  |
| Coming
attractions: Building on Singapore's green legacy, three
world-class waterfront gardens (above) of about 100 hectares are
planned for the area |
Waterfront business
districts such as Canary Wharf in London and Pudong in Shanghai have come,
in recent years, to signify urban progress and prosperity. They have raised
the international profile of their respective cities while spurring growth
and investment.
The Singapore
example is in Marina Bay. A seamless extension of Singapore's flourishing
central business district spanning 360 hectares of prime land for development,
Marina Bay is our city's most exciting and ambitious urban project that will
support our continuing growth as a major business and financial hub in Asia.
Set by the water's edge and with our
signature city skyline as a backdrop, Marina Bay is envisioned to be a
Garden City by the Bay, a 24/7 destination presenting an exciting array of
opportunities for people to explore new living and lifestyle options,
exchange new ideas and information for business, and be entertained by rich
leisure and cultural experiences in a distinctive environment.
The groundwork for the expansion of the
existing CBD (Central Business District) and its transformation into a
waterfront business district focused around Marina Bay had been laid as
early as the late 1960s. Land adjacent to the CBD was reclaimed in phases
between 1969 and 1992.
The Master Plan for Marina Bay focuses on
encouraging a mix of uses (commercial, residential, hotel and entertainment)
to ensure that the area remains vibrant around the clock.
The concept of 'white' site zoning also
gives developers more flexibility to decide on the mix of uses for each
site, including housing, offices, shops, hotels, recreational facilities and
public spaces.
To cater for good connectivity and
seamless extension, the development parcels at Marina Bay were planned based
on a grid urban pattern which extends from the existing road network within
the CBD. This grid creates a flexible framework with a series of land
parcels that can be amalgamated or sub-divided to meet different
requirements as well as changing demands and allow the phasing of
developments.
Creating signature districts
In the planning of Marina Bay, specific
attention was paid to creating value. The land parcels are located within a
series of distinctive districts, each focusing around attractive public open
spaces and tree-lined boulevards which will provide signature address
locations for developments.
Along the waterfront and fronting key
open spaces, building heights are kept low. This maximises views to and from
individual developments further away from the waterfront, enhancing their
attractiveness and creating a dynamic 'stepped-up' skyline profile as well
as more pedestrian scaled areas.
The successful development of Marina Bay
is supported by state-of-the-art infrastructure. To date, the government has
pumped in more than $4.5 billion to facilitate development of the area.
A Common Services Tunnel housing
electrical and telecommunication cables and other utility services
underground is being built, making repeated road diggings a thing of the
past. An extensive road and rail network has also been planned, with three
MRT stations to be built in the area as part of the new Downtown rail line.
A new vehicular and pedestrian bridge
will link Bayfront to Marina Centre. The 280m pedestrian linkway - the
longest in Singapore - will sport a dynamic double helix structure. Together
with a new waterfront promenade, this will create a continuous walking loop
connecting up the necklace of attractions and open spaces around the Bay.
Another key infrastructural project is
the Marina Barrage. When officially opened in 2009, it will turn the
existing water body into Singapore's first reservoir in the city. This will
serve as a new source of fresh water for Singapore and a new lifestyle
attraction allowing for a variety of water-based activities and events to
take place. It will also house Singapore's tallest fountain project.
The softer touch
Having provided for much of the
'hardware' for the new business district, it became clear that URA had to go
beyond its traditional roles of urban planning and land sales management. To
this end, the Marina Bay Development Agency was set up within URA to focus
on the 'software' for developing the area. Since then, URA has embarked on a
full spectrum of marketing, promotion and place management activities to
showcase the uniqueness of this new destination.
To generate more buzz, a calendar of
events and activities for public spaces and water bodies has been put in
place in partnership with various agencies and the private sector. Signature
events, like the Marina Bay Singapore New Year's Eve Countdown, have become
a new urban tradition. Marina Bay has also become the definitive venue for a
host of sporting events like the F1 Powerboat Race, the Oakley City Duathlon
and the Great Eastern Women's 10km run.
