Still no confirmed buyer for $300m bungalow

Posted on 18 May 2013 | Comments Off on Still no confirmed buyer for $300m bungalow

The tender for the S$300 million bungalow at 33 Nassim Road closed yesterday with no confirmation on a buyer, reported The Straits Times.

Karamjit Singh, Head of Investments and Residential at Jones Lang LaSalle, said that bids were received but declined to give details.

According to market watchers, a negotiation is likely to take place before the final offer is confirmed due to the high price.

With a land area of 85,000 sq ft, the site houses a two-storey bungalow, tennis court and swimming pool. Cheng Wai Keung, the seller and chairman of Wing Tai Holdings, was expecting bids of between S$250 million and S$300 million, or S$2,947 to S$3,536 psf.

This price would surpass the earlier records set by a Leedon Park property sold for S$2,110 psf and a home sold at Nassim Road for S$2,000 psf.

With its eye-popping price tag, some experts are doubtful whether the property will find a buyer.

“Potential buyers could afford large mansions in many other cosmopolitan and global cities like London or New York. Why would they choose to pay such a premium here?” said one analyst who declined to be named.

Source : PropGuru – 18 May 2013

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Posted in Luxury Property, Property Market / Real Estate

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MBFC devt sees grand opening

Posted on 16 May 2013 | Comments Off on MBFC devt sees grand opening

Marina Bay Financial Centre (MBFC), the largest integrated development in Singapore’s CBD was officially opened by Prime Minister Lee Hsien Loong on Wednesday.

MBFC comprises three office towers of nearly three million sq ft of prime Grade A office space. There are also two residential towers with 649 luxury apartments and 179,000 sq ft of retail space.

Towers 1 & 2 and Marina Bay Link Mall are now fully occupied, while Tower 3 has achieved an occupancy rate of 88 percent.

Commenting on the development, Moray Armstrong, Executive Director for Office Services at CBRE, said: “The office towers at MBFC are synonymous with Singapore’s emergence as a truly global financial and business hub. The development name and brand is recognised internationally and MBFC resonates with multinational occupiers. The residential units have set the benchmark for inner city living.”

Aside from the physical transformation, MBFC has also set the bar high for future office buildings in the city.

“MBFC benefits from size – with over 3 million sq ft of commercial space it is the largest office development in the city. This offers scalability for many large occupiers who might otherwise be constrained in accommodating growth. The project’s phenomenal leasing success and the strength of the tenants’ profile demonstrates this appeal,” Armstrong added.

Source – PropGuru – 16 May 2013

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Posted in Office / Retail / Industrial, Property Market / Real Estate

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