Daily Archives: 16 Oct 2009

Marina Bay Sands IR targets high-end customers

The upcoming Marina Bay Sands integrated resort (IR) in Singapore is targeting customers with high spending power.

It is promising a waterfront shopping experience, with brands in the upper-middle to high end.

David Sylvester, VP of Retail Asia, Sands Retail Asia, said: “With integrated resorts, you normally get all sorts of different market segments – the MICE, leisure, gaming customers, and they vary from segment to segment.

“But we aim at attracting high-spending customers. And that’s why the product is pitched the way it is – more at the upper end.”

Some new names that Marina Bay Sands will bring in to Singapore include Italian apparel brand Henry Cotton’s, and Paul and Shark. Continue reading

Tender for Laguna Park en bloc sale closes unsuccessfully

The tender for the Laguna Park en bloc sale has closed unsuccessfully.

Credo Real Estate said there were two bids for the 528-unit development at Marina Parade at the close of the tender on Tuesday.

A local company whose shareholders are based in Indonesia had offered a price of S$1.7 billion, well above the owners’ Reserve Price of S$1.2 billion.

But Credo said by Thursday evening, the firm decided to withdraw its offer, citing difficulties in their bankers’ ability to process the funds and remit them to Singapore.

The second bid was from a prominent local developer who expressed interest to pursue negotiations with the majority owners.

MediaCorp understands the local developer will settle on a bid price after negotiations with the owners. Continue reading