Luxury
condo Marina One Residences is set to launch in mid-September at an average
asking price of $2,600psf - a level that market watchers deem challenging given
current market conditions.
It
is part of the Marina South integrated project developed by M+S Pte Ltd, a
joint venture between Temasek Holdings and Malaysian sovereign wealth fund
Khazanah National following a historic land swop between the two countries
involving KTM railway land.
Only
one out of the two 34-storey residential blocks in the 1,042-unit condo will be
released for sale initially, said M+S. The launch date is yet to be fixed but
the sales gallery will be open from Sep 13 to Oct 12.
According
to M+S, the company does not come under qualifying certificate (QC) rules,
which require a developer with foreign shareholders or directors to finish
building a residential project within 5 years and sell the units within 2 years
of completion. At another of its integrated projects - Duo in Bugis - 63 units
of the 660-unit Duo Residences remain unsold.
But
while market watchers have said that there is no hurry for the developer to
sell all the units, some felt that the pricing strategy for Marina One
Residences could be more aggressive given the substantial stock of unsold units
in the prime districts of 9, 10 and 11.
An
M+S spokesman expained, however, that the indicative pricing "takes into
account Marina One's integrated offering of prime residential, office and
retail space in the prime Marina Bay district and its connectivity to four MRT
lines".
At
another Marina Bay project, V on Shenton, units were sold this year at a median
price of $2,118.5psf by United Industrial Corporation. V on Shenton still has
158 unsold units since its launch in August 2012.
Meanwhile,
resale units at Marina Bay Suites were transacted at a higher median price of
$2,753.5psf this year, according to caveats lodged. As at end-June, there are
still some 19 unsold units though the project was launched in December 2009.
Century21
Singapore chief executive Ku Swee Yong noted that market conditions are more
challenging now with a shrunken pool of potential buyers after borrowing limits
were changed under the TDSR framework, and the larger number of unsold units in
competing projects nearby.
In
addition, the vacant plots of land between Marina One and the sea to its south
could be released in future government land sales for office and residential
developments, he said.
Given
the TDSR borrowing limits, consultants are expecting more interest in smaller
units than larger ones.
According
to the condo plan, some 44% of the units at Marina One Residences will be one
bedders sized 657 - 775sqft and 28% will be two-bedders measuring 969 -
1,130sqft.
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Info source: BT
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