The shape of things to come
While it will take more than a decade for
the entire area at Marina Bay to be fully developed, a host of projects that
will offer people from all walks of life exciting and attractive options to
live, work and play are already taking shape. These upcoming developments
have contributed significantly towards enhancing the area's reputation as a
location that offers something for everyone: a tropical living environment
among lush greenery; a bustling global business hub and a lifestyle locale
presenting a kaleidoscope of entertainment and leisure choices.
LIVE - by the Bay.
Marina Bay has fast become one of the city's most popular and prestigious
residential addresses, with a number of outstanding projects already
under construction.
The Sail @ Marina Bay will be the tallest
residential development in Singapore at 245 metres when it is completed in
2009. It boasts two towers - one at 70 storeys and the other at 63 storeys.
Meanwhile, the Marina Bay Financial Centre incorporates the 55-storey Marina
Bay Residences, comprising 428 luxury apartments, and the Marina Bay Suites,
a 66-storey development offering 221 exclusive bayside units.
WORK - by the Bay.
With its prime location in the heart of Singapore's future downtown, Marina
Bay continues to be a magnet to global investors and tenants seeking premium
office space in a prime location.
The development of Marina Bay will help
to further position Singapore as one of Asia's leading financial centres,
doubling the size of the existing financial district. The new growth area
set aside for the seamless extension of the existing financial district is
more than twice the size of London's Canary Wharf and will provide some 2.82
million square metres of office space, equivalent to the office space within
Hong Kong's main business district, Central.
Already, a nucleus of office developments
is forming with the development of One Raffles Quay, the
soon-to-be-completed Marina Bay Financial Centre, and the two recently sold
sites at Marina View. Several global banks and multinational corporations,
including UBS, Deutsche Bank, DBS and Standard Chartered, are already
located or will be locating in these developments.
PLAY - by the Bay.
The 'fun' factor at Marina Bay is expected to be raised to a new high when
the Marina Bay Sands Integrated Resort opens its doors in 2009. With its
impressive design featuring a sky park and three soaring 50-storey hotel
blocks with landscaped balconies, the area's most anticipated project will
add a new dimension to our city skyline.
 |
The
Marina Bay Sands Integrated Resort will house, among other things, a
casino, 110,000 sq metres of meeting and convention facilities, and
an ArtScience Museum |
The integrated resort is poised to be a
world-class development that will house a casino, two theatres, 110,000 sq
metres of meeting and convention facilities, as well as about 2,500 hotel
rooms. Other attractions at the integrated resort include restaurants in the
form of two floating crystal pavilions and an ArtScience Museum, the rooftop
of which becomes an amphitheatre with tiered seating.
Building on Singapore's green legacy,
three world-class waterfront gardens of about 100 hectares have been planned
for the area. With the first phase of the project slated for completion in
2010, the Gardens at Marina Bay will be another unique destination
attraction for those visiting Singapore and a green sanctuary for people
living and working in the city.
Each garden will feature a distinctive
design and character. All three gardens will also be interconnected via a
series of pedestrian bridges to form a larger loop along the whole
waterfront and linked to surrounding developments, open public spaces,
transport nodes and attractions.
Focal point for the community
Marina Bay is a prime example of a
visionary masterplan that is not only well on its way to becoming a new
focal point for the local community, but it has also drawn worldwide
attention and interest. Testament to this is its achievement in attracting
close to $16.5 billion worth of private investments to date from
international investors and developers from the US, Hong Kong, Australia,
Europe as well as the Middle East.
 |
Chain
event: A 280m pedestrian bridge - the longest in Singapore -
will, together with a new waterfront promenade, create a continuous
walking loop connecting all the attractions and open spaces around
the Bay |
Moving forward, Marina Bay will continue
to be the centrepiece of Singapore's urban transformation, providing the
city with the opportunity to attract new investments, visitors and talents.
