Cheung Kong (Holdings), Hongkong Land Holdings and Singapore's Keppel Land generated more than HK$4 billion from the sale of their jointly developed Marina Bay Residences in Singapore. Some units sold at S$2,700 (HK$13,646) per square foot, the highest since the 1997 Asian crisis. All 428 flats in the development were pre-sold this week at an average of S$1,850 per square foot, according to Francis Wong, a deputy chief manager (sales) at Cheung Kong. The project, which is scheduled to be completed and booked in 2010, will have 418 standard units and 10 penthouses, which were sold at auction for about S$2,700 per square foot. The previous highest price paid since 1997-98 was Wing Tai Asia's Draycott 8 at Orchid Road, which fetched more than S$2,000 per square foot in the second half of this year. Marina Bay Residences is part of the first phase of the Marina Bay Financial Centre project in the new central business district in Singapore. The venture planned to invest S$2 billion on the project. The first phase comprises 32 and 46-storey grade A office buildings, Marina Bay Residences and retail facilities. Units in the first Marina Bay residential project, called the Sail, have doubled in price since coming on the market in 2004. 'The average price has increased to S$1,900 per square foot in the secondary market from S$900 recorded two years ago,' said Lee Wee-liat, a director of consulting and research at DTZ Debenham Tie Leung. The asking price of the Shenton, another Marina Bay housing project that is scheduled for pre-sale next year, is S$1,500 per square foot. Mr Lee said Marina Bay Residences fetched a record price due to being located at the prime site in the district with sea view. The average price of luxury residences in Singapore has increased 15 to 20 per cent this year, according to DTZ Debenham Tie Leung. Mr Lee expects the properties will continue to show double-digit growth next year. Mr Wong estimated that about 60 per cent of the buyers came from Singapore, with the rest from overseas including Hong Kong, the mainland and India. About 50 per cent of the buyers bought the properties for own use. 'Most overseas buyers of luxury residential property in Singapore were from Indonesia in the past, but [recent] luxury projects have shown an increasing number of buyers from other countries,' Mr Lee said.