Marina Bay Suites Drums Up Global Interest

Source : Asia Property Report, Nov 17, 2007

The strong capital growth trend in the Singapore luxury residential property market will be powerful motivation for a new generation of non-institutional Middle Eastern investors to increase their stake in Singapore, revealed the developers of the Marina Bay Financial Centre (MBFC) at the recent Cityscape Dubai exhibition.

Non-landed property values in the core central area appreciated by 23.3% in the first nine months of 2007 following a 17% gain in 2006, according to the Urban Redevelopment Authority (URA).

Kan Kum Wah, Head of Residential Marketing for MBFC, said that while the Middle East presence in the Singapore property market had so far been led by institutions, the conditions are now right for the emergence of a new wave of individual buyers.

“As more individual investors from the Middle East learn about the potential of the Singapore market, through their work in the thriving banking and financial sector, or as part of the boom in Middle East visitors to Singapore, this creates the potential for a new category of individual Middle Eastern buyers,” Kan said.

Annual trade between the two geographies spiked by almost 50% in just two years to reach US$31 billion in 2006, according to the Economic Development Board, while the number of Middle Eastern visitors to Singapore rose 16% in 2006 according to the Singapore Tourism Board.

“Growing trade and investment is creating more reasons for Middle Eastern property buyers to invest in Singapore as well as introducing them to the capital growth and income opportunities in the Singapore residential property market, where there are very few restrictions for international buyers in the condominium market,” Kan said.

The developers of the MBFC also revealed their plans for Marina Bay Suites, a 65-storey residential tower slated for launch early next year. Like the MBFC and the sold-out Marina Bay Residences, Marina Bay Suites is a joint venture by three of Asia’s largest property developers: Cheung Kong (Holdings)/Hutchison Whampoa, Hongkong Land and Keppel Land.

“Marina Bay Suites will be a fitting, even more upscale, sister development to the 428-unit Marina Bay Residences, which sold out in just three days last December, affirming strong confidence in the MBFC,” Kan said. “Marina Bay Suites presents the last opportunity to buy luxury residences within this world-class development.”

Marina Bay Suites will offer just 223 three and four-bedroom apartments ranging from 1,500sqft-2,600sqft featuring private lift lobbies. The typical floor plate has only four apartments, while the solitary single-level penthouse and two duplex penthouses in the complex each boast their own swimming pool.

“Marina Bay Suites will offer a commanding bay-view location and will anchor one side of the new Central Linear Park, a landmark feature of Singapore’s new downtown under development at Marina Bay,” Kan said.

“With its proximity to such a variety of lifestyle options within the MBFC, Marina Bay Sands, Esplanade Theatres on the Bay, Gardens by the Bay and even Formula One racing, the new downtown is taking shape as Singapore’s most glamorous business and entertainment district.”

Outdoor and entertaining areas at the podium level of the Marina Bay Suites will include semi-outdoor spa lounges and a 50-metre lap pool, while Sky Lounges located at levels 27 and 46 offer Sky Cabanas, yoga and massage terraces set amid water features.

The distinctive design of the Marina Bay Suites reflects the hand of New York-based architects Kohn Pederson Fox (KPF). KPF has master-planned the S$4 billion MBFC development to create a ‘work, live and play’ environment for 50,000 urbanites expected to work in the precinct following completion of the MBFC in 2012.

Following strong interest from buyers last year, when almost 40% of the Marina Bay Residences were sold to international buyers, the joint venture has been showcasing the MBFC and promoting Marina Bay at key regional events such as luxury property shows in Hong Kong, Shanghai and Dubai.

“We’re experiencing a keen appetite from investors confident in Singapore and interested in the live-work-play destination of Marina Bay,” Kan said. “We anticipate that there will be strong international interest when we commence marketing of Marina Bay Suites early next year.”