Marina
Bay Suites sees strong demand despite market uncertainty
17 January 2008
SINGAPORE
: Marina Bay Suites is seeing strong demand despite uncertainty in
the market, according to its marketing agents.
Both CB
Richard Ellis and DTZ Debenham Tie Leung say they've received significant
numbers of enquiries from both local and foreign buyers.
What goes
up may not necessarily come down, even in these uncertain times.
Demand
for these luxury apartment units overlooking Marina Bay seems almost
immune to external shocks.
Ong Choon
Fah, Executive Director and Regional Head, Consulting and Research,
DTZ Debenham Tie Leung (SEA), said: "The top end of the market
is like your blue chip stocks. When the market recovers they're the
ones that run first, the price recovery is the fastest. But when the
market comes down, a lot of them don't need to sell, so activity may
come down but we find there's very good price support."
Joseph
Tan, Executive Director - Residential, CB Richard Ellis, said: "This
is likely to be probably one of the last sites that has views of the
Bay so in any property purchase situation, it's still location, location,
location."
According
to Raffles Quay Asset Management, the prevailing market rate for the
Marina area is between S$3,000 and S$4,000 per square foot.
And it
remains bullish about the capital appreciation from residential units
there.
Kan Kum
Wah, Marketing Head - Residential, Raffles Quay Asset Management,
said: "You can see from the first phase of Marina Bay Residences,
the price has moved between 25 percent and 75 percent as of today,
and we believe that based on the current strong economy, we'll be
growing in tandem or even outperform."
Each unit
in Marina Bay Suites comes with its own private lift lobby and there
are just four units per floor.
The apartments
range from 1,600 to 2,700 square feet in area each.
The development
also includes three penthouse units, ranging from 4,700 to over 8,100
square feet each.
Selected
buyer previews for all 221 units will be held later this month.
