Tag Archives: MARINA ONE

CBD living set to pick up momentum

LIVING in the bustling Central Business District has caught on, with plenty of property launches in the area in recent years.

Many people love the convenience of being just five minutes from work, but some have grumbled at a lack of amenities. There are no schools, supermarkets and shopping centres in close proximity, they say.

But this is set to change with more mixed developments in the pipeline, experts say.

Take, for instance, GuocoLand’s 1.7 million sq ft mixed-use development, Tanjong Pagar Centre.

It will boast a tower of Grade A office space, 181 luxury serviced apartments called Clermont Residence and shops. The project will be linked to the 202-room Clermont Singapore hotel.

So far, 14 out of 54 units launched have been sold, at an average price of $3,055 per sq ft (psf).

Over at Marina Bay, all eyes are on the 3.67 million sq ft integrated project Marina One, jointly developed by Singapore’s sovereign wealth fund Temasek Holdings and its Malaysian counterpart Khazanah Nasional.

The 1,042-unit project is expected to go on the market in the second half of the year, priced at about $2,800 psf to $3,000 psf.

“Investors who buy small units can expect keen leasing interest from mid- to senior-level expats who might be on limited housing allowances but still want a conveniently located property,” said Mr Ong Kah Seng, director of R’ST Research.

Other new developments launched include the 202-unit 76 Shenton, which has moved units at an average price of $1,959 psf, according to data from Square Foot Research.

The 280-unit Altez in Enggor Street has sold 229 units, at an average price of $2,390 psf, while 215 homes have been snapped up at the 360-unit Skysuites@Anson for $2,603 psf on average.

Units were sold at a median price of $2,618 psf at new launches in the five months to May, rising from a median price of $2,303 psf in the same period a year ago, according to HSR Research.

This boom in downtown living has its roots back in 1995, when the Urban Redevelopment Authority (URA) singled out the lack of a residential population as the business district’s key weakness, noted DTZ’s research head Lee Lay Keng.

The URA then set about introducing city living to the area.

After that, the first residential projects completed were the 646-unit Icon by Far East Organization, which obtained its Temporary Occupation Permit in 2007; and the 168-unit Lumiere, which was completed in 2010.

Resale prices of units at these older projects have held steady, noted Mr Ong, staying flat in the past year.

“Resale prices were able to hold in 2013 due to strong leasing demand, although rents are moderating,” he said.

“Most investors feel that there is a ready pool of tenants, despite more competition than before.

At Icon, 91 leases were secured at a monthly median rent of $6.69 psf in the first quarter, while Lumiere had 17 leases at a monthly median rent of $5.90 psf.

Rental yields in the area are about 4 to 4.5 per cent, well up on the islandwide rental yields of 3.8 per cent, added Mr Ong.

“In the longer term, as plans for the Southern Waterfront City under the 2013 Masterplan are implemented, we expect that this will add further impetus to the rejuvenation of the Tanjong Pagar area,” said Ms Lee.

“As the current CBD is extended towards Tanjong Pagar, this will help to support rental and capital values in the area.”

Source : STProperty

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URA grants provisional permission to several projects

The Urban Redevelopment Authority (URA) awarded provisional permission (PP) to several large projects in the second quarter, including two mega developments by M+S Pte Ltd, a tie-up between Temasek Holdings and Malaysia’s Khazanah Nasional.

In April, M+S received PP for a mixed development at Ophir/Rochor Roads, which will include 350 hotel rooms, 670 apartments, 4,650 sq m of retail space and 64,010 sq m of offices.

The consortium also received PP for its Marina One mega project at Marina Way/Straits View in May. The project comprises 1,006 apartments, 208,310 sq m of office space and 12,030 sq m of retail amenities.

A group led by GuocoLand also secured URA’s provisional approval for a mixed development located above Tanjong Pagar MRT station, which will feature offices, shops, apartments and hotel rooms.

Moreover, the URA awarded provisional approval to Seletar Mall Pte Ltd to build 17,840 sq m of shopping space at Sengkang West Avenue/Fernvale Road as well as PLC 8 Development to develop shopping facilities and multiple-user factory space at Lavender Street.

Sim Lian also secured PP for a retail-residential development at Jelebu/Petir Roads. Meanwhile, JTC Corporation and LTH Logistics Singapore have been awarded provisional permission for CleanTech Two and a warehouse development at Banyan Drive respectively.

ECO at Bedok South Avenue 3 by Far East Organization, Frasers Centrepoint and Sekisui House likewise clinched PP, along with Hoi Hup group for a project at Kovan/Simon Roads and SP Setia International for a condo development along Chestnut Avenue.

Mount V Development, a partnership between City Developments, Hong Leong Holdings and TID also earned PP for a condo project at Mount Vernon Road.

Source PropertyGuru – 2012 Jul 30