Living it up in the bay
When it comes to new development in Singapore, the Marina Bay area is a standout.
Spearheaded by the Marina Bay Financial Centre, Marina Bay Sands integrated resort, Ocean Financial Centre and Asia Square 1 and 2, investment in Singapore's premier waterfront destination has spawned top-end residential properties with international appeal.
Upping the ante in luxury and prestige are iconic developments such as The Sail @ Marina Bay, Marina Bay Suites, Marina Bay Residences and One Shenton.
The government's vision to develop Marina Bay into a 24/7 live-work-play environment - a vibrant extension of the central business district - has been attractive to developers, according to Kwek Leng Joo, managing director of City Developments.
'Developers who have successfully tendered for the prime land parcels within the new downtown have fully embraced the opportunity to leave their imprint on the new skyline,' says Kwek. 'CDL has played a key role in leading this transformation with the launch of its iconic residences, The Sail @ Marina Bay, in 2004.'
The fact that prices in the Marina Bay/Sentosa Cove area are possibly the highest in Singapore has not deterred foreign buyers, especially from the Chinese mainland, who are looking to invest offshore after government-imposed cooling measures have curbed property prices in their home country.
Developer Far East Organization has also had success with foreign buyers, particularly from the Chinese mainland, in its rollout of a series of integrated residential communities - Woodhaven launched in June; euHabitat in August and now The Seawind - featuring a mix of home options comprising condominium apartments, suites, townhouses and SOHO apartments.
This concept, a first for Singapore, enables foreign investors to buy landed strata townhouses without government approval. Buyers benefit from the extensive communal facilities, and a selection of residential property types within the same development.
'These integrated developments cater to the needs of a broad demographic of buyers seeking different styles of living,' says Chia Boon Kuah, Far East Organization's chief operating officer for property sales. 'In light of the limited supply of landed housing, we have seen good demand from Singapore permanent residents and foreign buyers for the strata townhouses in Woodhaven and euHabitat.'