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Marina One Residences’ developer waited four years to ride the property market momentum; prices now average S$2,700-S$2,800 psf

Marina One Re-pricing
Marina One Repricing

About half the buyers at Park Tower are Singaporeans and Permanent Residents (PRs); the opposite half are foreigners, mostly from Asia.

M+S’ 660 residential units at its other integrated development Duo within the Ophir-Rochor area is nearly fully sold; only 10 units are left.

M+S happened as a results of a historic land swop deal between Singapore and Malaysia in 2010. 3 plots of former Malayan Railway land and 3 additional plots in Bukit Timah were exchanged for 4 land parcels in Marina South and 2 parcels in Ophir-Rochor, giving rise to these 2 developments.

Nicholas Mak, executive for ZACD Group, said: “The project could appeal to investors who could also be ready to rent these units as soon as they take possession of it.” Some buyers like being able to see the completed product before they buy it, instead of just viewing a showflat, he added.

Industry watchers noted that although Marina Bay has no soon-to-be residential developments arising , apartments have come up between Marina Bay and Tanjong Pagar within the last ten years.

Going by caveats lodged between January and June, Marina Bay Residences units transacted at a median S$2,182 psf; those at Marina Bay Suites went for a median S$2,059 psf. Over the same period at the nearby V on Shenton, units transacted at a median price of S$2,339 psf.

 

Source: Business Insider

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