that means i can't go and take a look at the showflats? sigh... :(

wees, please give us an update on thursday... you are VIP... :)

Hi LittlePig,

I am not a VIP. I sent an email to Keppel Land one week ago and they later responded with an invitation to the preview on 14 Dec.

Why don't you also go to the preview on 14 Dec? I intend to be there at 9am or earlier. The preview is supposed to be 10 am.

If you are there at 9am, I can bring you in as my friend. Then you can experience the showflat first-hand.

wees... thanks for the invite! sounds very tempting!! let me see if i can get some time off work and sneak out during office hours. will let you know by tomorrow evening via PM k? thanks again! :banana:

wees... thanks for the invite! sounds very tempting!! let me see if i can get some time off work and sneak out during office hours. will let you know by tomorrow evening via PM k? thanks again! :banana:

Hi LittlePig,

Sure. Why don't you apply morning leave on Thursday? I am applying leave just to go for the preview.

hmmm... not easy to take leave if i have urgent work to do or meeting clients that morning...

The apartment model in Lianhe Zaobao (12/12/06):
http://img216.imageshack.us/img216/2404/dscf1114dx7.jpg

How it looks with the rest of the skyline (also from zaobao 12/12/06):
http://img216.imageshack.us/img216/9456/dscf1113jm8.jpg

Wah, so thin? :eek:

and massive =0

A property agent called me at 9.10pm saying that property agents are rushing down to queue. However one property agent can only queue for one buyer.

Published December 12, 2006

Speculators eye Marina Bay Residences
Project likely to be priced at just under $1,700 psf on average

PROPERTY speculators are heading for their next gold mine - at Marina Bay Residences, market watchers say.

Attracting attention: Foreigners are expected to account for more than 30 per cent of Marina Bay Residences buyers
Previews begin today and although pricing has not been finalised, the net average price is expected to be just shy of $1,700 per square foot.

'We've seen strong interest from Singapore, Indonesia, Hong Kong, the Middle East and Europe and have received enquiries about multiple purchases,' the head of marketing at BFC Development, Kan Kum Wah, said at a news briefing yesterday.

Some parties are keen on several units and others are eyeing entire floors, said Mr Kan, who described the likely price range of $1,550 to $2,150 psf as 'a very fair price'.

The indicative average price of just under $1,700 psf for the 99-year leasehold development is in line with going prices in the area. Bay-front units in the neighbouring The Sail @ Marina Bay are changing hands for about $1,600-$1,700 psf in the sub-sale market. The 1,111-unit project is fully sold and has been a speculation hotspot.

So far there have been 162 sub-sales deals at The Sail - about 15 per cent of the project's total units. But the actual number of units involved may be higher, as about 10 of these deals involved multiple units.

Sub-sales are seen as a proxy for speculation.

DTZ Debenham Tie Leung executive director Ong Choon Fah said yesterday: 'People who are buying in this location have deep pockets. Besides owner occupiers and long-term investors, there may be some 'specu-vestors', meaning they are prepared to hold on to their units if necessary but can be persuaded to sell if they receive a good offer.'

City Developments and AIG began selling units at The Sail's first tower in October 2004 at an average price of $950 psf and in the second tower a year later at $1,080 psf initially, eventually achieving an average of $1,200 psf for the second tower.

More than 40 per cent of the total 1,111 units sold by the joint developers were snapped up by foreigners.

Over the past three months, units at the development have changed hands at an average price of about $1,300 psf.

Despite the rapid price gain in the area seen over the past few years, Mrs Ong believes that there is potential for further gains.

'We'll have two integrated resorts,' she said. 'A lot of international companies are choosing Singapore as their hub. And residents in the Marina Bay area will enjoy the 54-hectare Gardens by the Bay at their doorstep.'

CB Richard Ellis chairman (Asia) Willy Shee reckons foreign buyers will account for more than 30 per cent of Marina Bay Residences buyers. 'We've seen strong interest from both local and foreign buyers - from Hong Kong, Indonesia, Malaysia, Korea and the Middle East. We expect a very good sell rate in the next few days,' he said at yesterday's briefing.

CBRE and DTZ are marketing the project jointly.

Marina Bay Residences, a 428-unit luxury residential tower, will be part of the Marina Bay Financial Centre project being developed by Hongkong Land, Keppel Land and Cheung Kong (Holdings).

Offers of more than $20 million have been received for the 'uber penthouse' of 11,012 sq ft on the top three levels of the 55-storey tower. There will be nine other smaller penthouses in the project, which will also have units with one, two, three and four bedrooms.

Prices start from about $1 million for a one-bedder of 710 sq ft.

A property agent called me at 9.10pm saying that property agents are rushing down to queue. However one property agent can only queue for one buyer.
So agents who have more than 1 buyer on hand how? Means they'll have to ask the other buyers to queue for themselves then?

But what is there to queue? The units are already snapped up anyway.

Some units sold for above $2,000 psf - a first for leasehold market

By Joyce Teo, Property Correspondent
Dec 13, 2006
The Straits Times

BUYERS snapped up units at 55-storey Marina Bay Residences yesterday and smashed price records for 99-year leasehold property into the bargain.
Some flats went for more than $2,000 per sq ft (psf) - a first for a leasehold property - at a preview for staff and guests.

The developers - a consortium comprising Cheung Kong (Holdings), Hongkong Land and Keppel Land - declined to give sales figures or prices.


But market watchers said prices passed $2,000 psf and 160 to 170 flats in the 428-unit condominium were sold.

