An artist's impression of the 99-year leasehold, 221-unit Marina Bay Suites condominium. Real estate experts say the plus factors of the property are its proximity to the integrated resort coming up in the area and the finite supply of homes there. -- PHOTO: MARINA BAY FINANCIAL CENTRE
A one-day preview at the upmarket Marina Bay Suites development saw invited buyers snap up most of the 90 units released for sale at average prices ranging from $2,200 to $2,500 per sq ft (psf).
At least 81 units were bought on Wednesday at the 99-year leasehold, 221-unit condominium in Marina Bay, whose launch had been delayed by almost two years, said a spokesman for Raffles Quay Asset Management, which manages Marina Bay Financial Centre. The centre has two residential towers - Marina Bay Residences, which sold out in late 2006, and Marina Bay Suites.
Prices achieved were below the expectations the developers had early last year, before the property market slumped as the global crisis took hold.
It was then thought that the condo could be priced around $3,000 psf, given that the most expensive units in Marina Bay Residences and The Sail @ Marina Bay had then traded beyond that price level.
The invited group of buyers on Wednesday consisted of registered clients, directors and staff working for the developers - a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Holdings.
The condo has units of three- to four-bedrooms ranging in size from 1,572 sq ft to 2,691 sq ft, as well as three larger penthouses.
Read the full story in Thursday's edition of The Straits Times.
joyceteo@sph.com.sg
