Marina One – Best Project 2020?
Marina One Residences currently resides on 282,014 square feet of land – not that much when you consider the number of elements the entire advancement accommodates. With 140,000, 65,000 and 40,000 square feet of area devoted to its retail, urban tropical paradise and occasions’ areas respectively (not to mention a 4-storey carpark), you would naturally anticipate a larger development area. Time out whatever it is you’re doing for a second and photo a luscious green hideaway nestled in the heart of Singapore’s busiest district. Due to the smooth combination of Marina One into the Marina Bay Financial District, the advancement was a rousing success with 90 percent of the first tower sold in the previous launch.
The Urban Redevelopment Authority has released the flash approximates for the personal residential property price index for Q4 2019, Â showingÂ controlled growth for Singapore’s personal house prices. The Core Central Area (CCR) of Singapore comprises of postal districts 9,10, 11, Downtown Core (including parts of Bugis south of Ophir Roadway) and Sentosa. Singapore’s Property Price Index: PR: NL: Core Central Area information stays active status in CEIC and is reported by Urban Redevelopment Authority.
Finally, in terms of absolute prices, the most costly brand-new sale home deal this year was at Marina One Residences, at which a 6,469 sq ft unit was sold for $18 million ($2,782 psf). Based upon URA data, we discovered that Singaporeans comprised about 48% of purchasers of brand-new high-end homes within the prime districts this year.
Awarded Winning Developer
M+S Pte Ltd, the joint-venture firm by Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings, will release 30 per cent of its 521-unit Garden Tower for sale, with the rest expected to be released in the remainder of the year.
Prices at Garden Tower will start at S$2,400 ($1770) per square foot (psf) and stand at an average S$2,700 psf to S$2,800 psf. Units within the other residential block, Park Tower – which also has 521 units – were released purchasable at the beginning of 2014. M+S chose to carry back the launch of Garden Tower until the temporary occupation permit (TOP) was obtained for the event in 2017.
Chief executive of M+S Kemmy Tan, pertaining to the three .9 per cent jump within the private home price level of the Urban administrative unit (URA) within the half-moon of 2018, said: “We’re riding on the market momentum. Any buyer can expect returns straightaway, especially for somebody buying for investment.”
The launch of Garden Tower in July will help build up the Marine One Residences community, she added. This community also comprises Grade A office space – 1.88 million square foot of it – and 140,000 square foot of retail space including Cold Storage and Virgin Active. This “ecosystem” might be a draw for potential buyers, said Ms Tan.
The units accompany appliances and fittings from Miele, Poggenpohl and Villeroy & Boch, and overlook the ocean , Marina Bay Sands, Gardens by the Bay and Marina One’s “Green Heart” biodiversity garden, with 160,000 trees and plants.
M+S isn’t required to end selling units at Marina One Residences within a stipulated time because it doesn’t come under qualifying certificate (QC) rules, which require a developer to finish building a residential project in five years and sell the units within two years of their completion. Additional Buyers’ stamp tax (ABSD) also doesn’t apply because the land was acquired before 2011.
In Garden Tower, 77 per cent of units are one- and two-bedders targeted at investors, singles and young couples; the remainder are three- and four-bedders targeted at seasonal occupation or owner-occupiers. There also are four penthouses, each 8,000 square foot in size.
Potential buyers might be watching a rental yield of about 3 per cent, said Ms Tan. Sales have been brisk at Park Tower, where units have moved at an average S$2,350 psf, she said. Just 41 units are left.
About half the buyers at Park Tower are Singaporeans and Permanent Residents (PRs); the opposite half are foreigners, mostly from Asia. M+S’ 660 residential units at its other integrated development Duo within the Ophir-Rochor area is nearly fully sold; only 10 units are left.