The URA, as the Development Agency for
Marina Bay, is committed to our long-term and strategic plans to meet the
area's future development needs. We will continue to adopt a holistic and
integrated approach in designing the area with people in mind, work with
partners and communities to implement key infrastructure, and carry out
active promotion and place management activities. We will also engage
investors to garner more interesting business concepts and ideas. This will
take us closer to our vision of making Marina Bay a choice destination for
all, one that promises Singaporeans and visitors alike a brand-new,
live-work-play experience. -
2008 March 22 BUSINESS
TIMES Ching
Tuan Yee is Executive Architect, Urban Planning Section, Urban Redevelopment
Authority, while Benjamin Ng is Place Manager, Marina Bay Development
Agency, Urban Redevelopment Authority
2nd phase of Marina Bay Financial Centre sold for
$907m
The Urban
Redevelopment Authority (URA) yesterday gave a detailed breakdown of
the price paid by the consortium developing the Marina Bay Financial
Centre for the second and final phase of the 99-year leasehold site.
The consortium exercised an option on Feb 16 to buy the remaining portion
of the site which can be developed into a gross floor area (GFA) of 194,000
square metres at a total land price of $907.67 million, URA said in a
statement announcing yesterday's signing of the building agreement for the
second and final phase of the site.
Based on URA's figures, the unit land price works out to $435 psf of
potential gross floor area. The consortium had earlier paid an option fee of
about $63.6 million for the right to purchase the remaining site.
Part of this option fee, amounting to $23.9 million, can be used to
pay for the balance land. Thus, the net amount of land price payable by
the consortium for the remaining site is $883.8 million.
The consortium members are Keppel Land, Cheung Kong Holdings/Hutchison
Whampoa, and Hongkong Land. The group was the highest bidder for the site,
with a $381 psf per plot ratio offer, when the tender closed in July 2005.
When the consortium signed the building agreement for the first phase of
the project, amounting to 244,000 square metres of GFA, in October 2005, it
had taken an eight-year option to buy the remaining 194,000 square metres of
GFA.
URA said that the approved development mix for phase 2 would comprise
mainly office and residential uses with a small retail component. However,
the consortium can propose changes to the development mix and seek URA's
approval. - by Kalpana Rashiwala
SINGAPORE
BUSINESS TIMES March 9, 2007
Marina Bayfront office block to turn into homes?
Owner may want to cash in on demand for city dwelling
Could Marina Bayfront office block, currently occupied by Merrill Lynch
at Marina Square, make way for apartments boasting views of The Esplanade and Marina Bay?
 |
| Not efficient now: High-rise apartments on the site can
deliver higher values, says a property consultant |
Industry sources say that the issue is being mooted by some quarters in
Marina Centre Holdings Pte Ltd (MCH). Any change of use will, of course,
have to be approved by the planning authorities.
MCH is a 53 per cent subsidiary of mainboard-listed Singapore Land, the
property arm of United Industrial Corporation. In addition, UOL Group owns
about 21 per cent of MCH.
When contacted, an MCH spokesman said 'we are not aware of any
redevelopment study' on Marina Bayfront office tower.
However, market watchers say that it would not be surprising if MCH's
board is mulling the issue, given that several Central Business District
office blocks are already headed that way - including Natwest Centre and 1
Shenton Way - cashing in on hot demand for apartments in the city.
'This trend of redeveloping offices into apartments raises pressure on
MCH, like any office property owner in the CBD, to seriously explore the
possibility of redeveloping its office property into apartments to extract
greater value from the asset,' says a property analyst.
Agreeing with this view, a property consultant says: 'The Marina Bayfront
office block isn't very efficient right now, because of its layout and it's
only six storeys high. Probably the highest and best use for the site may be
high-rise apartments, which can deliver higher values, compared with the
existing office building.'
And the 15-year-old office block may face stiff competition when Marina
Bay Financial Centre (MBFC) and other future office developments in the
vicinity - such as the project on the former NCO Club on Beach Road - come
up later, reckon office market watchers.
