LIPPO Group is said to have priced its Marina Collection condo, a 99-year leasehold project on Sentosa Cove, at about $2,750-2,900 psf on average.
Over the past few days, the group, controlled by Indonesia’s Riady family, is said to have sold about half of the 60 or so units it has released so far in the 124-unit, four-storey development next to the One Degree 15 Marina Club. The development comprises three blocks.
Lippo is developing the condo jointly with the Marina Club, OCBC and Austria’s Raiffeisen Zentralbank (RZB).
Buyers will be given a free membership at One Degree 15 Marina Club for each unit of Marina Collection they purchase. The memberships are currently said to be going for above $40,000 each.
Lippo’s price appears to be slightly higher than the $2,600 psf net average achieved for the previous condo launch at Sentosa Cove - Ho Bee’s Turquoise.
The project was released in September and to date, Ho Bee is said to have sold 45 out of the 60 units it has released so far out of 91 units in the six-storey condo.
Marina Collection comprises three-, four-, and five-bedroom apartments as well as penthouses. Three-bedder units cost about $5.4 million while penthouses are priced at $10 million and above.
The 30 or so units Lippo has sold so far include five penthouses.
There are about 30 penthouses altogether.
The Lippo-led consortium is developing Marina Collection on a plot that it bagged at a tender that closed in September last year for $234.7 million or $818 psf per plot ratio (ppr).
Lippo’s pricing for its Marina Collection will no doubt be used by property developers to peg their bids at next week’s tender for the Pinnacle Collection - the last condo plot at Sentosa Cove.
The plot, which has a choice location at the entrance to the precinct’s marina basin, has a reserve price of $963.8 million or $1,600 psf ppr.
Source : Business Times - 8 Dec 2007
Showing posts with label Marina Bay Residences. Show all posts
Showing posts with label Marina Bay Residences. Show all posts
Sunday, December 9, 2007
Saturday, November 10, 2007
LUXURY brand Hugo Boss will set up a 2,000 square feet boutique in the upcoming Marina Bay Sands integrated resort (IR)
LUXURY brand Hugo Boss will set up a 2,000 square feet boutique in the upcoming Marina Bay Sands integrated resort (IR) - the first luxury brand to confirm taking space there - as it seeks to grow its sales in Singapore by as much as 50 per cent over the next three years.
‘I see a potential upside for growth of about 50 per cent over the next few years, especially with the new stores,’ said Hugo Boss chief executive Bruno Salzer. ‘We will definitely have a presence in the two casinos.’
In addition to the Marina Bay Sands boutique and the one targeted for Genting’s Sentosa IR, Hugo Boss is also keen to have a presence in upcoming Orchard Road mall Ion Orchard, said Brian Ang, managing director for the Hugo Boss franchise in Singapore and Bangkok. ‘It is important for us to be in Ion Orchard,’ he said. ‘Most probably we will be somewhere prominent in the mall.’
Hugo Boss recently celebrated its 20th anniversary in Singapore, for which Dr Salzer flew into town. The upcoming boutiques in Singapore are part of Hugo Boss’s push to expand in the region at a fast clip.
The label has about 170 stores in Asia (excluding Japan) at present, but Dr Salzer wants to grow the number by about 15-20 stores yearly over the next few years, he said. ‘Asia now contributes about 10-11 per cent of total sales, and I expect double-digit growth over the next couple of years,’ said Dr Salzer.
Within the region, Japan and China are the biggest markets for the group. Of the 15-20 new stores the brand aims to add each year, the bulk are likely to be in China, he said. But Dr Salzer is also excited about the potential for growth in Singapore, especially with the new stores coming up.
Mr Ang said that in addition to the planned new stores, Hugo Boss is looking at revamping its existing boutiques.
Right now, the brand’s flagship boutiques in Ngee Ann City are split across two levels. But by the end of next year, the brand hopes to have its space all on one floor, - with a 7,000 sq ft floor plate - Mr Ang said. He did not specify if the boutique will be in Ngee Ann City as well. In addition, there are also plans to revamp Hugo Boss’s 1,600 sq ft store in Paragon. Mr Ang is looking at taking up more space. The brand also has a boutique at Changi Airport.
The Boss boutique in Marina Bay IR will be ‘more luxurious’ and will be designed to appeal to high-rollers, Mr Ang said.
Source : Business Times - 7 Nov 2007
‘I see a potential upside for growth of about 50 per cent over the next few years, especially with the new stores,’ said Hugo Boss chief executive Bruno Salzer. ‘We will definitely have a presence in the two casinos.’
In addition to the Marina Bay Sands boutique and the one targeted for Genting’s Sentosa IR, Hugo Boss is also keen to have a presence in upcoming Orchard Road mall Ion Orchard, said Brian Ang, managing director for the Hugo Boss franchise in Singapore and Bangkok. ‘It is important for us to be in Ion Orchard,’ he said. ‘Most probably we will be somewhere prominent in the mall.’
Hugo Boss recently celebrated its 20th anniversary in Singapore, for which Dr Salzer flew into town. The upcoming boutiques in Singapore are part of Hugo Boss’s push to expand in the region at a fast clip.
The label has about 170 stores in Asia (excluding Japan) at present, but Dr Salzer wants to grow the number by about 15-20 stores yearly over the next few years, he said. ‘Asia now contributes about 10-11 per cent of total sales, and I expect double-digit growth over the next couple of years,’ said Dr Salzer.
Within the region, Japan and China are the biggest markets for the group. Of the 15-20 new stores the brand aims to add each year, the bulk are likely to be in China, he said. But Dr Salzer is also excited about the potential for growth in Singapore, especially with the new stores coming up.
Mr Ang said that in addition to the planned new stores, Hugo Boss is looking at revamping its existing boutiques.
