Buyers has snapped up Marina One Residences

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.

DUO has recorded bumper sales

DUO Residences, a joint venture between Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional and M+S’s first project that is launching soon, has recorded bumper sales.
According to M+S, this project has sold over 468 units out of 540 units that was initially released last 2013. It took almost 90 percent within three days of concurrent sales in both Malaysia and Singapore.

The average price was about 2,000 dollars psf and the highest psf achieved was 2,600 dollars for a studio apartment unit according to M+S Pte Ltd. Most of the buyers were Singaporeans and bulk of them was investors. The remaining percent were Chinese and foreign buyers from Malaysia and America. According to a lawyer, Yasmine Tyebally, the development is a mixture of things in one place, and it’s all together yet the commercial part is separated for privacy. She bought a 2-bedroom unit for 1.5 million dollars.

Aside from a 49-storey residential block, this integrated project also includes DUO Tower, a hotel complex, and a 39-storey commercial building. It will provide a retail gallery at the ground podium that is called a DUO Galleria that is with a basement car park.

PropNex chief executive Mohamed Ismail said that “In a buoyant market, an iconic development such as DUO would have commanded well over 2,000 dollars psf the average price could have been 2,200 dollars psf or more.”

Christine Li, an OrangeTee research head, said that the strong sales at DUO could mean a smaller pool of investors for imminent launches and the investors have been waiting on the sidelines for projects like DUO and that some investors only have one chance to buy an investment property and that will just go for something that suits them.

The research head of the Colliers International once said that since Clermont Residences and South Beach are likely to appeal to different buyers, their sales would probably not match by DUO’s success.