Marina One Residences’ launch has caused some buyers to revisit the existing condos in Marina Bay. The developer of this iconic project is none other than M+S Pte Ltd (a joint venture between Malaysia's KhazanahNasional and Singapore's Temasek Holdings). The site is part of the 6 land parcels jointly developed by Singapore and Malaysia under the land swop deal in 2010. Marina One is a prime integrated development comprising two 30-storey office blocks, two 34-storey residential blocks and retail space. Included in the design is "The Heart" - a vast array of sprawling greenery comprising waterfalls, clouds and rooftop gardens, which will provide a sanctuary and meeting place for the community.
There has been renewed interest in Marina Bay Residences, a 428- unit, 55-storey residential project completed in 2010, and part of the giant mixed use scheme, Marina Bay Financial Centre, developed by a consortium made up of Cheung Kong (Holdings), Hongkong Land and Keppel Land. Buyers at Marina Bay Residences hope to ride on the buzz brought about by the Marina One launch.
As it is also part of a giant mixed-use project in the neighbourhood, Marina Bay Residences is the closest comparable to Marina One Residences. On May 28, a 710 sqft one-bedroom unit on the 20th floor of Marina Bay Residences changed hands for $1.65 million ($2,323 psf). When the project was first launched, the unit was sold for $1.12 million ($1,583 psf).
When Marina Bay Residences was launched in December 2006, all the units were snapped up within three days. The indicative launch price of Marina One Residences is “likely to be in the range of $2,600 to $2,800 psf”.
Marina Bay Residences has a mix of one- to four-bedroomunits, as well as junior penthouses and a triplex penthouse of more than 11,000 sq ft. The current market price of $2,323 psf for a one-bedroom unit at Marina Bay Residences is still considered “quite affordable” even in the post-total debt servicing ratio era of reduced budgets, given that the overall quantum is around $1.65 million.. The one-bedroom units start from 710 sqft, which is considered relatively large and rare for an inner-city apartment. Most new condo launches feature shoebox apartments, with two- bedroom units of that size, if not smaller.