Right now, the brand’s flagship boutiques in Ngee Ann City are split across two levels. But by the end of next year, the brand hopes to have its space all on one floor, - with a 7,000 sq ft floor plate - Mr Ang said. He did not specify if the boutique will be in Ngee Ann City as well. In addition, there are also plans to revamp Hugo Boss’s 1,600 sq ft store in Paragon. Mr Ang is looking at taking up more space. The brand also has a boutique at Changi Airport.
The Boss boutique in Marina Bay IR will be ‘more luxurious’ and will be designed to appeal to high-rollers, Mr Ang said.
Source : Business Times - 7 Nov 2007
Friday, October 26, 2007
British bank Barclays is expected to sign a lease soon for about 100,000 square feet of space - or four floors - at Marina Bay Financial Centre
British bank Barclays is expected to sign a lease soon for about 100,000 square feet of space - or four floors - at Marina Bay Financial Centre’s 50-storey Tower 2, industry observers say. This will be under the project’s first phase, to be completed early in 2010.
So far, MBFC’s developer has signed up Swiss private bank Pictet and UK-based stockbroking firm Icap as tenants for Tower 2. They will take 25,000 sq ft and 35,000 sq ft respectively.
Singapore’s DBS is also believed to be close to finalising a deal to lease about 700,000 sq ft at MBFC’s Tower 3, which will also be 50 storeys high. This tower, which will have about 1.3 million sq ft of net lettable space for offices, is part of the second phase of the development, slated for completion in late 2011.
A host of other foreign banks - including Royal Bank of Scotland, Merrill Lynch, HSBC, JP Morgan and Lehman Brothers - are also in negotiations for space at MBFC, industry observers say.
MBFC’s 33-storey Tower 1 has been fully leased, mostly to Standard Chartered which is taking 508,298 sq ft. Smaller tenants signed up at this tower include French corporate and investment bank Natixis, which is taking 65,000 sq ft, and Wellington International Management Co (21,000 sq ft).
MBFC is developed by a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Holdings. The trio also developed One Raffles Quay (ORQ) nearby. Barclays would be the first common tenant in the two developments. It occupies about 90,000 sq ft on the top three levels of ORQ’s 27-storey South Tower.
Barclays has also leased premises at Samsung Hub (about 52,400 sq ft) and Capital Square (more than 40,000 sq ft) - both in Church Street - and at The Atrium @ Orchard near Dhoby Ghaut MRT Station (about 80,000 sq ft).
MBFC’s total development cost is estimated at more than $4 billion. Its developers clinched the 99-year leasehold site in an Urban Redevelopment Authority tender in July 2005 and bought the land parcel in two phases - paying $381 per square foot per plot ratio for the initial phase in 2005, and an effective land price of $435 psf ppr for the second phase earlier this year under a formula that factored in an increase in office land values in the vicinity since the initial bid in the 2005 tender.
The entire site can be developed to yield a gross floor area of about 4.7 million sq ft.
Source : Business Times - 25 Oct 2007
So far, MBFC’s developer has signed up Swiss private bank Pictet and UK-based stockbroking firm Icap as tenants for Tower 2. They will take 25,000 sq ft and 35,000 sq ft respectively.
Singapore’s DBS is also believed to be close to finalising a deal to lease about 700,000 sq ft at MBFC’s Tower 3, which will also be 50 storeys high. This tower, which will have about 1.3 million sq ft of net lettable space for offices, is part of the second phase of the development, slated for completion in late 2011.
A host of other foreign banks - including Royal Bank of Scotland, Merrill Lynch, HSBC, JP Morgan and Lehman Brothers - are also in negotiations for space at MBFC, industry observers say.
MBFC’s 33-storey Tower 1 has been fully leased, mostly to Standard Chartered which is taking 508,298 sq ft. Smaller tenants signed up at this tower include French corporate and investment bank Natixis, which is taking 65,000 sq ft, and Wellington International Management Co (21,000 sq ft).
MBFC is developed by a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Holdings. The trio also developed One Raffles Quay (ORQ) nearby. Barclays would be the first common tenant in the two developments. It occupies about 90,000 sq ft on the top three levels of ORQ’s 27-storey South Tower.
Barclays has also leased premises at Samsung Hub (about 52,400 sq ft) and Capital Square (more than 40,000 sq ft) - both in Church Street - and at The Atrium @ Orchard near Dhoby Ghaut MRT Station (about 80,000 sq ft).
MBFC’s total development cost is estimated at more than $4 billion. Its developers clinched the 99-year leasehold site in an Urban Redevelopment Authority tender in July 2005 and bought the land parcel in two phases - paying $381 per square foot per plot ratio for the initial phase in 2005, and an effective land price of $435 psf ppr for the second phase earlier this year under a formula that factored in an increase in office land values in the vicinity since the initial bid in the 2005 tender.
The entire site can be developed to yield a gross floor area of about 4.7 million sq ft.
Source : Business Times - 25 Oct 2007
Friday, October 19, 2007
MARINA Bay is not just well on the way to becoming Singapore’s new financial hub, it is also shaping up as an attractive location for home-buyers.
Property analysts say that since the first residential project there - City Developments’ The Sail - was launched in late 2004, interest in the area has spiked, sending prices climbing.
Prices at The Sail averaged $970 per sq foot in 2004 after the project was launched in November that year.
But since then the average price - taking into account new sales, resales and sub-sales - climbed to $1,060 psf in 2005 and $1,300 psf in 2006, says Knight Frank’s director of research and consultancy Nicholas Mak.
And for the first nine months of 2007, units at The Sail went for an average of about $1,600 psf, he says.
He reckons prices could hit $1,800-$1,900 in about two years. The 1,111-unit development is fully sold.
‘The project was launched in 2004, which means it was just in time to rise on the property market upturn,’ he said.
