Marina One Residences is developed by M+S, a joint venture of Singapore counterpart Temasek Holdings and Malaysian sovereign wealth fund Khazanah Nasional, opened private preview the the second phase on June 18, with the expected launch on July.
Marina One Residences will launch its second residential tower early this month (Pictures: Samuel Isaac Chua)
According to CEO of M+S, Kemmy Tan said that Garden Tower (Tower 23) unit has the average prices from $2,700 to $2,800 psf, price will be priced from $2,400 psf.
CBRE senior director of residential projects, Tan Siew May said that the indicative price at an average from $2,700 to $2,800 psf looked more attractive compared with recent site; Like, Park House on Orchard Boulevard was at $2,910 psf per plot ratio
The adjacent Park Tower and the Tower 23 are a mirror image of each other. A tower of 34-storey with 521 units, this lets the total number of residential units at Marina One residences up to 1,042 units.
A variety of typical unit layouts with large sizes following today'standards. The Garden Tower units will have unblocking of Marina Bay and sea views. Some of units at Tower 23 will be larger then those at Park Tower.
The Garden Tower unit mix will be as follow: 1-bedroom and 1-bedroom-plus- study units are 657 to 775 sq ft; 2-bedroom units are 980 to 1,066 sq ft, while 2-bedroom-plus-study units are 1,141 to 1,281 sq ft. 3-bedroom- plus-study units are 1,561 to 1,593 sq ft and 4-bedroom units are 2,034 to 2,250 sq ft. Penthouses are 6,491 to 8,568 sq ft.
Launched in October 2014, Park Tower all the 1-bedroom and 2-bedroom units are taken up, 92% units sold. Limited 40 residential units are still available, they are mainly 3-bedroom and 4-bedroom units. The average price of units sold then was $2,251 psf, following the caveats lodged from October to December 2014. The average transacted price is now $2,610 psf, following the caveats lodged from April to June this year, which reflects a 16.4% price rise.
CEO of Edmund Tie & Co (ET&Co), Ong Choon Fah said that Buyers of units at Marina One Residences could definitely look forward to capital rise.
Marina One Residences has achieved an all-time high of $3,157 psf in May last year, when the 4-bedroom has size of 2,250 sq ft on the 32nd level of Park Tower was sold for $7.1 million. This year, the highest psf price is reached to $3,148, when the 3-bedroom has size of 1,518 sq ft on the 29th floor was sold for $4.78 million.
More than half of Marina One Residences buyer are Singapore citizens, while the other half is a mix of permanent residents and foreigners. Almost, they are from Malaysia, China, Hong Kong and Indonesia. However, there is also a smail number of buyers from the Middle East, Europe and Us.
The Garden Tower units will be be quickly snapped up an an average price from $2,700 to $2,800 psf. Tan of M+S expected that Singapore buyers and foreign investors are continue increase.
According to ET&Co’s Ong, 1-bedroom and 2-bedroom are took about 77% of the units at Marina One Residences, the development is ensures of “strong sales momentum” because of its location in the Marina Bay/CBD core and pricing. Also, when the residences is already completed, buyers can move in and investors can put their units for rent/sales.
Marina One Residences is located within Marina One integrated development, it includes 2 office towers, East and West Towers - with a total of 140,000 sq ft of retail/F&B podium space and 1.88 million sq ft of Grade-A office space.
Marina One Residences will be linked to three MRT stations: the Marina Bay interchange station for three lines — North-South and Circle Lines and the Thomson-East Coast Line, the future Shenton Way station on the upcoming Thomson-East Coast Line and the existing Downtown station on the Downtown Line.
In Marina Bay - City Business District - Tanjong Pagar area, there will be no new or launch-readay development in the near future.
In next time, we will see a new 83,959 sq ft “white” site on Marina View, off Straits Boulevard, released under the Reserve List of the 2H2018 Government Land Sales programme. It is expected to offer 21,528 sq ft of commercial space, 540 hotel rooms and 905 units. The land site will be obtainable from October.
The sea view from Marina One Residences
Ong of ET&Co said that most developments commanded a luxurious upon completion. “The completion of integrated developments such as Marina One helps shape the CBD.” he added.
The retail/F&B podium provides F&B including Pizza Express, Majestic Restaurant, Wakanui Grill and Nude Grill & Chill. Virgin Active has also taken up 26,000 sq ft space for its gym, and on weekends, it conducts yoga classes at the central square, or “Heart”, at Marina One.
Yoga classes are regularly conducted at the central square, or ‘Heart’, at Marina One (Picture: M+S)
East and West Towers are 80% leased. While the tenants at West Tower are moving in, 80% those at the East Tower have moved in. There is a wide mix of tenants, and given the towers’ location in the CBD and the new downtown, various financial companies and MNCs, such as Australian investment bank Macquarie Bank, insurance firm Prudential, Japanese banking giant MUFG Bank, professional services company PwC and legal firm Rajah & Tann and Swiss private bank Julius Baer. Oil & gas behemoth BP and streaming media giant Netflix are also tenants. Co-working operator JustCo has taken up 40,000 sq ft at the West Tower and another 40,000 sq ft at the East Tower.
“A community of this size in Marina Bay, together with the scale of the development, brings to life URA’s plan for Marina Bay to be dynamic, mixed-use and sustainable district,”. It is estimated that Marina One Residences will be a "“vibrant community” of some 19,000 people, when it completed.