong Holdings and Hongkong Land Holdings.

Source: Business Times, 30 Apr 2010

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