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Old December 14th, 2006, 04:03 PM   #41
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Some pics by Cliff of the crowd snapping up units for the residential tower:

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



anyways, here's the model
another pic from Cliff

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Old December 14th, 2006, 04:04 PM   #42
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90% of Marina Bay Residences sold at record prices

13 Dec 06



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.


By Loh Kim Chin, Channel NewsAsia
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Old December 15th, 2006, 04:28 AM   #43
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thanks raffie, here's a pic of the model with the rest of the city


errr, you can actually see the model of Singapore flyer at the bottom left, lying in the bay.
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Old December 15th, 2006, 04:50 AM   #44
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Quote:
Originally Posted by Cliff View Post
thanks raffie, here's a pic of the model with the rest of the city


errr, you can actually see the model of Singapore flyer at the bottom left, lying in the bay.
^ Aiyo.....

Can't imagine that this will be happening in about 2 years.....
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Old February 7th, 2007, 02:56 AM   #45
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Group to take up rest of BFC site

7 Feb 07


THE consortium behind the Marina Bay Financial Centre will exercise its option to buy the remaining 194,000 sq m of land on the vast business and financial centre (BFC) site, a consortium member said yesterday.
Its timely move means the group will likely be able to avoid having to pay increased development charges that are almost certain to be imposed when the Urban Redevelopment Authority unveils its six-monthly review on March 1.

These are the charges a developer pays to enhance a site's value, such as when it wants to build a bigger project.

Market watchers tip increased charges for Marina Bay, given the rise in values in the area, with one forecasting a rise of at least 20 per cent in the charges.

The consortium - Cheung Kong Holdings, Keppel Land and Hongkong Land - bought phase one of the BFC, now known as Marina Bay Financial Centre, in July 2005.

It submitted the top bid of $4,101 per sq m of gross floor area or $381 per sq ft per plot ratio.

Phase one comprised 2.6 million sq ft or about 56 per cent of the total gross floor area of 438,000 sq m at the BFC site.

The consortium had then taken up an eight-year option for the purchase of the remaining 194,000 sq m. This requires them to buy at least half of the area within four years and at prices that vary with changes in the average development charge for the area.

The executive director of Hong Kong's Cheung Kong Holdings, Mr Justin Chiu, told The Straits Times yesterday that 'the consortium has decided to take up the rest of the land'.

The group has yet to decide on the residential component for phase two, he said.

The consortium chalked up record prices of up to $3,450 psf for a penthouse at its sold-out Marina Bay Residences, the residential component of Marina Bay Financial Centre, last December.

Phase two will put more quality office space on the market, though there will a time lag before the supply comes onstream. Office supply is expected to remain tight until the Marina Bay Financial Centre is ready around 2010.

Property consultancy Knight Frank has forecast a rise in rents of Grade A office space of between 15 and 25 per cent amid tight supply.


By Joyce Teo, Property Correspondent
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Old February 7th, 2007, 04:52 AM   #46
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how bland.. singapore has better offerings than this :-(
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Old February 26th, 2007, 11:36 PM   #47
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More office space likely for Phase 2 of MBFC

26 Feb 07

Move seen as latest market response to acute shortage of office space



(SINGAPORE) In a likely change of plan, the second phase of the Marina Bay Financial Centre (MBFC) is expected to have more office than condo space.

BT understands that the change is prompted by strong demand from banks and other big financial houses scouting for offices in Singapore.

'The consortium is reviewing increasing the office component in Phase 2 of MBFC in light of increasing demand from the financial services industry,' said Robert Garman, Hongkong Land's director of commercial property (South Asia), in response to a query from BT.

'We're in discussion with prospects to lease about one million sq ft of offices in the development,' he added. Hongkong Land is a member of the consortium that is developing the MBFC.

BT understands that initially the ratio of apartments to office space for Phase 2 was to be about 2:1, premised on strong demand for waterfront homes as seen in the December preview of Marina Bay Residences under MBFC's first phase.

However, major global banks increasingly concerned about the office shortage in Singapore have expressed strong demand for offices in the development, leading the consortium to reverse the allocation of office and apartment space for MBFC's second phase, according to industry observers.

The consortium, whose other members are Keppel Land and Cheung Kong Holdings, announced earlier this month it had exercised the option to buy the rest of the Business & Financial Centre site for $883.8 million, reflecting an effective unit land price of $435 per square foot (psf) of potential gross floor area.

