Tag Archives: The Sail @ Marina Bay

Local projects garner global accolades

Posted on 24 Sep 2009 | Comments Off on Local projects garner global accolades

Singaporean developments put up a respectable showing this year picking up regional and international awards

REAL estate companies in Singapore and the rest of Asia are now placing greater emphasis on winning awards that give their projects – as well as the developer the award-winning properties are associated with – an international stamp of quality.

Top quality: (From above onwards) The Quayside Isle Collection at Sentosa Cove, Mapletree Business City and Far East Organization’s Orchard Scotts are just some of the projects that have done Singapore proud

One of the most prestigious international awards a developer can win for his property is the FIABCI Prix d’Excellence. FIABCI is the French acronym for the International Real Estate Federation, which organises the annual Prix d’Excellence to recognise excellence in property development.

Singaporean projects put up a respectable showing this year. Orchard Scotts, by Far East Organization, came up tops in the residential category, while Newton Suites, by UOL Group, took second spot. The St Regis Singapore, by City Developments, Hong Leong Holdings and TID Pte Ltd, won in the hotel category.

Entrants are evaluated on five criteria: global concept, architecture and design, development and construction, community benefit and environmental impact, and financials and marketing. The FIABCI award is especially prized as a project has to do well in all five categories to win acclaim.

Singapore developments have performed well in the FIABCI competition over the past few years, ever since City Developments’ Republic Plaza became the first project to bag the FIABCI Prix d’Excellence overall winner prize in 1997. Other top winners over the years include Suntec City, Prudential Tower, Caribbean at Keppel Bay, the Esplanade Theatres on the Bay, 1 Moulmein Rise and One Raffles Quay. Continue reading →

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Posted in Developers, Luxury Property, Property Market / Real Estate, Sentosa Property

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Marina Bay Residences hits $2,500 psf

Posted on 14 Sep 2009 | Comments Off on Marina Bay Residences hits $2,500 psf

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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Posted in Property Market / Real Estate

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