HK giants in S$4b project in Singapore's Marina Bay
Marina Bay Suites in Singapore, an upscale residential project in the new core business district, is scheduled for pre-selling early next year at asking prices of at least S$5 million (HK$27 million) each.
Hongkong Land Holdings, Cheung Kong (Holdings) and Keppel Land invested S$4 billion to develop the residential tower, which is part of phase two of the Marina Bay Financial Centre development.
The 65-storey residential tower will provide 223 units ranging in size from 1,500 square feet to 2,600 sq ft. Also on offer is a single-level penthouse and two duplex penthouses with private swimming pools. The project is scheduled for completion in 2011.
Phase one of the development included the 428-unit Marina Bay Residences launched in December and sold out in three days. At the time of the launch prices ranged from S$1,600 to S$3,100 per square foot.
But property prices in Singapore had risen sharply since the launch, and deals in the secondary market had already seen prices at Marina Bay Residences rise to a range of between S$3,000 and S$3,500 per square foot, said Kan Kum Wah, the head of residential marketing at Marina Bay Financial Centre.