Analysts say the upside for other residential projects in the area may not be as great because they were launched at higher prices. But they could still benefit from the ‘buzz’ now associated with the area.
Two projects have been launched since The Sail - Marina Bay Residences and One Shenton.
Marina Bay’s biggest selling point, analysts and developers agree, is its ‘live-work-play’ concept.
For one, office space there has been a huge hit with banking and financial institutions.
The top office draw at the moment is the massive Marina Bay Financial Centre (MBFC).
Two office towers in MBFC’s first phase will add about 1.7 million sq ft of lettable area when they come up in 2010. And the office tower in the second phase is expected to offer a further one million-plus sq ft of space.
Nearby One Raffles Quay, completed last year, has slightly over 1.3 million sq ft of office space.
In addition to this, the government has indicated that it intends to progressively release plots in the area.
Two parcels - known as Land Parcel A at Marina View and Land Parcel B at Marina View - will add at least 1.7 million sq ft of office space. Parcel A has been awarded, while the tender for Parcel B closes on Nov 13.
The authorities are also moving to increase the area’s vibrancy. And one eagerly anticipated project is Gardens by the Bay.
The waterfront is set to be home to three distinct gardens, each with its a unique look, the National Parks Board revealed last year.
The gardens will range in size from 10 to 54 hectares. It is estimated that $300 million-$400 million could be spent on them.
Perhaps most significantly, the $5.2 billion Marina Bay Sands integrated resort (IR) will come up in 2010 - significantly changing the look and feel of the place.
Besides drawing more tourists, the retail and F&B facilities at the IR could attract home buyers, market watchers say. All these goings-on have translated into greater local and foreign interest in homes in the area, analysts and developers point out.
‘We are seeing a keen appetite among investors confident in Singapore and interested in the live-work-play destination of Marina Bay,’ said Kan Kum Wah, head of residential marketing for Marina Bay Suites.
More residential projects are likely to be launched in the coming months.
For a start, Land Parcel A and Land Parcel B are ‘white’ sites, which means the successful bidders can use some of the gross floor area to build homes.
The Urban Redevelopment Authority is also setting aside some 60ha of land at Marina South for a landmark residential district.
Some 11,000 housing units are planned, with a mix of commercial, hotel and community facilities.
URA expects to start launching sites in the residential district within the next year, and interest is expected to be keen.
But the next project in the area to hit the market is likely to be Marina Bay Suites.
The 223-unit development, which is the second and last residential block at MBFC, will be launched early next year.
MBFC’s developers - Keppel Land, Cheung Kong Holdings/Hutchison Whampoa and Hongkong Land - expect strong interest in the project, as well as high prices, on the back of then-record prices achieved by Marina Bay Residences.
Last December, when Marina Bay Residences was launched, all 428 units were snapped up within days, with one penthouse fetching $3,450 per square foot (psf) - a record for private homes prices at the time.
‘Marina Bay Suites will be a fitting, even more upscale, sister development to the 428-unit Marina Bay Residences,’ said Mr Kan.
However, homes in the area still have some catching up to do before they reach the prices fetched by residential units in the traditional prime districts 9 and 10.
At Orchard Residences, CapitaLand and Sun Hung Kai Properties are said to have sold a penthouse on the 53rd storey for about $5,600 psf. In contrast, prices at Marina Bay have only hit $3,450 psf.
But home prices in the area could hit $3,500-$4,000, said Ku Swee Yong, Savills Singapore’s director of marketing and business development.
‘Once the casino is up - and perhaps with more traffic congestion due to the vibrant economy - younger high-flying execs in financial services, legal services, etc will come to appreciate inner-city living,’ Mr Ku said.
Source : Business Times - 18 Oct 2007
Prices at The Sail averaged $970 per sq foot in 2004 after the project was launched in November that year.
But since then the average price - taking into account new sales, resales and sub-sales - climbed to $1,060 psf in 2005 and $1,300 psf in 2006, says Knight Frank’s director of research and consultancy Nicholas Mak.
And for the first nine months of 2007, units at The Sail went for an average of about $1,600 psf, he says.
He reckons prices could hit $1,800-$1,900 in about two years. The 1,111-unit development is fully sold.
‘The project was launched in 2004, which means it was just in time to rise on the property market upturn,’ he said.
Analysts say the upside for other residential projects in the area may not be as great because they were launched at higher prices. But they could still benefit from the ‘buzz’ now associated with the area.
Two projects have been launched since The Sail - Marina Bay Residences and One Shenton.
Marina Bay’s biggest selling point, analysts and developers agree, is its ‘live-work-play’ concept.
For one, office space there has been a huge hit with banking and financial institutions.
The top office draw at the moment is the massive Marina Bay Financial Centre (MBFC).
Two office towers in MBFC’s first phase will add about 1.7 million sq ft of lettable area when they come up in 2010. And the office tower in the second phase is expected to offer a further one million-plus sq ft of space.
Nearby One Raffles Quay, completed last year, has slightly over 1.3 million sq ft of office space.
In addition to this, the government has indicated that it intends to progressively release plots in the area.
Two parcels - known as Land Parcel A at Marina View and Land Parcel B at Marina View - will add at least 1.7 million sq ft of office space. Parcel A has been awarded, while the tender for Parcel B closes on Nov 13.
The authorities are also moving to increase the area’s vibrancy. And one eagerly anticipated project is Gardens by the Bay.
The waterfront is set to be home to three distinct gardens, each with its a unique look, the National Parks Board revealed last year.
The gardens will range in size from 10 to 54 hectares. It is estimated that $300 million-$400 million could be spent on them.
Perhaps most significantly, the $5.2 billion Marina Bay Sands integrated resort (IR) will come up in 2010 - significantly changing the look and feel of the place.
