Unit at Marina Bay Suites sold for $2,239 psf
By Tan Chee Yuen
/ The Edge Property |
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At Marina Bay Suites, a 2,680 sq ft, four-bedroom unit on the 45th floor of the 66-storey tower changed hands for $6 million ($2,239 psf), according to a caveat lodged on July 26. The previous owner paid $7.03 million ($2,623 psf) for the unit in December 2009, which means he lost about $1 million (14.7%).
Based on caveats lodged, the last transaction at Marina Bay Suites was on New Year’s Day, when an identical-size four-bedroom unit on the eighth floor was sold for $5.3 million ($1,977 psf). The seller had purchased the unit for $7.11 million ($2,654 psf) in May 2010. Hence, this translates into a capital downside of 25.5%.
Unlike other residential projects in the CDB core and Marina Bay area, the 221-unit Marina Bay Suites does not contain one- or two-bedroom apartments. Instead, all units are three- and four-bedroom apartments that range from 1,572 to 2,691 sq ft. There are also three penthouses — the largest one is an 8,514 sq ft duplex that comes with a rooftop swimming pool that was sold for $19.5 million ($2,293 psf) in May last year. The second penthouse of 5,662 sq ft was sold for $19.3 million ($3,409 psf) in October 2012. The latter also achieved the highest psf price in the project. The smallest penthouse is 4,693 sq ft.
Completed in 2013, Marina Bay Suites is considered the most luxurious residential tower within the Marina Bay Financial Centre mixed-use development that includes three office towers, Marina Bay Residences and the Marina Bay Link mall, which is connected directly to the Downtown MRT station on the Downtown Line. The multibillion-dollar project was developed by a consortium comprising Keppel Land, Hongkong Land Holdings and Cheung Kong Property Holdings.
A 2,680 sq ft, four-bedroom unit on the 45th floor of Marina Bay Suites changed hands for $6 million, according to the latest caveat lodged
Meanwhile, construction is at an advanced stage at another massive mixeduse scheme, namely Marina One. According to marketing agents, the 140,000 sq ft retail mall and the two office towers with 1.88 million sq ft of Grade-A office space are expected to be completed in December 2017. The twin residential towers of Marina One Residences are scheduled for completion in August 2018.
So far, only units in one of the towers at Marina One Residences have been released for sale. There are 521 units in each 55-storey tower, bringing the total to 1,042 units.
As at end-June, 371 units were sold, according to URA data. The latest transaction was for a 1,528 sq ft, three-bedder on the 28th floor that fetched $4.55 million ($2,978 psf), according to a caveat lodged on July 29. That is also the highest psf price achieved so far at Marina One Residences since the project was launched in October 2014.
Marina One is developed by M+S, a 40:60 joint venture between Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional.
This article appeared in The Edge Property pullout, Issue 741 (Aug 15, 2016) of The Edge Singapore.
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