More than 85% of the units released during the preview phase of Marina One Residences have been snapped up. It is the latest high-end offering in the downtown Marina Bay area. The show flat opened to public last October 2014.
The developer of this project, M+S, is a joint venture between Temasek Holdings and Malaysia’s Khazanah. Last October 2014, it ended up releasing 242 homes from this 1,042-unit residence, with an overwhelming response from Singaporeans and foreign buyers. This was up from the planned 150 to 200 units.
Kemmy Tan, a chief operating officer said: “The strong response underscores Marina One as a choice development for investors and owner-occupiers alike,”
“I think the developer approached the game in a clever way and this has worked well in attracting investors. There’s no doubt that there’s a lot of liquidity in the market. It’s a matter of drawing it out and translating that into sales,” the director and head of research and consultancy at Suntec Real Estate Consultants, Mr. Collin Tan, said.
Sales in the Core Central Region have been a lacklustre as demand turned tepid after the repeated rounds of cooling measures. In the second quarter of this year, 95 homes in the CCR were sold from 121 units in the previous quarter and 365 units the same period last year. Its prices were also seen to have declined for the fifth consecutive quarter.
Singapore has been out of a ranking of the top 20 cities for real estate investment, from a report by property consultancy Cushman and Wakefield, as a result of the softening property market. Last 2013, the Republic was ranked 14th.
Regardless, Mr Tan still believes Singapore is still a safe haven for investors, “Sophisticated investors would want something in the city centre, but we have not seen much of that recently. Overall launches have also come down, so the market turned quiet,” he said.