Category Archives: Property Transactions

Three-bedder at Marina Bay Residences sold for $1.9 mil profit

A 1,636 sq ft unit at Marina Bay Residences condominium was sold in August for a profit of $1.9 million, according to recent caveats lodged with URA. This translates into a profit margin of 76% or annualised return of 8.9%. The seller purchased the property in January 2009 for $2.5 million ($1,528 psf) and resold it for $4.4 million ($2,683 psf) this year.

Completed in 2010, the 55-storey condo was jointly developed by Hongkong Land, Keppel Land International and Cheung Kong Holdings. It comprises 428 units and sits on a site with a balance of 89 years in its leasehold tenure. The condo offers panoramic view of the city, including Marina Bay Sands.

The nearest MRT station is the Downtown Station of the Downtown Line. Marina Bay Residences is also within walking distance from the Bayfront Station of the Circle Line and Raffles Place, which is an interchange station of the North-South and East-West Lines.

Nearby amenities include Marina Bay Link Mall as well as shop and F&B outlets at The Sail @ Marina Bay and Marina Bay Financial Centre. Marina Bay Link Mall is a subterranean mall that houses retail and F&B units with multiple entry points on street level and below ground. They allow convenient access from various developments, such as One Raffles Quay, Marina Bay Residences and Marina Bay Suites.

A new retail amenity, which is part of the high-profile Marina One development, will come on-stream next year or in 2017. The retail space in Marina One is expected to have a net lettable area of approximately 139,000 sq ft. Based on the transactions in the past six months, prices in Marina Bay Residences range from $2,186 to $2,683 psf and rents range from $4.26 to $8.00 psf a month. This translates into an implied rental yield of 3.11%.

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Tycoon spends $70 million on Grange Infinite units

Indonesian magnate and philanthropist Tahir has acquired 12 units at the 36-storey Grange Infinite condominium in District 10 for more than $70 million, reported the media.

Brokered by Quillion Global, the sale comprises 11 four-bedroom apartments measuring between 2,560 sq ft and 2,700 sq ft each, and a 6,039 sq ft “junior penthouse” located on the 20th level of the freehold project. All the units were sold vacant.

Notably, the acquisition price translates to an average price of $2,050 psf for the apartments and around $1,950 psf for the penthouse.

Market watchers expect to see more bulk transaction of luxury condo units in Singapore since sellers are now more willing to negotiate and reduce their asking price.

In some cases, sellers could be fund management outfits looking to exit for various reasons. One of which could be the end of the fund life, or a move to divest their holdings in the residential market and focus on other investments, said a seasoned property consultant.

“On the other hand, developers of high-end residential projects would be more inclined to hold on to their prices for as long as they can,” he noted.

Tahir acquired the 12 units from Asia Dragon Fund (ADF), which is managed by ARA.

The transaction is reportedly being effected via the sales of shares in two overseas incorporated companies, of which one is holding the junior penthouse and the other, the 11 apartments.

Over the past few years, Tahir – who is the son-in-law of Indonesian tycoon Mochtar Riady – has ramped up his real estate holdings in Singapore, with his property portfolio including office buildings like 135 Cecil Street and ABI Plaza. He also has investments in residential units in prime projects such as St Regis Residences, One Shenton and Four Seasons Park.

Tahir is the founder and chairman of an Indonesia-based conglomerate Mayapada Group, which has interests in the banking, property, retail and healthcare businesses.