Besides drawing more tourists, the retail and F&B facilities at the IR could attract home buyers, market watchers say. All these goings-on have translated into greater local and foreign interest in homes in the area, analysts and developers point out.
‘We are seeing a keen appetite among investors confident in Singapore and interested in the live-work-play destination of Marina Bay,’ said Kan Kum Wah, head of residential marketing for Marina Bay Suites.
More residential projects are likely to be launched in the coming months.
For a start, Land Parcel A and Land Parcel B are ‘white’ sites, which means the successful bidders can use some of the gross floor area to build homes.
The Urban Redevelopment Authority is also setting aside some 60ha of land at Marina South for a landmark residential district.
Some 11,000 housing units are planned, with a mix of commercial, hotel and community facilities.
URA expects to start launching sites in the residential district within the next year, and interest is expected to be keen.
But the next project in the area to hit the market is likely to be Marina Bay Suites.
The 223-unit development, which is the second and last residential block at MBFC, will be launched early next year.
MBFC’s developers - Keppel Land, Cheung Kong Holdings/Hutchison Whampoa and Hongkong Land - expect strong interest in the project, as well as high prices, on the back of then-record prices achieved by Marina Bay Residences.
Last December, when Marina Bay Residences was launched, all 428 units were snapped up within days, with one penthouse fetching $3,450 per square foot (psf) - a record for private homes prices at the time.
‘Marina Bay Suites will be a fitting, even more upscale, sister development to the 428-unit Marina Bay Residences,’ said Mr Kan.
However, homes in the area still have some catching up to do before they reach the prices fetched by residential units in the traditional prime districts 9 and 10.
At Orchard Residences, CapitaLand and Sun Hung Kai Properties are said to have sold a penthouse on the 53rd storey for about $5,600 psf. In contrast, prices at Marina Bay have only hit $3,450 psf.
But home prices in the area could hit $3,500-$4,000, said Ku Swee Yong, Savills Singapore’s director of marketing and business development.
‘Once the casino is up - and perhaps with more traffic congestion due to the vibrant economy - younger high-flying execs in financial services, legal services, etc will come to appreciate inner-city living,’ Mr Ku said.
Source : Business Times - 18 Oct 2007
Wednesday, October 10, 2007
MARINA Bay Suites, the second and last residential block at the Marina Bay Financial Centre, will be launched early next year
MARINA Bay Suites, the second and last residential block at the Marina Bay Financial Centre, will be launched early next year, as prices in the area continue to climb.
The developers - Cheung Kong (Holdings)/Hutchison Whampoa, Hong Kong Land and Keppel Land - are expecting strong interest in the condo, as well as high prices.
Market estimates expect smaller units to fetch at least $4 million to $5 million.
Sales for Marina Bay Suites have yet to start, although the condo was marketed recently at a Shanghai property exhibition.
Clients from China and Hong Kong made up almost 20 per cent of those who bought units at the first Marina Bay Financial Centre condo.
Marina Bay Suites will be marketed in Dubai next week, and then in Hong Kong.
It will have 223 three- to four-bedroom apartments ranging in area from 1,500 sq ft to 2,500 sq ft - all with private lift lobbies.
There will be a single-level penthouse on the 65th floor, and two duplex penthouses on the 63rd.
‘Marina Bay Suites will be a fitting, even more upscale, sister development to the 428-unit Marina Bay Residences, which sold out in just three days in December last year,’ said the condo’s head of residential marketing, Mr Kan Kum Wah.
There is talk that the 65-storey Marina Bay Suites could be priced at an average of $3,000 per sq ft (psf).
Mr Kan said it was too early to decide on pricing, although the developers will take ‘close reference’ to sub-sale prices of Marina Bay Residences.
The highest sub-sale price recorded for Marina Bay Residences was $3,600 psf in June. This compared with the average apartment price of around $1,850 psf at last December’s launch, when penthouses sold for up to $3,450 psf.
Recent Marina Bay Residences deals in August ranged from $2,061 psf to $3,080 psf for the 732 sq ft to 1,981 sq ft apartments.
A unit at the popular The Sail@Marina Bay nearby went for as high as $3,301 psf in August.
In the same month, other deals for apartments as small as 667 sq ft were recorded at $1,300 psf to $2,999 psf.
Phase one of The Sail - the first condo in Marina Bay - was launched at below $1,000 psf in late 2004.
Source : Straits Times - 10 Oct 2007
The developers - Cheung Kong (Holdings)/Hutchison Whampoa, Hong Kong Land and Keppel Land - are expecting strong interest in the condo, as well as high prices.
Market estimates expect smaller units to fetch at least $4 million to $5 million.
Sales for Marina Bay Suites have yet to start, although the condo was marketed recently at a Shanghai property exhibition.
Clients from China and Hong Kong made up almost 20 per cent of those who bought units at the first Marina Bay Financial Centre condo.
Marina Bay Suites will be marketed in Dubai next week, and then in Hong Kong.
It will have 223 three- to four-bedroom apartments ranging in area from 1,500 sq ft to 2,500 sq ft - all with private lift lobbies.
There will be a single-level penthouse on the 65th floor, and two duplex penthouses on the 63rd.
‘Marina Bay Suites will be a fitting, even more upscale, sister development to the 428-unit Marina Bay Residences, which sold out in just three days in December last year,’ said the condo’s head of residential marketing, Mr Kan Kum Wah.
There is talk that the 65-storey Marina Bay Suites could be priced at an average of $3,000 per sq ft (psf).
Mr Kan said it was too early to decide on pricing, although the developers will take ‘close reference’ to sub-sale prices of Marina Bay Residences.
The highest sub-sale price recorded for Marina Bay Residences was $3,600 psf in June. This compared with the average apartment price of around $1,850 psf at last December’s launch, when penthouses sold for up to $3,450 psf.
