BFC developer to market first Marina South apartments soon
3 August 2006
(SINGAPORE) The first residential development
at Marina South will go on sale soon, making it possible to actually
'live, work and play' there.
The development's general manager David Martin
said yesterday sales of units will start in the fourth quarter of
this year. Sizes will range from one-bedroom to penthouses, with
a range in between.
The sizes and mix of units will be disclosed
later, Mr Martin said. 'We are continuing to monitor the market
while we finalise the specifications of the apartments.' And as
for price: 'Clearly, this will depend to some extent on the final
offering.'
The site for the Business & Financial
Centre at Marina Bay (BFC) was bought in July 2005 by a consortium
comprising Cheung Kong Holdings, Hongkong Land and Keppel Land.
The BFC is envisioned as the financial centre
of Singapore's new downtown but will have a substantial residential
component, estimated to be about a third of the total gross floor
area.
The BFC will be built in phases, and in the
first phase there will be two office towers and a 428-unit high-end
residential block 55-storeys high.
Using the current resale prices for nearby
The Sail @ Marina Bay by
City Developments Ltd (CDL), the average price for BFC's residential
units could be around $1,500 psf, although its developers are likely
to want to add a premium because of proximity to the upcoming Marina
Bay Sands integrated resort.
Mr Martin said there has been plenty of interest.
'The level of enquiry received to date reflects strong demand from
international retail buyers and investors who want to share in the
expected strong rental and capital appreciation of this development.'
Other developments in the downtown area include
The Lumiere by BS Capital on the site of the former HMC Building,
The Clift at the Natwest Centre site
by Far East Organization and the redeveloped No 1 Shenton Way by
CDL.
At BFC, the units will either face Marina
Bay or the Singapore Straits.
Savills Singapore head of research Wallace
Chu said the BFC units could set a new benchmark price.
On whether the inclusion of one-bedroom units
is any indication of the target market, Mr Chu said The Sail also
has small units and sold well.
The BFC's owners could also be looking to
break the record for most expensive leasehold condominium. So far,
Draycott 8 by Wing Tai Holdings is said to be the most expensive
at around $1,800 psf.
On price expectations by the BFC owners,
a property consultant told BT a new benchmark could be set. 'It
depends on how fast you want to sell the units. If you set it too
high, you will take a longer time to sell the units.' He also noted
that being a 'mixed development', the BFC may not appeal to all
buyers.
