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| | | | | | | Prices for future residential launches in the CBD could be as high as 50 percent more than comparable projects in the vicinity, say some consultants.
Lending strength to this area is the success of Marina Bay, which could be further fuelled by the expected good demand for the residential units at the Business and Financial Centre.
The upcoming launch of the Business and Financial Centre's residential units has attracted much attention and, some consultants say, record pricing could be set.
Steven Ming, Director, Savills, said: "We reckon that for premium units within the development, prices could reach to $1,500 to $1,700 per square foot. Choice units with fantastic waterfront view will probably enjoy such premiums. Average pricing otherwise will probably be in the region of $1,400, $1,500 per square foot."
And the higher prices are expected to have an effect on future launches in the Marina Bay area.
Steven Ming said: "New infrastructure works like the IR are coming up. We've got new retail space being added to the Marina area. At the other end of the CBD, it is also very close to Vivocity Harbourfront. We do see among the buyers, young double-income, no kids buying in. We do expect inner city properties again premium units to even exceed $1,400 per square foot as a result of good take-ups at The Sail and BFC."
This translates to a price increase of more than 50 percent from comparable projects like the Icon which is trading at about $900 per square foot.
But buyers eyeing the area will be spoilt for choice with several new launches in the pipeline.
Consultants say the successful launch of The Sail @ Marina and the expected good take-up at the Business and Financial Centre should spur further interest in inner-city living.
And there are at least 3 projects in the pipeline, ready for launch over the next 12 months, including One Shenton Way, with an estimated supply of 1,000 units. - CNA/ch
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