'The show flat was very, very crowded. The buyers there were oblivious to the price,' said an investor at the preview.

Prices rose by more than 10 per cent yesterday, with the costliest unit being a four-bedder on the 45th floor. That went for at least $2,200 psf, the investor said.

Various sales methods were used with balloting being the most common, he said.

People whose names were called could choose from the few floors that were released.

'Each buyer was limited to buying just two units, but only one of either the three- and four-bedroom units, unless they were buying the whole floor,' he said.

The three- to four-bedders with views of Marina Bay are considered the best units, investors said.

Another investor snared a mid-floor three- bedder for $1,785 psf or about $3.5 million yesterday morning.

On Monday, an Indonesian in Hong Kong was believed to have committed to buying the entire 26th floor for $1,699 psf. There are 10 units on each floor.

One buyer, who has a few units at the nearby The Sail @ Marina Bay, bought a four-bedroom unit above the 28th level for $1,980 psf.

'I bought my unit at 6 per cent higher than the prices quoted this morning,' he said yesterday.

If his unit was bought on a deferred payment scheme, he would have had to fork out an extra 3 per cent, thus pushing his unit to above $2,000 psf.

Higher-floor units sold for above that level, he said.

I found out from Arthur that as of this morning, the queue is 4 lanes long, and super messy.

Arthur is there now.

According to The Straits Times report today, "160 to 170 flats in the 428-unit condominium were sold."

So there should still be more than 200 units left for those people who are at the front of the queue.

So agents who have more than 1 buyer on hand how? Means they'll have to ask the other buyers to queue for themselves then?

Agents who have more than 1 buyer could ask their other agent friends (with no buyer) to queue.

I found out from Arthur that as of this morning, the queue is 4 lanes long, and super messy.

Arthur is there now.

According to The Straits Times report today, "160 to 170 flats in the 428-unit condominium were sold."

So there should still be more than 200 units left for those people who are at the front of the queue.

but if roughly half the units were already spoken for in Hong Kong earlier, then wouldn't that mean there are less than 75 units left for buyers today?

0.0 this is really getting crazy. Just like before economic crisis...

One 31st-floor, 2,000sf unit was sold at $2150 psf yesterday.

what's the situation like at the site now? was tempted to go down to ORQ to take a look during lunch time but the rain stopped me...

wees... you should have gone down last night to queue :)

what's the situation like at the site now? was tempted to go down to ORQ to take a look during lunch time but the rain stopped me...

wees... you should have gone down last night to queue :)

The DTZ agent called me just now, saying that if I go down tomorrow morning, she already has a queue number for me.

that's what i call VIP! :)

that's what i call VIP! :)

The only difference I did was to email them about 10 days ago to express my interest in the project.

If you had done so, you also would have become a VIP.

The DTZ agent called me just now, saying that if I go down tomorrow morning, she already has a queue number for me.

Any interested buyer here? If yes, go with me tomorrow and you could have the queue number for a fee.

Provided of course the agent is true to her word that there is already a queue number for me.

oh no... do i have to pay you a fee too, wees?

oh no... do i have to pay you a fee too, wees?

If you are just seeing the showflat without buying, of course no need.

wees, I won’t be buying… can't afford it. That’s why I didn’t bother to email Keppel… :)

DTZ agent asked me to go now.

I went there just now, and it was crazy!!! The entire plaza at One Raffles Quay was filled, and yes, I managed to get that photo of the lobby.:D

I went there just now, and it was crazy!!! The entire plaza at One Raffles Quay was filled, and yes, I managed to get that photo of the lobby.:D

Wah please post!!!!!:eek:

Taken by my HP
http://img88.imageshack.us/img88/2920/orqgg4.jpg

Oh ya, and here's the queue
http://img84.imageshack.us/img84/360/queuehs4.jpg

Wees and Arthur, where are you?:D

Wah not bad......imagine if this is taken by Esther....:eek:

So many rich buyers......:eek:

wow! what handpone are you using cliff? my Nokia N80 can't produce such clear pictures :(

Of course I photoshopped it, haha. I'm using a 2mp W900I (Won it, so its free)

oic... thanks cliff... i know nuts about photoshop... :p

erm...

this is the view from the 34th floor, taken this morning


http://img228.imageshack.us/img228/4615/flyer1oz9.jpg

At the end of the day, its affordability..........would you pay 2000 psf? You would if you assume an appreciation to 2500 psf?
Most of the less popular units were naturally facing away from the Bay and were about 50 to 70 psf less..................

13 Dec 2006
Marina Residences 88% sold

About 88 percent of the units at the Marina Bay Residences have been snapped up, just two days after the development near the new Business Financial Centre or BFC district, was opened for private preview.

The developer, BFC Developments, said in a statement this evening that more than 90 percent of the 418 typical units in the development has been snapped up by 5 pm.

The development also has 10 penthouse units that have not been sold but will be sold via a tender process which will start tomorrow evening.

BFC Development's head of residential marketing Kan Kum Wah said the units sold, went for as much as 2 thousand 700 dollars per square foot.

He estimates that about 60 percent of the units were bought by Singaporeans, and the rest by foreigners from Hong Kong, India, China and the Middle East.

City Developments appears to be capitalising on the hot demand at Marina Bay Residences to drum up a little publicity for its nearby project - One Shenton.

It said in a statement that the upcoming development near Lau Pa Sat and the BFC, will be launched for sale by the end of this year or early next.

The development will have two towers with glittering gold and silver facades, and will consist of 341 units.

Copyright © 2006 MediaCorp Radio New Media Development

Nice view. Thanks for sharing the photos Cliff.

