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.
This article first appeared in
The Edge Financial Daily, on September
26, 2014