Recent Marina Bay Residences deals in August ranged from $2,061 psf to $3,080 psf for the 732 sq ft to 1,981 sq ft apartments.
A unit at the popular The Sail@Marina Bay nearby went for as high as $3,301 psf in August.
In the same month, other deals for apartments as small as 667 sq ft were recorded at $1,300 psf to $2,999 psf.
Phase one of The Sail - the first condo in Marina Bay - was launched at below $1,000 psf in late 2004.
Source : Straits Times - 10 Oct 2007
Friday, June 1, 2007
Marina Bay Sands project is on track to be completed by the second half of 2009.
SINGAPORE : The S$5 billion Marina Bay Sands project is on track to be completed by the second half of 2009.
This is despite the recent sand ban and disruption in the supply of granite.
Meanwhile, according to project designer and architect Moshe Safdie, some of the original designs have been updated.
The new addition to Singapore’s cityscape is a mammoth task, especially given obstacles such as rising costs and a shortage of manpower.
Mr Moshe Safdie said, “It’s one of those things that happen when you take a project of such a scale. It certainly didn’t make it easier for us. Marina Bay Sands is looking for alternative sources as everybody else is and we’ll keep going and overcome the issue.”
He also said some of the designs have evolved since they were first conceptualised - like the Art-Science museum.
He said, “The form of the Art-Science museum was free form. We spent months making it a very orderly mathematical structure of spheroids which makes it a sounder structure, cheaper to build and I think more beautiful at the same time.”
Mr Moshe Safdie said, “The first shock and surprise is when we started excavating and we found the old sea wall which used to be the wave break which used to protect the boats in the bay. And we’ve had to remove that and it’s been an extremely costly and complicated process.”
Las Vegas Sands signed an agreement with the Singapore government in May last year, to build a S$5 billion (US$3.2 billion) integrated resort, three months after winning the bid.
The Singapore Government announced today that it will award the project to develop the Integrated Resort (IR) at Marina Bay to Las Vegas Sands Corporation (“Sands”).
The Ministerial Committee (Tender Approving Authority or TAA) evaluating the four proposals, chaired by Deputy Prime Minister Professor S Jayakumar , announced their decision at a press conference this evening. Prof Jayakumar said, “All four proposers submitted very strong proposals which reflected their commitment to developing a truly outstanding integrated resort in Singapore”. He added that “Sands had submitted the best overall proposal that meets our economic and tourism objectives.”
The RFP for the Marina Bay IR was launched on 15 Nov 2005 and closed on 29 Mar 2006. Four proposers responded to the RFP – i.e. Sands; Harrah’s Entertainment and Keppel Land (“Harrah’s”); Genting International and Star Cruises (“Genting”); and MGM Mirage and CapitaLand (“MGM”).
Each of the four proposers committed to invest a total of $4 billion to $5 billion in a world-class development that would generate substantial economic benefits for Singapore. This reflects the strong confidence of international investors in Singapore’s tourism sector. All the proposals offered an excellent range of tourism products, ranging from MICE (i.e. Meetings, Incentives, Conventions and Exhibitions) facilities to leisure attractions and entertainment shows. The proposals also all met the stringent social safeguards set by the Singapore Government for the casino component.
The evaluation of the proposals was based on the following four main criteria, with approximate weights as shown:
a. Tourism appeal and contribution (40%);
b. Architectural concept and design (30%);
c. Development investment (20%); and
d. Strength of consortium and partners (10%).
Sands committed to the highest development investment of $3.85 billion. Together with the land price and other associated capital costs, the total investment by Sands would exceed $5 billion. This is one of the largest investments in the world for a single IR. The Marina Bay Sands is expected to stimulate an additional $2.7 billion (or approximately 0.8%) to Singapore’s annual Gross Domestic Product and generate 30,000 jobs throughout the economy by 2015.
This is despite the recent sand ban and disruption in the supply of granite.
Meanwhile, according to project designer and architect Moshe Safdie, some of the original designs have been updated.
The new addition to Singapore’s cityscape is a mammoth task, especially given obstacles such as rising costs and a shortage of manpower.
Mr Moshe Safdie said, “It’s one of those things that happen when you take a project of such a scale. It certainly didn’t make it easier for us. Marina Bay Sands is looking for alternative sources as everybody else is and we’ll keep going and overcome the issue.”
He also said some of the designs have evolved since they were first conceptualised - like the Art-Science museum.
He said, “The form of the Art-Science museum was free form. We spent months making it a very orderly mathematical structure of spheroids which makes it a sounder structure, cheaper to build and I think more beautiful at the same time.”
Mr Moshe Safdie said, “The first shock and surprise is when we started excavating and we found the old sea wall which used to be the wave break which used to protect the boats in the bay. And we’ve had to remove that and it’s been an extremely costly and complicated process.”
Las Vegas Sands signed an agreement with the Singapore government in May last year, to build a S$5 billion (US$3.2 billion) integrated resort, three months after winning the bid.
The Singapore Government announced today that it will award the project to develop the Integrated Resort (IR) at Marina Bay to Las Vegas Sands Corporation (“Sands”).
The Ministerial Committee (Tender Approving Authority or TAA) evaluating the four proposals, chaired by Deputy Prime Minister Professor S Jayakumar , announced their decision at a press conference this evening. Prof Jayakumar said, “All four proposers submitted very strong proposals which reflected their commitment to developing a truly outstanding integrated resort in Singapore”. He added that “Sands had submitted the best overall proposal that meets our economic and tourism objectives.”
The RFP for the Marina Bay IR was launched on 15 Nov 2005 and closed on 29 Mar 2006. Four proposers responded to the RFP – i.e. Sands; Harrah’s Entertainment and Keppel Land (“Harrah’s”); Genting International and Star Cruises (“Genting”); and MGM Mirage and CapitaLand (“MGM”).