The first office block at MBFC is slated for completion in the first
quarter of 2010. Merrill Lynch's lease at Marina Bayfront is also said to
end that year, although the bank is believed to have a renewal option.
If Merrill Lynch decides to move to MBFC, this will ease any decision by
MCH to redevelop Marina Bayfront at Marina Square, market watchers reckon.
Also, redeveloping the property in 2010 could prove timely as it will take
out some existing stock from the office market just as new projects are
being completed, helping to ease an office glut that some consultants
predict may develop in about four to five years' time.
Marina Bayfront office tower was completed in 1992 and is part of the
Marina Square development - which also includes a shopping mall and three
hotels. The entire site - which has a 99-year lease from 1980 - is zoned for
hotel use with a 3.4 plot ratio (ratio of maximum gross floor area to land
area) under Master Plan 2003.
However, given the site's proximity to a new MRT station under the Circle
Line, MCH could make a case to the planning authority for the site - or at
least the Marina Bayfront portion - to be given a higher plot ratio, say
market watchers.
Marina Bayfront has a net lettable area of about 80,000 sq ft - all
leased to Merrill Lynch. The bank houses its merchant and private bank
offices at this location.
It currently also has offices at Millenia Tower and HarbourFront Centre,
and will lease an entire six-storey office building being built in the
HarbourFront Precinct. The new building will have about 200,000 sq ft net
lettable area when completed in the fourth quarter next year and will house
Merrill's global support centre for its private banking and global markets
businesses. It will also be Merrill's third IT and operations hub worldwide.
Merrill Lynch HarbourFront is being developed by Mapletree Investments.
- SINGAPORE
BUSINESS TIMES March 9 2007
Marina Bay Residences
Window on the bay: The consortium,
which includes Japanese and Hong Kong investors, paid slightly more than $28
million for the 11,012-sq-ft penthouse at Marina Bay Residences
So who bought the Marina uber penthouse?
Consortium linked to Stanley Ho family buys 6
penthouses for over $90m: sources
A consortium linked to Macau casino tycoon Stanley Ho, and which includes
Japanese and possibly Hong Kong investors, is said to have bought the
11,012-square-feet uber penthouse and five smaller penthouses at Marina Bay
Residences.
The investment will cost them a total of more than $90 million, sources
say.
BT understands that Mr Ho's son Lawrence may have been spotted at
Thursday night's tender, when the uber penthouse on the top three levels of
the 55-storey project was sold for slightly more than $28 million. It was
packaged with a 4,672-sq-ft single-level penthouse just below it.
The consortium members are also said to have bought two single-level
penthouses at $3,400 per square foot (psf) on Thursday.
And they are understood to have picked up two of the four duplex
penthouses transacted in Wednesday night's tender.
Meanwhile, there has been a surge in the number of apartments offered for
sub-sale at the 428-unit 99-year-leasehold development - going by
advertisements placed by property agents in The Straits Times Classifieds
yesterday.
Two agents that BT spoke to said they have not found buyers for the units
they are marketing. One suggested that asking prices in the sub-sale market
are too high. 'The $2,600 psf to $2,800 psf being demanded by some of these
sellers is close to St Regis prices - and that's for freehold, branded
residences in District 9,' said a senior agent with a major agency.
Those seeking to sell units at Marina Bay Residences in the sub-sale
market are said to be demanding prices that reflect net profits of $150,000
to $300,000 for one and two-bedroom apartments, and $700,000 to more than $1
million for three and four-bedroom units.
'Speculators who have bought several units and are tight on financing may
start to get cold feet now they will have to pay stamp duty by March 14 next
year, and may start to dispose of their properties by lowering their asking
prices,' the senior agent predicted.
He advises those thinking of buying units in the sub-sale market to take
into account the fact that they will have to pay the original buyer of the
unit his sub-sale profit virtually upfront, besides having to make progress
payments to the developer. In addition, they most likely will not enjoy
deferred payment, even if the original buyer did.
'In short, anyone who buys in the sub-sale market will have to have deep
pockets and cannot rely so heavily on bank loans,' the agent said.
