M+S breaks ground on Marina One development
By Lynda Hong | Posted: 11 July 2012 2326 hrs
SINGAPORE: Marina One, a landmark mixed-use development at Marina South, broke ground on Wednesday.
M+S, a joint venture owned by Malaysia's Khazanah Nasional and Singapore's Temasek Holdings, says the development will provide commerce, high-end residences and retail spaces, and is on track to be completed by 2017.
The 60:40 joint venture between Khazanah Nasional and Temasek came about after a landmark land swop deal for the former Malayan Railway land.
M+S's board of directors came together to mark the start of Marina One's development earlier in the morning.
"So far, the working arrangement has been excellent. The schedule of the development is on track. We have secured a S$5 billion financing facility from eight banks. It is one of the largest property financing projects ever raised in Singapore for a company," said Azman Yahya, chairman of the M+S board of directors.
With a gross development value of S$7 billion, the development will have a gross floor area of 341,000 square metres.
The site includes four land parcels spanning 2.62 hectares.
Marina One will be eventually linked to the Marina Bay MRT station when completed in 2017.
The upcoming Downtown Line MRT station will also be near the development comprising two residential blocks. Another two office blocks will be launched in the next few months.
M+S will not unveil Marina One's design until its launch in the upcoming months, but says the development's 200-metre tall office blocks will be 30-storey high.
Office space will make up 60 per cent of the development, while five per cent will be leased out for retail.
The remaining 35 per cent will be set aside for 1,042 residential units in the 130-metre tall residential blocks.
Analysts say investors may be receptive if the residential units are priced close to neighbouring developments, which now go for S$2,300 to S$2,500 per square foot.
Nicholas Mak, research head at SLP International, said: "Developers will have to consider the speed of sales, hence they may want to launch the project at about S$2,300 to S$2,500 per square foot. As for the office space, if they were to be completed, it would fetch rents of about S$6 to S$8 per square foot per month.
"Many of the potential buyers of this new apartment development are likely to be investors because of the location of these residential blocks."
"With the ABSD in place, I think some of the foreign investors may be discouraged from coming to the residential market. So I think the pace of sale will be slower. I think it will take more than two years for the 1,000 over apartments to be fully sold," Mr Mak added.
According to M+S, development plans for two land parcels at Ophir Road which form part of the bilateral landmark deal are pending approval.
The project, which includes residential, commercial and retail units, as well as a hotel, will be unveiled in the next few months.
Marina One set to raise bar for future integrated developments
By Saifulbahri Ismail | Posted: 19 February 2013 1515 hrs
SINGAPORE: The Marina One mixed-use development in the heart of Singapore's Central Business District (CBD) will be a coveted business and lifestyle destination that will raise the bar for integrated developments and act as a catalyst to attract and grow new businesses.
That is the vision of M+S, a joint venture company owned by Malaysia's Khazanah Holdings Bhd and Singapore's Temasek Holdings, that is working on the landmark project.
M+S also said Marina One, designed by world renowned architect Christoph Ingenhoven, marks a brand new chapter in the Marina Bay Masterplan.
Its design was unveiled on Tuesday by Singapore's Prime Minister Lee Hsien Loong and his Malaysian counterpart, Mr Najib Razak, who are holding their Leaders' Retreat.
M+S said Marina One will be completed in 2017, with a gross floor area of 3.67 million square feet and is valued at S$7 billion.
It consists of Marina One Residences, Marina One Offices as well as a retail podium.
Marina One Residences comprises two towers of 1,042 luxury city residences, ranging from one- to four- bedroom units, including penthouses. These will be launched in the second half of the year.
Marina One Offices -- with east and west towers -- offer 1.88 million square feet of prime office space.
Its crown jewels will be two 100,000 square feet office floor plates, one of the largest in Asia.
Marina One will also have a retail podium called The Heart, which will also serve as a sanctuary and green space.
The development will also incorporate a unique garden ecosystem by landscape architect Gustafson Porter, best known for their world-class design of Singapore's Bay East, Gardens by the Bay.
PM Lee said he is happy to see the bricks and mortar starting to come up on site.
He added: "It's going to be an iconic project in the middle of our new business district for many, many more years to come. This is a project that both countries will be proud of and which will thrive and prosper in our city and friendship."
Mr Najib said he is excited to see the design for himself.
"I think it's a wonderful design. I think we have a real winner in this Marina One and it will certainly fulfil our expectations... A landmark, an iconic building and what we see today is the beginning of that iconic building," he added.
The two leaders were also briefed on the progress of the other joint project located near Kampong Glam.
The project, called DUO, includes office, residential and hotel components.
It sits on 160,000 square metres of land and is valued at S$4 billion.
The DUO and Marina One are part of six land parcels jointly developed by Singapore and Malaysia under a land swop deal agreed on in 2010.
News on project + short flythrough:
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Last edited by Vrooms; March 5th, 2013 at 07:12 PM.