Market watchers expect the two office towers of MBFC's first phase - which add up to about 1.65 million sq ft net lettable area - to be marketed together with the office tower in the second phase, which is expected to offer another one million-plus sq ft of offices.

The consortium developing Marina Bay Financial Centre also developed One Raffles Quay (ORQ) nearby which comprises two towers. Completed last year, the towers add up to slightly over 1.3 million sq ft of net lettable area. The last office unit at ORQ, said to be about 4,000 sq ft, was leased at a gross monthly rent of about $12 psf a month, nearly three times the effective rental when leasing for ORQ began in 2004, BT understands.

Responding to the office shortage building up in Singapore, the government is offering more sites in the first half of 2007 for office developments or projects with minimum office components. These include a prime plot behind One Shenton Way, and the former NCO Club on Beach Road.

However, office industry players say any new developments on these sites may come too late, as they will be ready only after the first office tower at MBFC is completed - in early 2010.

'Office rents will continue to rise till around 2010/2011, and then there could be a glut again as new projects are completed,' predicts an industry player.

Agreeing, the research head of a major foreign stockbroking house said the authorities probably erred on the side of caution by not offering more Grade A location office sites earlier, at least through the reserve list. 'So we'll have a supply shortage for the next few years and continued rental escalation - which could lead to some global financial players expanding their operations elsewhere instead - followed by the completion of a huge amount of office space, and rentals sliding after that.

'By not releasing land on a regular basis, they have exacerbated the cycle,' he added.

Calling for a calm reaction to the situation, CB Richard Ellis executive director Moray Armstrong said: 'The cyclical nature of the office market requires cool heads and prudence, in terms of how the government plans, and the private sector reacts, in addressing the shortfall in the short term.'

'In the near term, we need to look at improving supply of offices in decentralised locations and allowing more leeway for using business parks as offices,' he added.


By KALPANA RASHIWALA

Update: 20 Feb 07
by nolimit


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Old March 3rd, 2007, 01:21 PM   #48
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2 March 2007

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Old March 3rd, 2007, 01:37 PM   #49
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what will be the tallest tower in the new marina bay?
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Old March 3rd, 2007, 01:55 PM   #50
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By 2010, this development, and the Sail will be the tallest buildings at Marina Bay.

In future, many more sites will be developed, so maybe, there could be taller buildings than these. Here is the masterplan, showing the future sites on the grid plan.

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Old March 3rd, 2007, 02:45 PM   #51
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thank you RafflesCity
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Old March 3rd, 2007, 04:05 PM   #52
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Quote:
Originally Posted by RafflesCity View Post
2 March 2007

Now that's an amazing photo!
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Old March 3rd, 2007, 08:41 PM   #53
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Yes it is! That's what I call some nice construction work, looks like an construction explosion Dubai style! (but better quality)
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Old April 18th, 2007, 05:58 PM   #54
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10 March 2007 update




Stanchart signs S'pore's biggest office lease

18 April 2007

STANDARD Chartered Plc. signed Singapore's largest ever office space lease on Wednesday, taking up 500,000 square feet of space over 24 floors at Marina Bay Financial Centre.

The deal underscores the booming office rental business in the Republic, where a shortage of prime Grade A space is driving up rents.

The bank said in a statement on Wednesday that it will spend about $800 million to move its Singapore offices to the new financial centre. The expenditure will include costs for rental, relocation and renovation.

Stanchart's Singapore operations are currently scattered across a few locations here and the new Marina Bay office, which would be the bank's largest office in one location, would see some consolidation of its businesses.

It said it had signed a 12-year lease agreement with an option for another eight years for the new office space which is expected to be ready by 2010.

Staff expansion
The bank will also increase its headcount in Singapore by nearly 60 per cent to 6,000 by the year 2010, from 3,800 currently, as it increases and relaunches its Asian private banking business.

Executive director Kai Nargolwala on Wednesday made the announcement when he spoke at a media briefing on the bank's expansion plans.

He said the increase of 2,200 in Singapore, which is among the bank's top five contributors to group profit and revenue, would be new hires.

'Apart from Singapore being a very important contributor to the bank, we actually run a large part of the bank globally out of Singapore,' said Mr Nargolwala.

Global businesses being run out of Singapore include the consumer bank business, foreign exchange and private banking.