- by Kalpana Rashiwala SINGAPORE BUSINESS TIMES
16 Dec 2006
Good start for sale of Marina Bay
Residences
At least 130 units are said to have been
sold on the first day of preview at Marina Bay Residences yesterday - at
prices ranging from $1,700 to $2,000-plus per square foot.
Meanwhile, rival developer City Developments began drumming up publicity
for a nearby project, One Shenton, comprising 341 apartments in two towers
on its 1 Shenton Way site.
CityDev did not provide pricing indication for its 99-year leasehold
project, which will be in 50 and 42-storey towers.
Nor could it specify the launch date - only giving a general indication
that this is expected by year-end or early 2007.
At Marina Bay Residences, the maiden day of previews was open to staff
and directors of the three companies behind the project - Keppel Land,
Hongkong Land and Cheung Kong Holdings - as well as to VIPs invited
yesterday. Bankers, lawyers, architects and doctors are among those who
toured the showflat, which is at One Raffles Quay, BT understands.
The project's developer, BFC Development Pte Ltd, progressively released
more units in the project as it chalked up sales. The 99-year leasehold,
55-storey development, has 428 units in total.
More units are expected to be released and sold today.
BFC Development's head of residential marketing Kan Kum Wah would only
say in statement last night: 'It is too early to provide any detailed
information.
Yesterday, a number of joint-venture staff members and business partners
have toured the show suite and there has been lots of interest and all have
been very impressed at what is on offer, but it's too early to provide a
sales indication.' - by Kalpana Rashiwala
SINGAPORE
BUSINESS TIMES 13 Dec 2006
Property speculators are heading
for their next gold mine - at Marina Bay Residences, market watchers say.
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. -
by Kalpana Rashiwala SINGAPORE
BUSINESS TIMES 12 December 2006
The Sail @ Marina Bay
S'pore's tallest housing development
and among the world's 10 tallest
The five penthouses perched on The
Sail@Marina Bay will be the highest residences in Singapore.
And they will offer breathtaking
views of Malaysia and Indonesia.
But besides giving you a top-of-the-world feeling the
project also has other extras - a hotel-styled concierge service and a spa
and an executive club lounge with dining facilities.
The city and waterfront skyline is also set to be enhanced
by Norwegian-American architect Peter Pran's take on The Sail, the first
condominium at Marina Boulevard, near the proposed Business Financial
Centre.
The project co-owned by City Developments Limited (CDL) and
AIG Global Real Estate Investment Corp will rise 245m above sea level.
It will be Singapore's tallest residential development and
among the world's 10 tallest.
Mr Pran, whose work in Asia includes the Seoul Dome 21 and
the Kwun Tong Town Centre in Hong Kong, has conceived of two towers with
structures like sails catching the wind, a little evocative of the iconic
Sydney Opera House.
Both towers, standing at 70 and 63 storeys, are to be clad
in transparent glass and vertically oriented to replicate the sense of a
waterfall.
The Sail@Marina Bay is so named to capture the energy of a
Singapore advancing into the future.
The 1,111 units will offer a wide selection: one-bedroom
units, which start at 55 sq m, to four-bedroom units as large as 213 sq m
and, of course, the penthouses.
Residents will enjoy seamless connectivity because The Sail
boasts direct underground access to the Raffles Place MRT station and the
retail portion of 1,850 sqm.
Other landmarks within walking distance include The
Esplanade and Lau Pa Sat food centre.
CDL group general manager Chia Ngiang Hong said: "For
executives residing here, they don't even need to join a club because they
can live, sleep and play (here). There is no comparable project in
Singapore."
CBRE and DTZ has been engaged as The Sail's joint marketing
agents here and overseas. Foreigners are expected to make up 30 per cent of
buyers.
Prices for the 99-year leasehold project yet to be
determined, but are expected by property consultants to be between $950 and
$1,000 psf during the soft launch at the end of next month.
