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Monthly Property Reports March 2008 Marina Bay shaping up
Monthly Property Reports March 2008 Marina Bay shaping up | Marina Bay shaping up |
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Marina Bay is already the site of some of Singapore’s most expensive residential properties, with buyers boosted by the promise of living in the ’new downtown’.
Marina Bay shaping up
by Sonia Kolesnikov-Jessop
Joseph Tan, Executive Director (Residential) at CB Richard Ellis (CBRE), points out that capital appreciation for developments in the ‘new downtown’ area has ranged between 30-120% since their launch. The Sail, launched in November 2004 with an average price of $950psf, averaged $2,082psf in the sub-sale market in the fourth quarter of 2007. Units at Marina Bay Residences, launched in December 2006 at an average price of $1,950psf, were selling at $2,450psf at the end of last year. Kan Kum Wah, Head of Residential Marketing for Marina Bay Suites, also believes there are “excellent prospects” for capital gains on the latest Marina Bay development, Marina Bay Suites. He pointed out that evidence around the world has shown that “premium developments, particularly in waterfront locations, can appreciate strongly and hold their value even in downturns.” Kan notes that there had been a relatively low turnover of units at Marina Bay Residences in the resale market, an indication that most buyers have probably bought for long-term investment, for personal use or as a rental investment. “The lower turnover rate reflects that buyers also have strong confidence in this locality and believe there’s potential for further capital gains as other developments are completed such as Marina Bay Sands,” he says. Going downtown Property experts agree that the Marina Bay area, the heart of Singapore’s new downtown, has a lot going for it and that its appeal will continue to increase with time. “I would compare living in Marina Bay to living in Midtown Manhattan. It is really city-living,” explains Ong Choon Fah, Executive Director of DTZ Debenham Tie Leung (DTZ). “Because the whole area has been master-planned, there’s a very good connectivity between all the buildings.” Developers have been keen to promote Marina Bay not only as a centre of finance but also as an area to live work and play, with plenty of exciting food and beverage outlets planned. By the end of 2010, Marina Bay Sands integrated resort should be complete and the area will also benefit from a 54-hectare garden at Marina South, part of the Gardens by the Bay project. The new garden will feature The Orchidetum (a showcase for orchids), two major glasshouse conservatories by the edge of the water and man-made Super Trees designed by British firm Grant Associates that are bound to become talked-about features. “The new downtown will be a truly 24/7 global city,” says Chia Ngiang Hong, Group General Manager of City Developments Limited. “Its location places it mere minutes away from the city’s buzz and attractions.” Prime values Average capital values for the new residential properties in District 1, the area that includes Marina Bay, stand at $2,220psf, slightly below the $2,279psf average of similar high-end properties in the prime districts 9, 10 and 11. However, the gap has been closing and properties in District 1 are likely to appreciate more than those around Orchard Road within the next 24 months because of their scarcity, notes Ku Swee Yong, Director of Marketing and Business Development for Savills Singapore. “Price increases in the Orchard area will be more modest because there are a number of new property launches coming in the pipeline,” he says. Beyond the prospect of potential capital gains, the attraction of properties in the Marina Bay area also lies in their rental potential. “We expect strong rental interest,” Kan says. “Marina Bay Suites will be part of the new Marina Bay Financial Centre where over 50,000 people will be working in the surrounding financial precinct. Highly paid executives from the banking sector will form an attractive rental market.” Chia adds: “We’ve observed that in some instances, particularly in the case of foreign buyers, the decision to purchase the property lies in its investment potential and also as a vacation home, given the exciting attractions around the new downtown and the huge pool of office workers, many of whom are likely potential tenants working in the vicinity.” Setting the bar So far, asking rents at The Icon in neighbouring District 2, average around S$6.00-$6.50 per sq ft per month. Once completed, an apartment at The Sail, for example, could therefore yield around 3.75%, estimates Jane Kwa, an analyst at Savills. After the market slowdown at the end of last year and the financial sector’s continuing troubles at the start of 2008, all eyes will be focused on the delayed launch of Marina Bay Suites. The 218 three and four-bedroom units range from 1,600-2,700sqft in size, while the three penthouse units range from 5,662-8181sqft. The units are now expected to be progressively released into the market. Agents still expect demand to be relatively strong as no more residential development sites fronting the bay are expected to be released by the government. The 66-storey Marina Bay Suites, due to be completed in August 2012, is being marketed as a more upscale sister development to Marina Bay Residences. Ka notes that although the final prices have not been set, “the market value is estimated at over S$3,000psf for the whole development”. While the Marina Bay Suites is the last residential site directly on Marina Bay to be released by the government, there will be other opportunities to buy into the growth story of the Bay. The Urban Redevelopment Authority has set aside 60 hectares of land at Marina South for what it describes as a landmark residential district of 11,000 housing units, although it may be 15 years before this new site is developed. |
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