Each of the four proposers committed to invest a total of $4 billion to $5 billion in a world-class development that would generate substantial economic benefits for Singapore. This reflects the strong confidence of international investors in Singapore’s tourism sector. All the proposals offered an excellent range of tourism products, ranging from MICE (i.e. Meetings, Incentives, Conventions and Exhibitions) facilities to leisure attractions and entertainment shows. The proposals also all met the stringent social safeguards set by the Singapore Government for the casino component.
The evaluation of the proposals was based on the following four main criteria, with approximate weights as shown:
a. Tourism appeal and contribution (40%);
b. Architectural concept and design (30%);
c. Development investment (20%); and
d. Strength of consortium and partners (10%).
Sands committed to the highest development investment of $3.85 billion. Together with the land price and other associated capital costs, the total investment by Sands would exceed $5 billion. This is one of the largest investments in the world for a single IR. The Marina Bay Sands is expected to stimulate an additional $2.7 billion (or approximately 0.8%) to Singapore’s annual Gross Domestic Product and generate 30,000 jobs throughout the economy by 2015.
Friday, May 4, 2007
$700m worth of contracts for MBFC awarded
Construction contracts worth more than $700 million for the upcoming Marina Bay Financial Centre (MBFC) have been awarded and the principal contractor for the two commercial towers is a consortium of Kajima Overseas Asia and Tiong Seng Contractors.
Woh Hup was named the main contractor for the residential tower.
Together, these buildings make up the 244,000 sq metre Phase 1 of the MBFC.
In February, the owners of MBFC - a consortium of Keppel Land, Cheung Kong Holdings/Hutchison Whampoa, and Hongkong Land - acquired a further 194,000 sq metres of land next to Phase 1 for $907.67 million.
In a statement yesterday, David Martin, general manager of BFC Development, the company in charge of MBFC, said: ‘The tenders for both the commercial and residential towers attracted strong interest and competitive bids from several quality contractors. We believe we have assembled from this bidding process a very strong construction team with the experience and expertise to execute large-scale projects.’
The appointment of the main contractors puts Phase 1 of MBFC on track for completion in 2010, he said.
Tiong Seng Contractors was earlier awarded the piling contract for Phase 1 of the development.
Director Pek Lian Guan said: ‘With Tiong Seng’s recent experience on the site with the piling process, we are off to a head start in ensuring a smooth process for construction through our deep understanding of the project and existing knowledge of the particular dynamics of this site.’
The contracts announced were only for Phase 1. Mr Martin said that design and construction planning is still in progress on Phase 2.
Also still in the planning stage is CapitaMall Trust’s plan to expand Funan DigitaLife Mall. In a statement yesterday, CMT said it is appealing to the Urban Redevelopment Authority (URA) for an ‘alternative waiver scheme so as to achieve a more efficient floor plate for the proposed development of an office block and to minimise disruptions to the retail tenants’.
BT reported on April 28 that CMT had received provisional permission from the URA to erect a nine-storey commercial building and for additions and alterations to the existing mall.
It is understood that the URA waiver CMT is seeking involves the height restriction of nine storeys for the new extension.
CMT said further information will be provided when details are agreed with the URA.
Source: The Business Times, 04 May 2007
Woh Hup was named the main contractor for the residential tower.
Together, these buildings make up the 244,000 sq metre Phase 1 of the MBFC.
In February, the owners of MBFC - a consortium of Keppel Land, Cheung Kong Holdings/Hutchison Whampoa, and Hongkong Land - acquired a further 194,000 sq metres of land next to Phase 1 for $907.67 million.
In a statement yesterday, David Martin, general manager of BFC Development, the company in charge of MBFC, said: ‘The tenders for both the commercial and residential towers attracted strong interest and competitive bids from several quality contractors. We believe we have assembled from this bidding process a very strong construction team with the experience and expertise to execute large-scale projects.’
The appointment of the main contractors puts Phase 1 of MBFC on track for completion in 2010, he said.
Tiong Seng Contractors was earlier awarded the piling contract for Phase 1 of the development.
Director Pek Lian Guan said: ‘With Tiong Seng’s recent experience on the site with the piling process, we are off to a head start in ensuring a smooth process for construction through our deep understanding of the project and existing knowledge of the particular dynamics of this site.’
The contracts announced were only for Phase 1. Mr Martin said that design and construction planning is still in progress on Phase 2.
Also still in the planning stage is CapitaMall Trust’s plan to expand Funan DigitaLife Mall. In a statement yesterday, CMT said it is appealing to the Urban Redevelopment Authority (URA) for an ‘alternative waiver scheme so as to achieve a more efficient floor plate for the proposed development of an office block and to minimise disruptions to the retail tenants’.
BT reported on April 28 that CMT had received provisional permission from the URA to erect a nine-storey commercial building and for additions and alterations to the existing mall.
It is understood that the URA waiver CMT is seeking involves the height restriction of nine storeys for the new extension.
CMT said further information will be provided when details are agreed with the URA.
Source: The Business Times, 04 May 2007
$700 million for the upcoming Marina Bay Financial Centre (MBFC)
Construction contracts worth more than $700 million for the upcoming Marina Bay Financial Centre (MBFC) have been awarded and the principal contractor for the two commercial towers is a consortium of Kajima Overseas Asia and Tiong Seng Contractors.
Woh Hup was named the main contractor for the residential tower.
Together, these buildings make up the 244,000 sq metre Phase 1 of the MBFC.
In February, the owners of MBFC - a consortium of Keppel Land, Cheung Kong Holdings/Hutchison Whampoa, and Hongkong Land - acquired a further 194,000 sq metres of land next to Phase 1 for $907.67 million.
