THE 55-storey Marina Bay Residences in the new downtown area will offer what could be Singapore's largest penthouse next month.
Spanning 11,012 sq ft, the penthouse has five bedrooms and will take up the 53rd to 55th floors. Apart from a rooftop terrace, it will have a 20m outdoor pool and two private lift lobbies.
The developers - a consortium comprising Cheung Kong Holdings, Hongkong Land and Keppel Land - are hoping the penthouse will help the condominium set the standard in luxury waterfront living at Marina Bay.
The condominium also has nine smaller penthouses ranging in size from 3,584 to 4,672 sq ft.
Other developers appear to be waiting to launch similar projects to ride on the anticipated hype generated by the condominium's launch. The 428-unit Marina Bay Residences is set to be marketed around the middle of next month.
It is part of a larger development called Marina Bay Financial Centre (MBFC), next to Marina Bay's first condominium - The Sail @ Marina Bay. First released two years ago, The Sail has had strong interest from investors looking to cash in on what they view as the area's potential for price appreciation.
The private home market is recovering amid selective buying of niche projects. And the New Downtown at Marina Bay appears to be a key focal point as it will boast an integrated resort (IR).
The IR will be completed only at the end of the decade but already, a few sub-sale deals at The Sail have been done at relatively high prices.
Sub-sales are transactions in which homes bought directly from the developers are resold before the development has been completed.
One 2,293 sq ft unit on the 36th floor was recently sold for $2,009 per sq ft (psf), up from the highest level of $1,640 psf in August.
BS Capital said it will be ready to launch its 168-unit The Lumiere, off Anson Road, next month, though it has yet to decide on the date.
City Developments also aims to launch its 341-unit One Shenton Way project in the middle of next month or in January.
Over at The Clift in McCallum Street, developer Far East Organization has raised prices to $1,450 psf, up from about $1,100 psf when it was first released in July.
In September, MBFC development head of residential marketing Kan Kum Wah said its marketing agents CB Richard Ellis and DTZ Debenham Tie Leung had indicated that units at Marina Bay Residences could be priced between $1,400 psf and $1,700 psf. 'Currently, it has to be more than that,' he said of the price range.
Property agents said prices could range from $1,550 psf to $1,800 psf, or 5 per cent to 10 per cent above that range as interest appears strong.
Already, there is at least one offer of $20 million from a foreigner for its largest penthouse, said Mr Kan. This works out to about $1,816 psf.
joyceteo@sph.com.sg