SINGAPORE: Units at Marina Bay Residences have been sold at yet another record price.

The developer, BFC Development, says units were sold at over S$2,700 per square foot - the highest so far for primary sales in the area.

Even at this record-setting price, more than 90 percent of the apartments have been snapped up at special preview sales held for invited guests over the last two days.

According to the developer, 60 percent of the sales were to Singaporean buyers, with the rest going to buyers from the region.

The ten penthouses will be sold by a tender process on Thursday.

This includes the 1,023 square metre Uber Penthouse.

The 55-storey development, which comes with 428 units, will only be open for sale to the public this Friday.

It is scheduled to be completed by 2010 and will form part of the Marina Bay Financial Centre.

Marina Bay Residences is a joint venture between Keppel Land, Hongkong Land and Cheung Kong Holdings. - CNA/so

I was at the show flat from 5pm to about 7pm. At about 6.45pm, one agent said quite loudly that except for the super penthouse, all units have been sold.

Wow!

Did you get any unit ?
Is it true all the units had been sold out ?
I heard people are selling queue number at 30k and options at 3% of the price as the developer open up all units and price climb up near end of the day.

The developer, BFC Development, says units were sold at over S$2,700 per square foot - the highest so far for primary sales in the area.



:omg: I'm absolutely speechless now.

I went at about 11am, and by then, most of the 3 bedders have been snatched!

http://img149.imageshack.us/img149/3884/showflatke3.jpg

I heard people are selling queue number at 30k

Hmmm...We gave our one to a poor agent and his client for free.:)

anyways, here's the model
http://img133.imageshack.us/img133/6108/towerdb3.jpg

Did you get any unit ?
Is it true all the units had been sold out ?
I heard people are selling queue number at 30k and options at 3% of the price as the developer open up all units and price climb up near end of the day.


I did not get a unit. The property agent told me that prices were raised throughout the day, with each release of new floors.

From render it looks so cubic

:ohno: madness.... my client got a 3bedder at $2550PSF!

This is crazy prices. Seems like an imminent bubble.

:ohno: madness.... my client got a 3bedder at $2550PSF!

Hi Arthur,

Which floor was that 3-bedder unit? Did your client get that unit on the first attempt? Any balloting needed.

I am curious .... how near to the front of the queue were you?

At the showflat, a couple who just bought a unit was sitting next to me and we started a conversation. The man said that this is by the best location for waterfront living, beating places like Canary Wharf.

On the first day (Tuesday), my colleague's friend bought a nearly 2000 sf unit on the 31st floor at $2150 psf.

Hi Arthur,

Which floor was that 3-bedder unit? Did your client get that unit on the first attempt? Any balloting needed.

I am curious .... how near to the front of the queue were you?

At the showflat, a couple who just bought a unit was sitting next to me and we started a conversation. The man said that this is by the best location for waterfront living, beating places like Canary Wharf.

On the first day (Tuesday), my colleague's friend bought a nearly 2000 sf unit on the 31st floor at $2150 psf.40+ floor. we got it at last attempt.

how to do subsale at $2550PSF? my client is an investor, I dare not commit the selling price now as I dont think I can deliver. we keep asking the client 'are you sure to buy?' and the client still want to go ahead.
:ohno: :ohno: :ohno: now anyone want to buy my 3bedder?

arthur, do you think TheSail Tower1 bay-view units on the higher floors can reach those kind of prices... $2,000psf and above...

if the buying interest is still there, these new and proud owners of MBR will begin to receive numerous calls from agents very soon...

arthur, do you think TheSail Tower1 bay-view units on the higher floors can reach those kind of prices... $2,000psf and above...

if the buying interest is still there, these new and proud owners of MBR will begin to receive numerous calls from agents very soon...a number of subsale were done yesterday.

OMG!! you mean units were flipped within a day or two? wow, that's crazy!!

I would take what everyone on this board has to say with a pinch of salt as there are too many rumours and too much speculation flying about which contradicts.

For instance, someone said that over half units were sold in HK even before the first day of launch... well, how come they reported that only 170 of 428 units were sold on first day?

Also, someone said that they were selling by whole floors only, but turns out people were limited to 3 units on a floor (2 bayview, 1 seaview) and then later on 2 units on a floor...

Dairy Queen is awesome by the way!

For instance, someone said that over half units were sold in HK even before the first day of launch... well, how come they reported that only 170 of 428 units were sold on first day?

believe that none of the JV partners for BFC wish to highlight how many units were sold in Hong Kong as there would be a lot of negative publicity over why HK buyers ended up making a fortune on paper compared to yesterday's pricing...believe me, though, the HK sales are 'fact' not 'rumour'

think you have to remember, the situation is that developers change their pricing / sales strategies from day to day in this type of hot market.

agree that there have been a lot of rumours but i can say that SSC is generally pretty accurate (and timely) about a lot of the latest information.

btw, noticed you made a pretty good market call on The Sail back in June! Hope you managed to make some $$!

FL

my friend bought a 3bedder. he just heard from his agent that one of the remaining penthouses got bid/sold for 2900psf

oh 2901psf to be exact, apparently

In this article it highlights that people are buying at frenzy in that atmosphere. Some will regret later over the cooling period and may forfeit the 25% of the downpayment paid to the developer.

