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Marina Bay retailers belt up for a rough ride

Posted on 22 Sep 2009 | Comments Off

But shorter road closures will lessen damage, they say

Retailers are bracing themselves for a rough ride when road closures kick in to facilitate the setting up and dismantling of race infrastructure for the 2009 Formula 1 (F1) Singapore Grand Prix.

While the road closures at the Marina Bay area have been whittled down from 12 days to seven this year – from midnight on Sept 23 until Sept 29 – retailers in the area are already battling weak consumer sentiment and competition from new kids on the block such as Ion Orchard and Orchard Central.

‘The Marina Bay precinct such as Suntec City and Marina Square are already facing a decline in traffic as consumers are drawn to the new malls on Orchard Road,’ said a spokesperson for Wing Tai Retail, whose portfolio includes G2000 and Topshop.

Not to mention the fact that ticket inventory for this year’s F1 race stands at 83,000, which suggests a smaller captive audience trawling the area over the race weekend (Sept 25-27) compared to the 100,000 strong crowd last year. Continue reading →

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Posted in Office / Retail / Industrial

Tagged Marina Bay, Singapore Formula One Grand Prix, Singapore Retail

Marina Bay Residences hits $2,500 psf

Posted on 14 Sep 2009 | Comments Off

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 →