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$1b boost to Marina Bay

Posted on 29 Jul 2009 | Comments Off

View of the Singapore skyline from the 50th floor of the Marina Sands Hotel Towers. From vision that started some 30 years ago, Marina Bay was planned to be a seamless extension of the existing Central Business District, providing businesses with a premier waterfront address, a 24-hour live-work-play environment and seamless public transport and pedestrian connectivity. — ST PHOTO: DESMOND FOO

TO SUPPORT the future growth of Marina Bay, the government will invest another $1 billion in infrastructure works over the next 10 to 15 years, on top of the $7.5 billion already pumped into the area, National Development Minister Mah Bow Tan announced on Wednesday.

Calling it ‘a sound investment and a vote of confidence’, Mr Mah said the new business and financial district in Marina Bay reflects the government’s commitment towards supporting the needs of international financial institutions. Continue reading →

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Posted in Property Market / Real Estate

Tagged IR, Marina Bay, Singapore Property Market, Singapore Real Estate

Suburban condos drawing buyers

Posted on 28 Jul 2009 | Comments Off

IN THE latest sign of the buoyant suburban property market, home hunters in Ang Mo Kio have been submitting cheques to buy homes at prices rarely seen outside Singapore’s prime central areas.

Buyers are said to be paying prices starting from $1,150 per sq ft (psf) for the upcoming 329-unit Centro Residences by Far East Organization.

This means two-bedroom units cost more than $800,000, while three-bedroom apartments will cost $1.1 million and above.

Consultants said the Centro Residences is one of the few 99-year leasehold projects in the suburban areas that has crossed this level.

Jones Lang LaSalle’s head of South-east Asia research, Dr Chua Yang Liang, said he was ‘a bit shocked’ by the pricing.

‘I’m afraid at this moment there’s a lot of euphoria, so there will be demand for this project even at this price,’ he said.

Plus points for the project include its location in a popular mature estate right next to the Ang Mo Kio MRT station, as well as its proximity to international schools.

But Dr Chua voiced concern over the ‘long-term sustainability of this pricing’, saying that upgraders may not be able to afford it. Continue reading →