Marina One Residences launched at S$2,600 psf
Marina One Residences has launched in mid-September 2014 at an average price of S$2,600 per square foot. Only one of the two 34-storey residential blocks in the project has been released for sale initially.
It is a part of the Marina South integrated project that is developed by M+S Pte Ltd, a joint venture between Temasek Holdings and Malaysia’s Khazanah Nasional following a historic land swoop between these two countries.
According to M+S, the company does not come under qualifying certificate rules, which require a developer with foreign shareholders to finish building a residential project within five years and sell the the units within two years of completion.
Some felt that the pricing strategy for Marina One Residences could be more assertive given the substantial stock of unsold units in districts 9, 10 and 11. Marina One has integrated offering of prime residential, office and retail space at the Marina Bay district and its connectivity to MRT lines.
According to the condo plan, 44% of the units will be one-bedders will be 657-775 sq ft and 28% will be two-bedders measuring 969-1,130 sq ft.
R’ST Research director Ong Kah Seng stated that one appeal of the condo is its location at the compared to Tanjong Pagar, making it a more prestigious address for foreigners. “Investors who buy bigger units may find it harder to lease out because expatriates will be on continual reduced housing allowances and senior expatriates may not necessarily opt for it”, he added.
The Grade A office and retail spaces at Marina One and Duo will launch in 2017.