Mr Nargolwala said Stanchart's new London office, which is being built at the moment, will be slightly smaller in total floor area than the new Singapore office.

Relaunches private banking
Stanchart was also starting to relaunch its private banking business after a non-compete clause with UBS ended a few years ago, he said.

Stanchart sold its private banking business in Asia in 1995 to Swiss Bank Corporation, which was subsequently merged with UBS.

Despite the shortage of private bankers amid a boom in the industry, resulting in a spate of poaching of experienced bankers among players, Stanchart is confident that it will be able to build a team quickly.

'We have a very, very thriving priority banking segment. Many of our relationship managers, that are at the top end of priority banking, can move into private banking. So we will have a natural pipeline there,' he said. 'We will be investing a lot to relaunch private banking.'

He also said the bank had no plans to cut costs at its consumer banking division, where expenses rose 26 per cent in 2006 against a 23 per cent rise in income.

'What we have said to the market very clearly is that we are going to allow...costs to grow faster than revenues in the consumer bank business in the first half of 2007.'

'The main reason is that we have so many opportunities to invest in the franchise,' he said adding that the investment would be in new branches, ATM machines and products.

'This is very much a planned investment spend that we are doing in the first half,' he said. Major areas of focus include China, where the bank is one of four foreign lenders given the go-ahead last month to start locally incorporated businesses.

'We are investing substantially in our branch presence and capabilities in China and we have a big push going on in Vietnam as well,' he said. -- REUTERS
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Old April 19th, 2007, 04:09 AM   #55
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Stanchart to set up its world's largest office at Marina Bay

19 Apr 07

(SINGAPORE) Standard Chartered Bank yesterday announced plans to set up its biggest office anywhere in the world at the new Marina Bay Financial Centre to help run its global banking business. The bank intends to build up its staff strength in Singapore from the present 3,800 to about 6,000 by 2010.



Including the cost of renovation and relocation as well as rent, the bank says it will be spending about $800 million on the new premises it is leasing at Marina Bay Financial Centre.

In what is thought to be Singapore's biggest office leasing deal so far, the bank has taken on a lease for up to 500,000 sq ft of space in Tower 1 of the centre's first phase, which is expected to be ready in the early months of 2010. The bank will be taking about 30 per cent of the total commercial space in the initial phase of the centre.

These will be the biggest premises Stanchart has in any one location worldwide, Stanchart group executive director (Asia) Kai Nargolwala told reporters at a news briefing yesterday. The bank's initial 12-year lease runs from Q3 2010, with an option to renew for a further eight years. The leasing deal was brokered by Jones Lang LaSalle.

Stanchart, whose headquarters are in London but which has most of its business in Asia, employs 60,000 people in 56 countries and territories around the world. Its 2006 annual report values its assets at US$266 billion.

'The move to Marina Bay Financial Centre will help centralise our front office staff from our various locations in Singapore under one roof and will provide us with a long-term occupancy solution,' Mr Nargolwala said.

Not everyone will be moving there, though, as the group plans to keep some of its present offices, probably including Six Battery Road.

'We are currently in eight locations in Singapore. We won't end up with just one location. We'll continue to have at least two or three, for our business continuity planning purposes and for a variety of other issues,' Mr Nargolwala said. 'At the moment, we have expanded way out of Battery Road. We have taken premises in a number of different buildings. So we could consolidate some of that back.'

Stanchart also occupies space in CPF Tampines Building, for backroom offices, as well as UOB Plaza 1, OUB Centre, and Plaza by the Park. Market watchers reckon that Stanchart will most likely keep the Tampines location along with Six Battery Road.

Stanchart officials estimate the bank could potentially occupy up to one million sq ft of space in Singapore by 2012, depending on market conditions and growth prospects. By some market estimates, the bank currently occupies about 400,000 sq ft across locations in Singapore.

Stanchart's business in Singapore is among the top five contributors to group revenue and profit. For 2006, Stanchart Singapore's income of US$622 million accounted for 7.2 per cent of the group total of US$8.62 billion. Operating profit here of US$289 million constituted 9.1 per cent of the group pretax figure of US$3.18 billion.

'But what a lot of people don't realise is that apart from Singapore itself being a very important contributor to Standard Chartered, we actually run a large part of the bank globally out of Singapore,' Mr Nargolwala said. Singapore is the global HQ for most of Stanchart's businesses, including consumer banking, rates and FX, corporate finance, debt capital markets, commodity corporates, client relationships, transaction banking and private banking.

