Singapore Property News - St Regis attracts foreign interest

(SINGAPORE) TYCOONS are descending on Singapore in the hope of owning a unit at City Developments Ltd's St Regis Residences, which is being launched today.

Sources say that Ahmed Ali Al Sayegh, chief executive of United Arab Emirates-based ALDAR Properties, has been seen at the showflats on Cuscaden Road.

And fresh from its recent win at Marina Bay, Las Vegas Sands is also in the market. 'We are very interested in the St Regis. It's unique . . . the only development of its type in Singapore. We continue to discuss our needs with CDL chairman Kwek Leng Beng and hope to find a home there,' said William Weidner, Sands' chief operating officer.

So far, the real estate arm of UK-based Christie's is known to be marketing the 173-unit development in the UK and Europe. One British buyer is said to have jetted into town to make a downpayment and jetted out again without even considering a stopover.

Wealthy Hong Kong buyers have also been spotted at the showflats but this is not surprising as similar luxury condominiums are said to cost almost twice as much there.

Savills Singapore head of research Wallace Chu has noted that comparable high-end developments, like The Arch in Hong Kong and The Knightsbridge in London, are priced at about $5,600 per square foot and $4,400 psf respectively.

The St Regis Residences, however, is likely to go for an average of $2,600 psf.

As such, Mr Chu expects that up to 50 per cent of the buyers could be foreigners.

Highlighting the fact that the development will be managed by an internationally renowned company, he said: 'The St Regis brand name will also attract many international buyers.'

Mr Chu fairly represents market sentiment when he says: 'St Regis has been the talk of the town for months.'