29 Jan 2004
NBBJ appointed to design its Marina Bay project
CITY Developments has appointed NBBJ, one of the biggest architectural firms in the US, to design Singapore's tallest apartment towers for its project facing Marina Bay.
One tower will be 69 storeys and the other, 58 storeys. In all, there will be about 1,100 apartments, which are intended for sale. The first launch is slated for Q3 this year. There will be no offices in the development.
A very small portion - about 29,000 sq ft or just 2 per cent of the overall gross floor area - will have retail, restaurant and personal services outlets. These will be located in the basement and at ground level.
'The two soaring towers will be an outstanding landmark in the Marina district,' said CityDev's group general manager Chia Ngiang Hong.
'This development has a superb location, with units facing Marina Bay and with a panoramic view of the sea. We are working with architects and designers to refine the design of the buildings.'
NBBJ, as concept architect, will work with local architectural firm Team Design for the project, which will be linked to Raffles Place MRT Station.
Apartment sizes will range from about 580 sq ft (one-bedroom units) to 1,130 sq ft (three bedrooms). There will be four penthouses.
Construction is slated to begin in Q3 this year and is expected to take about four to five years to complete. CityDev bagged the site at a May 2002 state tender at $227 psf of potential gross floor area. Analysts have estimated the breakeven cost for the apartments at about $450 psf.
Assuming CityDev achieves an average price of at least $650 psf for the apartment development, pre-tax profit will be at least $100 million for its half share in the project, analysts estimate.
They have applauded CityDev's move to develop the project as mostly residential, with no office component. 'Office rentals continue to be depressed as there's still a supply overhang, whereas as a residential development, this will be the first in the Marina Bay area,' said a market watcher.
NBBJ appointed to design its Marina Bay project
CITY Developments has appointed NBBJ, one of the biggest architectural firms in the US, to design Singapore's tallest apartment towers for its project facing Marina Bay.
One tower will be 69 storeys and the other, 58 storeys. In all, there will be about 1,100 apartments, which are intended for sale. The first launch is slated for Q3 this year. There will be no offices in the development.
A very small portion - about 29,000 sq ft or just 2 per cent of the overall gross floor area - will have retail, restaurant and personal services outlets. These will be located in the basement and at ground level.
'The two soaring towers will be an outstanding landmark in the Marina district,' said CityDev's group general manager Chia Ngiang Hong.
'This development has a superb location, with units facing Marina Bay and with a panoramic view of the sea. We are working with architects and designers to refine the design of the buildings.'
NBBJ, as concept architect, will work with local architectural firm Team Design for the project, which will be linked to Raffles Place MRT Station.
Apartment sizes will range from about 580 sq ft (one-bedroom units) to 1,130 sq ft (three bedrooms). There will be four penthouses.
Construction is slated to begin in Q3 this year and is expected to take about four to five years to complete. CityDev bagged the site at a May 2002 state tender at $227 psf of potential gross floor area. Analysts have estimated the breakeven cost for the apartments at about $450 psf.
Assuming CityDev achieves an average price of at least $650 psf for the apartment development, pre-tax profit will be at least $100 million for its half share in the project, analysts estimate.
They have applauded CityDev's move to develop the project as mostly residential, with no office component. 'Office rentals continue to be depressed as there's still a supply overhang, whereas as a residential development, this will be the first in the Marina Bay area,' said a market watcher.