=============

漏夜排队 为买几百万元的公寓

　　一条长长的人龙昨天聚集在莱佛士码头一号（One Raffles Quay）办公大厦楼下，等着排队购买一个单位动辄好几百万元，甚至好几千万元的滨海湾居（Marina Bay）豪宅。

　　消息人士透露，这个共有428个单位的豪华共管公寓应该已经差不多被扫购一空，剩余的相信只是几个零星的普通公寓单位，以及发展商特别保留在今天投标的一些顶层豪宅（penthouse）单位。

　　截至昨天傍晚6时，发展商的文告证实，这个原本计划在星期五才正式推出的豪华共管公寓，在过去两天的预售活动中，已经卖出超过九成的单位。最昂贵的一个单位以每平方英尺超过2700元成交，创下历来所有99年地契共管共管公寓的价格新高。

长长的购屋人龙从前晚开始排起，一直到了昨天傍晚超过九成单位被扫光后，还有二三十人仍在排队。（林国明摄）


　　这个位于新市区滨海湾的55层楼摩天共管公寓原本以每平方英尺平均1700元推出，但由于销售过于火红，发展商不断调高售价还是抵档不住浓浓的购买欲望，结果到了昨天傍晚，一些单位的售价据说已经跳到每平方英尺2500元以上。

　　一名房地产观察家担心，一些买家可能会在未来8个星期内的“冷静期内”悔约。

出现“港式”买楼风气？

　　“这已经是很‘香港式’的买楼风气了，新加坡人一般不会如此。价格怎么会在一夜之间由每平方英尺1700元跳到2500、2600元？一些人可能是被销售现场的狂热买气冲昏了头，回到家后越想越后悔，最后宁可忍痛舍弃25％的定金。”

　　靠近滨海湾IR的滨海湾居是由长江实业、香港置地和吉宝置业联手发展的。除了吉宝置业是“本地姜”外，长江实业和香港置地都是香港的“过江龙”。

　　三家房地产公司设立的联营公司——MBFC昨天在文告中说，估计六成的买家是新加坡人，其余的来自印尼、香港、印度、中东和中国。

　　一名昨天亲自到现场的买家告诉本报：“整个销售办事处闹哄哄的，好像菜市场，又好像是不用钱一样，非常疯狂。”他透露，在场的买家形形色色，有的珠光宝气，但也有的穿得相当随便，当中更有不少外籍人士，包括印度人、中亚人和欧美人。

　　消息说，在前天只开放给超级贵宾（VVIP）的预售活动中，发展商其实卖出了大约170个单位，最贵的一个单位以超过每平方英尺2000元成交。这个只开放给50、60人的专属预售会，邀请的主要是与三家发展商关系特别密切的生意伙伴和公司职员。

　　至于昨天的预售活动原本只开放给贵宾（VIP）选购，受邀的主要是一些有名望的富豪，以及房地产经纪的大客户，但由于一些原本没有受邀的买家也闻风而至，而且已经排起长长的人龙，所以发展商也只好照样发号码让他们选购单位。

　　据了解，发展商是在昨天早上8时才开始发放号码，让买家按次序来选购心目中理想单位的，但队伍却早在前天晚上就已经形成。

　　消息透露，一些房地产经纪在前晚就听到消息，知道发展商会在隔天早上8时开始发放号码，于是他们当晚就抢在第一时间帮客户排队。到了昨天早上8时，发展商就已经发出超过百多两百个号码，但人潮一直持续不断，到了傍晚6时还是有二三十人在排队。

　　消息说，截至昨天傍晚，发展商已经卖出超过370个单位，即九成以上的单位，而且销售仍在持续中。因此，被保留到今天销售的应该只有其中一部分的顶层豪宅单位。

　　“昨天傍晚销售处内出现了另外一个小人龙，要买顶层豪宅的稍后会聚在小房间里投标。”4个双层顶层豪宅（duplex penthouse）据说已经在昨天傍晚6时开始投标，截稿前听到的消息是，价格已经被推高到每平方英尺2900元以上。其余5个单层豪宅，以及唯一一个三层楼的超级豪宅相信会等到今天才以招标的方式出售。

arthur, do you think TheSail Tower1 bay-view units on the higher floors can reach those kind of prices... $2,000psf and above...

i know that tower 1 bayview was asking above $1700psf for somewhere above 40/F about 4 weeks ago. don't think they would have any problem asking over $2k now.

the thing with Sail owners is a lot of the ones who were willing to 'take profit' almost all did already (they have been getting calls to sell for the past 1 year)....many of the current batch of owners may not be willing to sell at all anymore as they are happy to hold and rent, even with recent paper gains...

i haven't seen the BFC showflat, but (assuming interior finish is similar quality), then in my opinion i think the fundamental value of the Sail should actually be higher than BFC:

- better views than BFC (IMHO)
- more iconic design (higher "landmark" value)
- closer to 'old' CBD (more convenient location, walk to ORQ, Raffles Pl, etc.)
- small units more rentable in CBD (i personally think CBD living is more suited for couples & singles rather than the typical families who occupy 3 and 4 BR
- Sail will complete construction earlier, therefore owners can grab tenants first...

Not sure what others think....

In the last 1 year, agents had been pursuing mainly owners of Sail T1.
Subsale at T2 were less profitable as they had been sold at least 20%-30% higher than Tower 1.
Given MBR now is selling at least 20%-50% or more than Sail T2, the next wave of subsale will come from units at T2 and probably sub-sub-sub sale from T1.