Mr Nargolwala said the bank will be 'investing a lot' to relaunch its private banking business in Asia and the Middle East, after a non-compete clause with UBS ended some years ago.

The bank says it is not worried about the shortage of experienced private banking personnel. 'We have a very, very thriving priority banking segment. Many of our relationship managers that are at the top end of priority banking can move into private banking. So we will have a natural pipeline there,' Mr Nargolwala said. But Stanchart will still be looking for a lot of new staff. Mr Nargolwala said virtually all the 2,200 additional people the group will employ in Singapore by 2010 will be new hires. 'They will be across the board, because the bank's business across the board is growing,' he said.

Yesterday's deal will see Stanchart taking up 24 floors in the 33-storey Tower 1 of the Marina Bay Financial Centre. This tower will have about 620,000 sq ft of net lettable area. The 50-storey Tower 2 will have about one million sq ft of offices. The centre's first phase also includes the 428-unit Marina Bay Residences.

MBFC's second phase - slated to finish by late 2011 - will have an office tower and a residential tower. Nearly three-quarters of the total 4.7 million sq ft gross floor area in the entire project could be for offices.


By KALPANA RASHIWALA
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Old May 19th, 2007, 08:17 AM   #56
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General video update on all the developments around marina bay. Kinda old, sorry!

http://www.youtube.com/watch?v=vWMBSXmOO3c
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Old June 28th, 2007, 05:37 PM   #57
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Taken by Baby

Quote:
10 June 07

I have shot the progress of the MBFC Residences and the Office blocks (x2)



The first pict shows where the MBFC Residences will be located. Apparently the foundation for the MBFC Residences had just been completed. I believe we will see the first storey rise up very soon.




The 2nd and 3rd pict shows where the office blocks are located. They had completed part of the ground drilling, and in progress of pushing in the metal piling and filling them with concrete to complete the piling foundation works.




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Old July 22nd, 2007, 03:16 PM   #58
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21 July 2007

It is the site on the lower half of the pic

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Old August 10th, 2007, 04:07 AM   #59
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Marina Bay office tower fully leased 3 years ahead of completion

10 Aug 07



AN ENTIRE tower of the Marina Bay Financial Centre has been fully leased about three years ahead of its completion.
Developer BFC Development said it recently secured two new tenants for the remaining space in the 33-storey Tower One and its first tenant for the 50-storey Tower Two.

This follows the developer's success in pre-leasing 24 floors in Tower One to its first tenant, Standard Chartered Bank, in April.

French corporate and investment bank Natixis, a Paris-listed company, will occupy three floors with a total area of 65,000 sq ft at Tower One.

Wellington International Management Company will take up one floor with an area of 21,000 sq ft.

Both contracts are for nine-year leases.

BFC Development's general manager, Mr David Martin, added that BFC Development has secured a major Swiss private bank as the first tenant for Tower Two, which has 50 storeys and one million sq ft of space.

The bank will occupy 25,000 sq ft.

Mr Martin said BFC Development's marketing team is in advanced discussions with a number of other potential tenants.

'There is a very healthy level of interest in the building,' said CB Richard Ellis' executive director for office services, Mr Moray Armstrong.

'Theoretically, there are enough tenants to complete the leasing of the buildings based on inquiries.'

Strong demand for prime office space is evident as phase one of Marina Bay Financial Centre is more than 40 per cent pre-leased, he said.

Rental rates, even at the pre-lease stage, are expected to be competitive.

Given the location and luxurious quality of the financial centre, prices are expected to be in line with - and even exceed - current market rates, said BFC Development.

Government data shows that median rents of new leases in prime office buildings have risen 13.9 per cent to $10.33 per sq ft per month in the second quarter.

The supply crunch looks set to ease only in 2010, when phase one of the 3.55ha Marina Bay Financial Centre is completed. The residential block was sold out in December.

The second phase will be completed in 2011. Its residential block will have about 250 luxurious and large three- and four-bedroom units, all with private lift lobbies.

'Potential buyers and existing home owners in Marina Bay Residences have already expressed strong interest in the new tower, which we are targeting to launch at the end of the year,' said Mr Martin.


By Joyce Teo, Property Correspondent
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Old September 23rd, 2007, 06:43 AM   #60
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22 September 2007

Load testing and piling is still going on.

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