As a point of reference, Far East Organisation's 227-unit
Soho@Central, situated above Clarke Quay MRT station, averages $1,050 per sq
ft. - by Janice Wong 1 Oct 2004
STREATS
1 Nov 2004 - The Sail @ Marina Bay
sold 125 units or 'more than 50 per cent' of the 250 units released over the
weekend when the project was soft launched at $900 per square foot.
Prices at the downtown 99-year leasehold project are expected to climb to
$930-$950 psf by the time it is officially launched in three weeks.
The 1,111 unit development is a joint venture between City Developments
and AIG.
The Sail, consisting of two towers, will also be marketed in Jakarta and
Hong Kong. CityDev chairman Kwek Leng Beng calls it his 'most beautiful'
project, and said he plans to withhold the second 63-storey tower of 430
units for an institutional en bloc sale later.
Property watchers had expected higher sales for one of the most eagerly
awaited projects of the year. Developers usually chalk up the highest sales
in the initial weeks. - SINGAPORE
BUSINESS TIMES
New office site coming up at Marina Bay
Decision
hailed amid space crunch in Grade A office space
2006 Dec : A new
development site at Marina Bay has been activated - and more sites could be
on their way.
In a move that is widely seen as a reaction to the space
crunch in the Grade A office sector, the Ministry
of National Development yesterday said it would put a site at
Shenton Way/Central Boulevard on the confirmed list of the Government Land
Sales (GLS) programme for the first half of 2007, potentially activating a
whole corridor of new sites at Marina Bay.
And in the light of the tight supply of new Grade A office
space, most analysts welcome the move.
DTZ Debenham Tie Leung executive director Ong Choon Fah
says she was not surprised that the site - a white site with primarily
office space - had been put on the confirmed list and expects more sites in
the future. 'You need that momentum to keep (the market) going,' she said.
She did, however, caution that the release of sites there
had to be 'measured'. 'The plot ratio there is high, so the quantum of space
is also high,' she added.
With the prime office sector buoyant, due primarily to a
lack of new supply, there is concern that there may not be sufficient new
demand for more prime office space.
Savills Singapore marketing and business development
director Ku Swee Yong, however, sees the Marina Bay site sparking a lot of
interest from investors and developers, especially because little has been
said by the owners about the prospect of Phase Two of the Business Financial
Centre.
Savills projects the Shenton Way/Central Boulevard site
could go for as much as $1,200 per square foot (psf) per plot ratio (ppr) or
over 200 per cent more than the $381 psf ppr for the Business and Financial
Centre at Marina Bay in 2005.
Indeed, the burgeoning demand in the office sector appears
to have been particularly targeted in the H1 2007 GLS programme with new
sites at Shenton Way, Outram Road and Anson Road added.
Whether the geographical spread of these sites was planned
to shift focus away from the CBD is hard to say but interest is also
expected to be high.
For the Outram Road/Eu Tong Seng site, Savills expects
prices to hit $700 psf ppr, while for Tampines Grande at Tampines Regional
Centre, prices could be between $500 and $600 psf ppr.
CBRE Research executive director Li Hiaw Ho recalls that
there was only one commercial site for office development six months ago.
For H1 2007, Mr Li estimates that the three sites on the confirmed list -
Beach Road/Middle Road, Shenton Way/Central Boulevard, Tampines Grande -
could yield a possible combined gross floor area (GFA) of up to 2.4 million
square feet.
The Beach Road/Middle Road site, which
includes the former NCO Club, was slated for launch on the confirmed list
this month but will now be released in March 2007 as Urban Redevelopment
Authority needs more time to work out the details for a two-envelope tender.
The impact of all this space coming on stream in the future could, of
course, dampen rental rates in areas like Raffles Place.
Chesterton International head of research
and consultancy Colin Tan believes that the release of office sites could
indicate that planners are concerned about Grade A office rents rising too
high. 'The priority appears to be to keep Singapore competitive.'
Mr Tan also notes that demand could be
exacerbated by tenants 'hoarding' existing space even though they have
leased newer premises because of the fear that office space will simply not
be available in the future.
