In the Marina Bay area, transactions at Marina Bay Residences have once again reached stratospheric levels, with prices returning to levels seen in 2H2007. Sub-sales of units at Marina Bay Residences have steadily crept up from a low of $1,433 psf in April to a high of $2,500 psf last month. This is the highest price per square foot achieved not just in 2009 but since May last year, when a 3,961 sq ft penthouse on the 52nd floor changed hands for $10.7 million, or $2,700 psf.
The 55-storey, 428-unit luxury residential tower is part of the first phase of the Marina Bay Financial Centre (MBFC), a multi-billion-dollar mixed-use development jointly built by the consortium of Keppel Land, Hongkong Land and Cheung Kong (Holdings). When the 99-year upmarket condominium first previewed in December 2006, all the units were snapped up at an average price of $1,850 psf within days without the need for an official launch.
Marina Bay Residences is scheduled to be completed in mid-2010, and as the completion of the Marina Bay Sands integrated resort nears, and interest mounts, prices have naturally also increased.
Most recently, a 1,227 sq ft, 50th level unit at the condominium was sold for $3.07 million, or $2,500 psf. According to caveats lodged with URA Realis, the seller of the apartment had purchased the two bedroom unit at the launch three years ago and paid $2.71 million ($2,205 psf) for it.
On the 51st level, a 1,130 sq ft apartment was recently sold for $2.71 million ($2,400 psf). This is the second time the unit has changed hands in a sub-sale. The last time it happened was in July 2007, when it was sold for $2.49 million ($2,200 psf). The original buyer of the unit paid $2.07 million ($1,835 psf) when the project was first rolled out. Continue reading
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