In a statement yesterday, David Martin, general manager of BFC Development, the company in charge of MBFC, said: ‘The tenders for both the commercial and residential towers attracted strong interest and competitive bids from several quality contractors. We believe we have assembled from this bidding process a very strong construction team with the experience and expertise to execute large-scale projects.’
The appointment of the main contractors puts Phase 1 of MBFC on track for completion in 2010, he said.
Tiong Seng Contractors was earlier awarded the piling contract for Phase 1 of the development.
Director Pek Lian Guan said: ‘With Tiong Seng’s recent experience on the site with the piling process, we are off to a head start in ensuring a smooth process for construction through our deep understanding of the project and existing knowledge of the particular dynamics of this site.’
The contracts announced were only for Phase 1. Mr Martin said that design and construction planning is still in progress on Phase 2.
Also still in the planning stage is CapitaMall Trust’s plan to expand Funan DigitaLife Mall. In a statement yesterday, CMT said it is appealing to the Urban Redevelopment Authority (URA) for an ‘alternative waiver scheme so as to achieve a more efficient floor plate for the proposed development of an office block and to minimise disruptions to the retail tenants’.
BT reported on April 28 that CMT had received provisional permission from the URA to erect a nine-storey commercial building and for additions and alterations to the existing mall.
It is understood that the URA waiver CMT is seeking involves the height restriction of nine storeys for the new extension.
CMT said further information will be provided when details are agreed with the URA.
Woh Hup was named the main contractor for the residential tower.
Together, these buildings make up the 244,000 sq metre Phase 1 of the MBFC.
In February, the owners of MBFC - a consortium of Keppel Land, Cheung Kong Holdings/Hutchison Whampoa, and Hongkong Land - acquired a further 194,000 sq metres of land next to Phase 1 for $907.67 million.
In a statement yesterday, David Martin, general manager of BFC Development, the company in charge of MBFC, said: ‘The tenders for both the commercial and residential towers attracted strong interest and competitive bids from several quality contractors. We believe we have assembled from this bidding process a very strong construction team with the experience and expertise to execute large-scale projects.’
The appointment of the main contractors puts Phase 1 of MBFC on track for completion in 2010, he said.
Tiong Seng Contractors was earlier awarded the piling contract for Phase 1 of the development.
Director Pek Lian Guan said: ‘With Tiong Seng’s recent experience on the site with the piling process, we are off to a head start in ensuring a smooth process for construction through our deep understanding of the project and existing knowledge of the particular dynamics of this site.’
The contracts announced were only for Phase 1. Mr Martin said that design and construction planning is still in progress on Phase 2.
Also still in the planning stage is CapitaMall Trust’s plan to expand Funan DigitaLife Mall. In a statement yesterday, CMT said it is appealing to the Urban Redevelopment Authority (URA) for an ‘alternative waiver scheme so as to achieve a more efficient floor plate for the proposed development of an office block and to minimise disruptions to the retail tenants’.
BT reported on April 28 that CMT had received provisional permission from the URA to erect a nine-storey commercial building and for additions and alterations to the existing mall.
It is understood that the URA waiver CMT is seeking involves the height restriction of nine storeys for the new extension.
CMT said further information will be provided when details are agreed with the URA.
Friday, March 23, 2007
Developers should reveal more price data
Developers should reveal more price data
March 23rd, 2007
The record home prices achieved this week by luxury condominium Orchard Residences have become the talk of the town.
Everyone is abuzz at the dazzling $4,000 per sq ft (psf) that buyers forked out for ’several units’ in the condo - a figure proudly announced by joint developers CapitaLand and Sun Hung Kai Properties on Wednesday.
But does this undoubtedly remarkable price give an accurate picture of the overall pricing achieved at the condo, being built above Orchard MRT Station?
The answer is: We don’t know.
The only other clue we have is CapitaLand’s statement that ‘units above the 30th floor have also attained prices of over $3,200 psf’. This throws up more questions than it answers.
For one, just how many units were sold at $4,000 psf? What price did the units below the 30th floor manage to fetch? What was the lowest price achieved?
And - most importantly - what was the psf price of a typical unit?
When asked for these details, CapitaLand simply clammed up.
It declined to say how many units were sold at record $4,000 psf prices, which floors they were on, and what proportion of their buyers were foreigners.
A similar scenario unfolded last year at the much-hyped Marina Bay Residences. Despite throngs of buyers on the first day of sales, its developers - Keppel Land, Cheung Kong Holdings and Hong Kong Land - refused to give sales figures or prices.
The next day, they offered some information: They had sold ‘more than 90 per cent of typical units…with prices in excess of $2,700 psf’. It took another day for them to finally disclose the average prices, which turned out to be ‘in the region of $1,850 psf’.
Should this lack of clarity be allowed to continue?
The danger in withholding information about average prices and sales figures is that it makes it impossible for the average person to judge the true value of, and demand for, any given development.
Offering only the highest prices further skews the market’s perception of what similar projects are worth. Those who suffer most from this obfuscation are home buyers. In the first place, they are handicapped in their access to such industry information.
Actual sales data, with prices and unit details, is available only through caveats, which are lodged when a sale takes place. But these are not mandatory and can take up to a few months to lodge.
By then, the average buyer may already have made a decision based on incomplete information.
Developers should also disclose why certain units fetch exceptionally high prices, and if these were bought by foreigners.
Often, these apartments are on higher floors, come in bigger sizes, or are equipped with special features. A typical unit, therefore, could be worth much less than the record-busting figures fetched by more unique apartments.
Apart from giving a better picture of individual condos, detailed sales data can also improve the workings of the broader property market.
Condos such as Orchard Residences and Marina Bay Residences, while out of the reach of the average buyer, belong to the category of closely-watched projects.
Rival developers and property analysts study their prices and use them as guidelines for future price points. If the prices of these projects are to act as benchmark prices for others, their actual levels should be made clearer.