Overall, analysts have reacted positively
to the new sites on the GLS programme.
DBS Vickers analyst Wallace Chu lauds the 'variety' in the
choice of sites. For instance, Mr Chu highlighted that Tampines Grande
recognises that businesses will increasingly want to relocate backroom
operations to sub-regional centres to keep operating costs down.
'The government will want to push certain areas but I
don't see problems in absorbing these sites,' he added.
Other prime sites that will be targeted by developers
include a residential site in the city on Handy Road and a suburban site
near Ang Mo Kio MRT Station on Ang Mo Kio Avenue 8. Savills estimates prices
to reach $800 psf ppr and $350 psf ppr respectively.
CBRE's Mr Li said: 'Going by the depleting stock of
99-year leasehold sites that are held by developers, and a gradual shift in
buyers' focus to non-prime residential projects, we expect to see more
activity in GLS programme in 2007.' - SINGAPORE
BUSINESS TIMES Dec 22, 2006
CityDev, AIG target buyers worldwide
Analysts say 1,111 unit condo project could reap $380m profit for partners
City Developments and AIG are targeting buyers not only from Singapore
but all over the world for their 1,111-unit condo project in the New
Downtown at the edge of Marina Bay, which is expected to be previewed
towards the end of next month.
'Because of the stature and size of the project, we want the widest reach
possible for our marketing campaign,' said CityDev group general manager
Chia Ngiang Hong.
This is the biggest residential project that the listed property giant
has undertaken to date.
Buyers are expected to include 'young couples especially those working in
the CBD, singles who want to be near to the pulse of the city, and cultural
and entertainment spots, and silver-haired Singaporean couples thinking of
giving up their suburban homes and enjoying the conveniences of city living.
'As well, we're looking to draw high net-worth individuals here and from
Indonesia, Malaysia, Hong Kong, China and Europe who want a second home or
are looking for a good investment. Another source of potential buyers would
be funds, financial institutions and other investment houses,' he added.
To this end, CityDev and AIG have appointed CB Richard Ellis and DTZ
Debenham Tie Leung to sell the 99-year leasehold project here and overseas.
The two firms are free to appoint sub-agents to help out with the marketing
abroad.
The project will have two towers of 70 and 63 storeys, with the taller
tower reaching 245 metres, which would make it not only Singapore's tallest
residential project when it's completed in early 2009 but also one of the
highest apartment buildings in the world.
'We're offering the experience of a new lifestyle: classy New Downtown
living at Marina Bay, near The Esplanade, combined with breathtaking views
of the water and parks. The architectural exuberance will be one of its kind
presently not found in Singapore,' said Mr Chia.
CityDev declined to reveal its planned pricing for the project, but talk
in the market is that the developer is eyeing an average price of about $950
psf.
The listed property giant bagged the site at an Urban Redevelopment
Authority (URA) tender that closed in May 2002, paying a land price that
works out to $227 psf of potential gross floor area. It later roped in AIG
as 50 per cent partner.
Analysts estimate the breakeven cost for the project is slightly under
$600 psf. CityDev and AIG should be able to reap a pre-tax profit of about
$380 million from the development, say analysts.
About 75 per cent of the 1,111 apartments at the project, whose name is
still being finalised, have one or two bedrooms. There will also be 174
apartments with three bedrooms and 70 units with four bedrooms. The five
luxury penthouses in the condo range from 3,509 sq ft to nearly 6,000 sq ft.
Three of them are duplex units.
Besides its iconic architecture - one of the towers resembles a giant
sail - the development will have touches of a luxury hotel, with grand
lobbies for the two towers, and even a club level on the eighth level with
facilities like swimming pools, gym, spa, tennis courts and children's
playground. There will also be an aqua gym and hot pool under the shorter
tower.
The development will also have high-rise sky terraces with an executive
club lounge that will have dining facilities, a reading room and an
observatory area. - by Kalpana
Rashiwala SINGAPORE
BUSINESS TIMES 20 Sept 2004