My personal thoughts between MBR & Sail :
- MBR 3-4 rooms have equivalent direct marina bay view to Sail T1 & T2 units that are facing bay view. However, those MBR units are limited thus prices had been pushed up very high.
- Sail have many units in T1 that faces direct Marina bay view. This include smaller units. Even those in T2 facing garden view can have partial bay and IR view. MBR 2 room units facing bay view are not as good as Sail as they have smaller partial bay view and just looking at Clifford pier and One Fullerton. ( less attractive than IR ).
- MBR smaller units that face sea view are better than Sail T1& T2 units that have city/sentosa or garden view. Those Sail units with sentosa view will be blocked once BFC build their phase two building behind him.

OMG!! you mean units were flipped within a day or two? wow, that's crazy!!
understatement. within hours.

understatement. within hours.

:omg::eek2::omg:

hmm... but i guess like what the chinese papers reported, many will regret and suffer the penalty during the 8 weeks cooling off period...

think about it... at $2550psf, you need to rent out at above $10psf in order to get 5% rental yield on your 99yr l/h property... otherwise, you're just subsidising your tenant and you're doomed... so better cut your losses short...

but i may be wrong and only time will tell...

hmm... but i guess like what the chinese papers reported, many will regret and suffer the penalty during the 8 weeks cooling off period...

think about it... at $2550psf, you need to rent out at above $10psf in order to get 5% rental yield on your 99yr l/h property... otherwise, you're just subsidising your tenant and you're doomed... so better cut your losses short...

but i may be wrong and only time will tell...my partner and I asked so many times just to confirm with my client the unit's PSF as we hv no confidence on the sub-sale. The client still want to go ahead.

don't worry arthur... your client has another 8 weeks for the euphoria to wear off... then again, maybe not... with the market seemingly in irrational exuberance and chaos, who can predict what will happen next?

my partner and I asked so many times just to confirm with my client the unit's PSF as we hv no confidence on the sub-sale. The client still want to go ahead.

Hi Arthur,

Only time will tell if your client's decision is the right one.

Those who were able to get units on the first day of the preview (Tuesday) bought at a lower psf price, which works in their favour when doing a sub sale.

But if the unit is bought on the second day preview from the last batch of released units, the developer had already raised the prices to capitalise on the panic of buyers who want a unit at all costs.

Hmmm...We gave our one to a poor agent and his client for free.:)

anyways, here's the model
http://img133.imageshack.us/img133/6108/towerdb3.jpg

hmm...it doesnt look that interesting seen by itself...but it does add some 'shape' to the skyline with its pointy top

Oh, this building actually complements Sail very well!

My agent queued on my behalf : his picture has been captured in newspapers, so I know he was there:)

From the price list the prices for the unit i had in mind went up by about $150psf...............between 11 am and 1430 pm


At 1630 the unit I wanted was going for 2.01 million or almost 1900$psf. Even my agent hesitated. The difficult decision was made when it was snapped up by a buyer ahead in the queue.


Tonight, at the penthouse bidding, the starting bids went at 2800 $psf for the 1st penthouse, which was then sold at $3400 psf!!!

Subsequent bids started at $3080 psf.

By which time, after the sale of the 3rd penthouse, had my fill of bubbly and canapes, I left 1RafflesQuay............

Honestly, at 34 flr in 1RQ, the view was restricted. At 55 flrs, i dunno

I was watching the 10pm News on Channel News Asia channel ... and there was a news story on the property market. An article of the same content was also just published on the Channel News Asia website:

Title : Rising property prices in high-end developments will have spin-offs: analysts
By : Dominique Loh
Date : 14 December 2006 2126 hrs (SST)
URL : http://www.channelnewsasia.com/stories/singaporebusinessnews/view/247222/1/.html

SINGAPORE : With the property market ending on a high note this year, some industry experts are saying the outlook seems rosy even for the next year or two,

They say there are even spill-over effects from projects like the Marina Bay Residences.

Analysts believe it will not be a repeat of the speculative property buying spree in the mid-1990s.

Housing developments in the Sentosa and Marina Bay area have given rise to a new scenario in the property market.

The attractiveness of these unique private properties, experts say, will keep prices going up, fuelled by the integrated resort projects.

This will also drive spin-offs in other traditional prime locations.

Donald Han, Managing Director, Cushman & Wakefield, said, "Certainly in 1996 there were no transactions in Sentosa, there were no transactions in Marina Bay...What we're seeing is that these are new waterfront projects, which are now rivalling the attractiveness of District 9 condominium prices to an extent, because the prices have gone up to the level close to...S$1,600 to S$2,000 per square foot.

"Now it's reassessing a lot of the other assets located in the traditionally prime locations like Districts 9, 10 and 11. And the prices are being reassessed upwards."

Chris Koh, Director, Dennis Wee Properties, said, "We should let the high-end prices move first. Move to a level whereby it's unreachable, or not realistic. And that time, a lot of buyers may pull the handbrake and say 'Oh, it's too expensive, I can't afford (it)."

"What they'll do, they'll look then at the middle range, so that will cause the middle range prices to also start picking up. And it'll come to a point where the middle range properties get too expensive and then people will say 'I can't afford it, I will then have to look at the lower ones.'..."

But are these genuine buyers, investors or pure speculators?

Industry players say there could be a fair mix, including some who are tempted to sell their investments at a profit.

But they believe those speculating on the Marina Bay Residences are probably in the minority.

Mr Han said, "It's a bit different from the profile of owners that we get in the speculation frenzy market in 1995, 1996, where we have a different set of investors who are not high net worth. They are the man on the street buying more than what they can chew, taking maximum credit limit loan, and as a result I think the government started with the anti-speculation measure then. This time around, it's driven by the top end of the demand chain."

Meanwhile, mega projects like the integrated resorts on Sentosa and in Marina Bay have also raised the confidence of foreign investors.

