|Project:||Marina One Residences Review|
|District:||D01 City-Marina Area|
|Region:||Core Central Region (CCR)|
|Address:||Marina Bay / Straits View|
|Tenure:||99 Year Leasehold|
|Site Area:||282,022 sqft|
|No. of Units:||1042|
|Expected T.O.P:||Year 2017|
|Developer:||M+S Pte Ltd|
|PSF ($):||2500 - 3500|
The Duo and Marina One developments are the result of the six land parcels jointly developed by Singapore and Malaysia under a land swap deal agreed upon in 2010. Each country’s investment fund, Malaysia’s Khazanah Nasional and Singapore’s Temasek Holdings, will own 60% and 40% of the developer M+S Pte Ltd respectively.
Both Duo and Marina One will be integrated developments when they are completed in 2017. Duo will consist of premium residences, Grade-A office spaces, boutique retail gallery and a 5 star hotel, whilst Marine One will include two 34 storey residential towers, two 30-storey Grade-A office towers and a retail podium. Together, these two developments are valued at around SGD$11 billion dollars. (Est $7bn for Marina One and $4bn for Duo)
The launch for Marina One has been delayed for some time since 2013, especially as the property cooling measures really kicked into high gear and left the high end property market languishing.
For our readers who are interested in purchasing a unit at the Marina One Residences development or have any further questions after reading our review, do let us know via email at email@example.com or drop us a call/SMS at +65 9081 5456 and our team will be in touch with you shortly.
Location of Marina One:
Some interesting history of the Marina Bay area:
Marina Bay is actually land reclaimed from the sea by the authorities from the 1960s onwards. The pictures below depict the reclaimation areas from before 1960s to present. (Read more here)
Today, the Marina Bay area is destined to be the extension of the original CBD area at Raffles Place and Tanjog Pagar as land space becomes a scarcity there.
With Marina Bay being the new up and coming financial district of Singapore, we can expect Marina One Residences to be in high demand. However, high end projects have not been selling well at all in Singapore for the past year due to the many property cooling measures imposed by the Singapore Government, which have hit high end properties much more than the middle market segments. Our favourite example is Clermont Residences at Tanjong Pagar One. Since it launched last year in November, only 14 units have been sold out of the 54 launched and a total of 181 units. (7.7% sold) If we were the developer, we would definitely wait till the cooling measures have been at least partially lifted before even considering launching the project.
As of May 2014, with nearby Marina Bay Suites (221 units) transacting from $2200 to $3066 psf and The Sail @ Marina Bay (1,111 units) having transactions dropping as low as $1901 psf for the last 6 months as of May 2014, we can perfectly understand why the developer M+S Pte Ltd is holding back from releasing units at the 1042 units Marina One, which will prevent a deluge of units from overwhelming the already unenthusiastic demand.
Below, we present some data from four nearby developments (Data valid as of End April 2014):
Marina Bay Suites (Completion: 2014, 221 units, 91.4% sold as of end April 2014):
Marina Bay Residences (Completed 2010, 428 units):
The Sail at Marina Bay (Completed 2008, 1111 units):
V on Shenton (Launched July 2012, 510 units, 68.6% sold as of end April 2014):
Looking at the prices of surrounding developments, we can very safely conclude that the prices will definitely be above the Sail’s and V on Shenton’s average of $2,200 psf average. How high the developer wants to mark the pricing up will depend on the property market climate on launch.
However, do remember the developer is government backed. And it is unlikely to want to be seen selling cheaply, especially when they have to answer to the respective governments’ investment holdings companies, who in turn have to account to tax payers. The developer M+S has plenty of holding power due to its backers, so do not expect it to price the Marina One Residences units too cheaply.
Interested buyers, please do note the potential supply of 9000 new homes planned at Marina South. These will be very credible alternatives to Marina One Residences units.
To be updated when project launches...
Pending further release of details...
Summary pending more details..
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