A final point has to be made about investors who put money into property stocks such as CapitaLand and City Developments. Investors watch how these developers price their projects, because sales feed directly into their profits.
The issue of how project pricing can affect the developer’s share price was brought up last month. The question then was whether it was right for developers to announce target prices before their actual launches.
But the same principle applies even after the units have been transacted. If there is only partial disclosure of prices in a certain project, investors have no idea whether these prices are truly reflective until weeks later.
Still, there may be good reasons developers are reluctant to release too much price information.
They may have competitive or strategic interests, or may simply want to wait until all the options have been exercised. But in a fast-rising market, where benchmark prices for private homes are scaling dizzying heights, selective disclosure is especially worrying.
Home buyers tend to remember only the trumpeted highest prices in a project, even if average prices are much lower.
Take SC Global’s Boulevard Residence, which made headlines last month when one unit went for a ‘benchmark’ $3,205 psf. But the average price of the six units sold there in the last year was only $2,200 psf.
CapitaLand’s Rivergate is remembered for a ‘benchmark price’ of $1,700 psf last August, even though most units were averaging $1,250 psf. Similarly, City Developments’ St Regis Residences is known for being the first to cross the $3,000 psf mark, although its average price now, from caveats, is about $2,500 psf.
Not all developers are equal; some are more forthcoming with sales data than others.
But surely it is in the interests of all developers to ensure that the market is acting on as much information as it can get.
The alternative is a speculative bubble due to the exuberance of poorly-informed buyers - and that is in the interests of no one.
Source: The Straits Times, 23 March 2007
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March 23rd, 2007
The record home prices achieved this week by luxury condominium Orchard Residences have become the talk of the town.
Everyone is abuzz at the dazzling $4,000 per sq ft (psf) that buyers forked out for ’several units’ in the condo - a figure proudly announced by joint developers CapitaLand and Sun Hung Kai Properties on Wednesday.
But does this undoubtedly remarkable price give an accurate picture of the overall pricing achieved at the condo, being built above Orchard MRT Station?
The answer is: We don’t know.
The only other clue we have is CapitaLand’s statement that ‘units above the 30th floor have also attained prices of over $3,200 psf’. This throws up more questions than it answers.
For one, just how many units were sold at $4,000 psf? What price did the units below the 30th floor manage to fetch? What was the lowest price achieved?
And - most importantly - what was the psf price of a typical unit?
When asked for these details, CapitaLand simply clammed up.
It declined to say how many units were sold at record $4,000 psf prices, which floors they were on, and what proportion of their buyers were foreigners.
A similar scenario unfolded last year at the much-hyped Marina Bay Residences. Despite throngs of buyers on the first day of sales, its developers - Keppel Land, Cheung Kong Holdings and Hong Kong Land - refused to give sales figures or prices.
The next day, they offered some information: They had sold ‘more than 90 per cent of typical units…with prices in excess of $2,700 psf’. It took another day for them to finally disclose the average prices, which turned out to be ‘in the region of $1,850 psf’.
Should this lack of clarity be allowed to continue?
The danger in withholding information about average prices and sales figures is that it makes it impossible for the average person to judge the true value of, and demand for, any given development.
Offering only the highest prices further skews the market’s perception of what similar projects are worth. Those who suffer most from this obfuscation are home buyers. In the first place, they are handicapped in their access to such industry information.
Actual sales data, with prices and unit details, is available only through caveats, which are lodged when a sale takes place. But these are not mandatory and can take up to a few months to lodge.
By then, the average buyer may already have made a decision based on incomplete information.
Developers should also disclose why certain units fetch exceptionally high prices, and if these were bought by foreigners.
Often, these apartments are on higher floors, come in bigger sizes, or are equipped with special features. A typical unit, therefore, could be worth much less than the record-busting figures fetched by more unique apartments.
Apart from giving a better picture of individual condos, detailed sales data can also improve the workings of the broader property market.
Condos such as Orchard Residences and Marina Bay Residences, while out of the reach of the average buyer, belong to the category of closely-watched projects.
Rival developers and property analysts study their prices and use them as guidelines for future price points. If the prices of these projects are to act as benchmark prices for others, their actual levels should be made clearer.
A final point has to be made about investors who put money into property stocks such as CapitaLand and City Developments. Investors watch how these developers price their projects, because sales feed directly into their profits.
The issue of how project pricing can affect the developer’s share price was brought up last month. The question then was whether it was right for developers to announce target prices before their actual launches.
But the same principle applies even after the units have been transacted. If there is only partial disclosure of prices in a certain project, investors have no idea whether these prices are truly reflective until weeks later.
Still, there may be good reasons developers are reluctant to release too much price information.
They may have competitive or strategic interests, or may simply want to wait until all the options have been exercised. But in a fast-rising market, where benchmark prices for private homes are scaling dizzying heights, selective disclosure is especially worrying.
Home buyers tend to remember only the trumpeted highest prices in a project, even if average prices are much lower.
Take SC Global’s Boulevard Residence, which made headlines last month when one unit went for a ‘benchmark’ $3,205 psf. But the average price of the six units sold there in the last year was only $2,200 psf.
CapitaLand’s Rivergate is remembered for a ‘benchmark price’ of $1,700 psf last August, even though most units were averaging $1,250 psf. Similarly, City Developments’ St Regis Residences is known for being the first to cross the $3,000 psf mark, although its average price now, from caveats, is about $2,500 psf.
Not all developers are equal; some are more forthcoming with sales data than others.
But surely it is in the interests of all developers to ensure that the market is acting on as much information as it can get.
The alternative is a speculative bubble due to the exuberance of poorly-informed buyers - and that is in the interests of no one.
Source: The Straits Times, 23 March 2007
No Comments » | Real Estate Facts & Figures | Permalink
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