Mr Han said, "Foreign investors have started to re-rate Singapore on a buy-call. Mainly because what we've seen in terms of the mega projects, the integrated resort projects...They have seen capital value over the last 12 to 18 months moving on a double digit basis.

"They have also seen Singapore as playing catching up to some of the other key major Asian cities like Tokyo and Hong Kong; in terms of value we're probably like about 0.5 to 0.75 of these Hong Kong and Tokyo values."

It is estimated that in projects like the Marina Bay Residences, four out of 10 buyers could be foreigners looking for a unique address in Singapore.

Mr Koh said, "Especially when you're in the business world, you'll be (thinking) "Why not just head to my residence, why not just head to my penthouse which is just a block or two away from the business belt?" And that could be one of the reasons why some people buy just to have that address."

The profile of local buyers is also different, mostly high net worth individuals and even companies buying multiple units and entire floors of the development.

So will the property growth last?

For now, expect prices to keep climbing, stabilising after the integrated resorts are completed by 2010. - CNA/ms


If you have news of currently still selling projects (e.g. Tribeca) increasing their prices, please share with us here, so we can see the extent of this "spillover effect".

Hi fellow forummers,

Do you think over the next few weeks, due to the new benchmark prices set by Marina Bay Residences, more people will visit the showflats of other currently selling projects and result in more units being sold?

If you are in the know, please kindly share the information with us.

Hi asciano,

Thanks for posting your interesting experience here.

The 10.30pm business news programme on Channel News Asia channel reported :

Meantime National Development Minister Mah Bow Tan has commented on the recent record prices for private property. Apartments at Marina Bay Residences have fetched as high as $ 2700 per square foot. Speaking to reporters, Mr Mah said this doesn't mean that the property market is overheating. So for now there is no need for the government to introduce counter measures.

(cuts over to footage of Mr Mah speaking)

"At the moment there are a few projects that are doing very well. But there is no evidence that the level of speculation is excessive or that it is widespread. So, as I have indicated earlier, we are obviously aware of the situation, but I think that the current frenzy appears to be limited to a few projects. So I think at this stage there is no cause for concern."

1 Penthouse was transacted at $3488PSF!:ohno:

Marina Bay Residences sold out, planned public launch cancelled
By Wong Siew Ying, Channel NewsAsia | Posted: 15 December 2006 0107 hrs

SINGAPORE : The planned public launch for Marina Bay Residences on Friday has been cancelled.

This is because all 428 units at the 55-storey development have been sold.

Its developer BFC Development says the average price achieved for the whole project was in the region of $1,850 per square foot.

But some units of the 99-year leasehold project fetched $2,700 per square foot - a record for the area.

All 10 penthouses were also snapped up, with buyers tendering for 6 of the units during a two-hour long session on Thursday evening.

60% of buyers are said to be Singaporeans and the rest from the region.

The development is scheduled to be completed by 2010 and will form part of the Marina Bay Financial Centre.

Prices for some private residential projects are hitting the roof with

Aside from some units at Marina Bay Residences going for a record of $2,700 dollars psf, prices for some other private residential projects are also hitting the roof.

But National Development Minister Mah Bow Tan has allayed fears that the property market is overheating.

Speaking to the media on Thursday, Mr Mah says these are prices the people are willing to pay.

For now, there is no need for the government to introduce any counter measures.

"There are a few projects that are doing very well, but there is no evidence that the level of speculation is excessive or that it is widespread. We are obviously aware of the situation, but I think the current frenzy appears to be limited only to a few projects, so at this stage there is no cause for concern," says Mr Mah. - CNA /ls

Oh, did anyone see the wonderful 4-page ad on the building in today's papers? It stated that showrooms are open daily from 10 am to 6pm, even after 100% sold, so can normal people go up to have a look?

Why have they withheld the psf price of the Uber Penthouse? And who IS the KING-OF-MARINA BAY?

Oh, did anyone see the wonderful 4-page ad on the building in today's papers? It stated that showrooms are open daily from 10 am to 6pm, even after 100% sold, so can normal people go up to have a look?

so does that mean all the potential subsellers can hang out at the showflat trying to sell their units?

Lol, I don't know, but I certainly wouldn't mind going up every now and then, love those prawn crepe thingys.:D

Anyway, the uber-penthouse's layout is quite bad, most of its square footage comes from useless roof decks. I feel that the 6000sqft penthouse at the sail is much better.

Oh, did anyone see the wonderful 4-page ad on the building in today's papers? It stated that showrooms are open daily from 10 am to 6pm, even after 100% sold, so can normal people go up to have a look?

Sigh.....I can only go as a normal people......:lol:

Hopefully it's not crowded.....:yes:

I dunno, cos they have security at the lobby of ORQ, would be worth to give a try.

btw, this has got to be the longest running thread in the forums right now, lets try to hit 600 before rafflescity closes it.:D

I was curious and wanted to find out for how much the Hong Kongers bought their MBR units but I couldn’t find any threads discussing about it over at the HongKong SSC forum…

I may drop by during lunchtime... :)

http://img274.imageshack.us/img274/879/modelsqq2.jpg

note the model of Singapore flyer at the bottom left, lying in the bay.:D

Extract from an article in today's Business Times:


Title: Marina Bay penthouse sold for $28m
Some apartment buyers already seeking to cash in


With BFC Development having sold all 418 apartments on Wednesday, anecdotes abounded yesterday of speculators putting up their units for sale in the subsale market.

Buyers of one and two-bedroom units are said to be demanding prices reflecting net profits of about $150,000 to $300,000 per unit, while three and four-bedroom owners want prices that reflect gains of $700,000 to over $1 million.

BT heard of some actual subsales as well. A high-profile professional who had bought a mid-floor, four-bedroom unit for $2,100 psf earlier this week sold it to a local businessman for about $2,600 psf yesterday, translating to an estimated net profit of about $950,000. Both seller and buyer are Singaporeans, apparently know each other and transacted directly without agents.

There was also talk of a four-bedder unit sold in the subsale market for a gain of over $1 million.

A senior agent of a major property agency told BT he had around 50 apartments at Marina Bay Residences from buyers who want to flip their units for a quick buck. He said that while it will be easier for owners of three and four-bedroom apartments to flip their units because these will boast views of Marina Bay and the future integrated resort, it may be more difficult for those who have bought one and two bedders as the views from units are not as good. They will face office towers.

Anyone has any idea of how the new policy on stamp duty is going to affect the buyers of MBFC?

Can someone enlighten?:)

Anyone has any idea of how the new policy on stamp duty is going to affect the buyers of MBFC?

Can someone enlighten?:)

The buyers of Marina Bay Residences have have up till 14 March 2007 to pay the Stamp Duty without any penalty.

If the buyers "flip" the unit, they have to pay the Stamp Duty anyway. It will affect those buyers who are not able to flip their units by 14 Mar 2007. They will have to pay the stamp duty by then.


The press release by IRAS can be found at:

http://www.iras.gov.sg/ESVPortal/other_info/press/press_20061215_withdrawal_of_1998_off-budget_concession_on_stamp_duty_deferment.asp

One part of the press release reads:

However, buyers who have accepted their Options to Purchase before 15 December 2006 are not affected by the new rule. They would continue to enjoy the Stamp Duty deferment concession.

After a buyer booked a unit, the developer usually takes maybe 2 or 3 working days to deliver the Option to Purchase document to the buyer. The buyers of Marina Bay Residences only booked their units on 12 and 13 Dec, so it is extremely unlikely that they have received their Options to Purchase. So they are affected, but IRAS gave them a grace period until 14 March 2007.

Just to add. I think that the majority of the buyers of the Marina Bay Residences who intend to flip their units are "specuvestors" (combining "speculator" and "investor"), meaning that they have the monetary means to hold on to the units if they are unable to flip their units.

The withdrawal of the deferred stamp duty payment concession is not likely to have any impact to them as they have the means to pay the stamp duty when they still have not flipped their units by then.

The units were so expensive to begin with and small-time flippers who barely enough funds were probably few and far between for this project.

Nevertheless IRAS' withdrawal of the concession could be a signal that if speculation gets out of hand, the government could introduce more measures.

It also has a pyschological effect on less brave flippers or flippers on a tight budget to stay away from future projects.

Two (or more) flippers with tight budget could still band together to combine their budget (so that they can afford the 5% booking fee and about 3% stamp duty), book a unit in a new highly desired project, and then flip the unit.

Of course, the flippers have to do their homework diligently and zoom in on a highly sought after project. If the project turns out to be not highly desired, then flipping could be difficult and they have to be prepared to hold the unit for much longer.

One way to gauge the popularity of a project is to queue up as early as possible, and then see how long the queue is just before the preview starts. The length of the queue could indicate the popularity of the project. This is not fool proof of course.

Developers are also very smart. For example, the developer of Marina Bay Residences increased the prices several times when releasing new floors/units.

The buyers who bought the units at the very first release of floors have the best deal. They are given the right to take the first bite of the cherry, at the not-yet-raised prices.

Subsequent batches of buyers would have paid the higher prices.

Ah Wees ...

You very enthusiatic leh ... post so many notes here ...

Developers upping prices along the way is a common strategy ... it acheives a few objectives ... 1) Appease the first batch so that next time when developer first launch it gets a artificially good response because people thought when the sales hit x% price will go up .. 2) It signals to those who haven buy that prices ARE moving up ... and if you dont run in with the cheque ... it may go up again ... 3) It makes the showflat looks even busier ... like some stock market .. those with weak heart and still thinking will be given a nudge to sign the cheque ...

I pray that the MBFC units will stay high ... and create a ripple effect to the rest of the prime district ... pls pls pls ...

Of course, your Friendly Guru must declare I have my selfish reasons for hoping that will happen ... haha!

Your Friendly Guru ... ...

Ah Wees ...

You very enthusiatic leh ... post so many notes here ...



Hi DKSG,

Yes, I was enthusiatic about Marina Bay Residences. I had wanted to get a 1-bedroom unit. But after working out my sums, it was quite tight and should things turn out awry, I have little room to manoevre. I even posted in this thread if anyone wants to join with me to buy one unit. But no one responded.

So I did not go down on Tuesday night to queue overnight. But I was there on Wed late afternoon to see. But getting a unit at the late part of the preview is much riskier because the developer had increased the prices to never-seen-before prices.

Ah Wees ...

Developers upping prices along the way is a common strategy ... it acheives a few objectives ... 1) Appease the first batch so that next time when developer first launch it gets a artificially good response because people thought when the sales hit x% price will go up .. 2) It signals to those who haven buy that prices ARE moving up ... and if you dont run in with the cheque ... it may go up again ... 3) It makes the showflat looks even busier ... like some stock market .. those with weak heart and still thinking will be given a nudge to sign the cheque ...



Yes, developer upping prices along the way is a common strategy. But the number of times and the quantum of the increases for Marina Bay Residences seems to be extraordinary.

And to extract maximum prices for the last few penthouses, the developer used a tendering process, which is a first time here.

Maybe Orchard Turn penthouses will also be awarded through a tender.

I just went to the URA website and did a search.

There was one caveat lodged for Dec 06 for The Sail - 936 sf for $1,479,000. This works out to $1580 psf.

It will be interesting to watch out for other caveats as they get lodged.

MBFC Unit 1 & 10 will have a magnificent views when the IR and Gardens by the Bay is fully completed. Unit 10 (4 BR ), especially 30 floor and above have the best panoramic views of the city and the gardens. And it is totally unblocked.

Unit 6 of tower 1 and unit 18 of tower 2 of the Sail @ Marina Bay are also going to be units that stand out in future, though not as good as unit 10 in MBFC.

Unit 1 (3BR) in MBFC will have an equally good view of the gardens and Bay in future. Ithink this few units will really commands a premium price and really be for the "UBER PREMIUMS".

Unit 2,3,4 and 5 of the Sail Tower 1 shall carry a good premium too as they are having a pretty panoramic view of the Bay. The price differential for this units has increased from the $150+ region from the initial launch to mor e than $700 as of now.

This is my person opinion after a 3D simulation comparison. If anyone is interested in a JPG 3D comparison, you can drop me a mail & I can send you a clearer pictures on the views.

I would appreciate if anyone can comment and advise on views and the premium that each individual unit should carry.

The Chinese news said the buyers of Marina bay residence from 12-14 Dec are not affected by the stamp duty policy change and will still enjoy the concession of defer payment. Contradict to English news.

=========

马宝山：房市并未过熱


陈锦芬 杨永欣 (2006-12-15)




　　国家发展部长马宝山认为，现阶段并没有证据显示，我国房地产市场的投机活动过多，房地产价格的上扬并没有发展到让人担忧的地步，因此政府没有计划介入。尽管如此，马宝山仍劝请公众，在购买任何房地产前，需先清楚了解自己在进行的是什么交易。

　　“政府对（房地产的）发展局势非常清楚，目前的热潮只局限于几个发展项目。”

　　媒体昨天报道，滨海湾居（Marina Bay Residences）豪宅最昂贵的一个单位以每平方英尺超过2700元成交，创下历来所有99年地契共管共管公寓的价格新高。昨天晚上更有消息说，滨海湾居剩余的6个顶层豪宅（penthouse）单位已经全部售出，最贵的一个单位，售价突破每平方英尺3400元。

　　由于国内税务局突然宣布将从今天起取消延迟偿还印花税的措施，因此媒体都纷纷在昨晚马宝山主持一个开幕礼过后，询问他国家发展部是否会采取行动来抑制市场的炒卖活动。

　　对于每平方英尺2700元，马宝山说：“房地产的价格不是由我们（政府）决定的，那是国人所愿意支付的价钱。若他们愿意付这么高的价钱，这是他们的选择。当然，若（房地产的）投机情况扩散，并到达1995年、1996年的水平，那就令人担忧了。幸好到目前为止，我们距离那个水平还有一段距离。”

　　“以新加坡目前整体的房地产趋势来看，市场并没有出现过热的现象。”

　　国内税务局（IRAS）昨天宣布，政府从今天起，取消让买家等到房地产落成或转售时，才缴付印花税（stamp duty）的优惠。

市场人士难免联想 政府试图为房市“降温”

　　这项昨午发出的宣布紧随本地豪华房产项目销售红火、价格被节节炒高的消息，时机相当耐人寻味。在市场人士眼中，难免有政府试图出面为房地产市场“降温”、“灭火”的联想。

　　国内税务局发表的文告说：“由于经济情况和房地产市场已改善，政府决定立即（本月15日起）取消有关优惠。”

　　这意味着买家今后将获得“正常的待遇”，即在订购房产、签署“购买选择权”（Option to Purchase）的14天内支付印花税。买家一般在签署“购买选择权”时，支付房价的5％作为订金。其余的15％，在八个星期内签署买卖协议时才支付。

　　政府是根据房地产的买价或市值，计算印花税率，视何者为高。它为房价的首18万元征收1％，另外的18万元征收2％，剩下的数额征收3％。

　　市面上目前最受瞩目的房地产项目——滨海湾居，还来不及按计划于今日正式推出，就已在短短的两三天几乎卖完所有的单位，受欢迎程度连发展商都始料不及。

　　不过，滨海湾居过去三天的买家都不受影响，因为根据国内税务局发表的文告，在今天以前接受“购买选择权”的买家，不受新条例影响，还是继续享有延迟缴付印花税的优惠。

　　至于从今天到本月底之间接受“购买选择权”或签署“买卖协议”的买家，政府将推出过渡性的措施，给他们直到明年3月14日缴付印花税，不为他们的“迟缴”而加以处罚。属于这种情况的买家，必须在接受选购权或签署协议后的14天内，填妥和寄交一份表格给印花税总监（Commissioner of Stamp Duties）。该表格可从国内税务局网站（www.iras.gov.sg）索取。

　　为了缓和经济放缓的冲击，政府自1998年6月起，推出房地产印花税延后缴交的优惠，作为预算案外（off-budget）措施之一。

　　有关优惠允许房地产买家在迟些时候，才缴付印花税。对于刚兴建的房地产，买家可以“拖”到该房产取得临时入伙准证（TOP）时支付。而已建竣的房地产，则须在交易完成时缴交。

　　1997年金融风暴后，由于房地产市场行情低迷，发展商为了刺激买气，还一度替买家承担印花税。