Raising their game

October 6, 2014 12:00 AM SGT
SINGAPORE: The long-awaited rollout of Marina One Residences by M+S could boost sentiment in the market if the strong indication of interest translates into sales. Projects in other segments — such as UOL Group’s 70 St Patrick’s and Qingjian Realty’s executive condos — show developers upping the ante through greater product differentiation and savvy pricing.
Before leaving for a holiday in Europe with his wife, Mr Seah was contemplating whether to book one or two units at Marina One Residences.
The Singaporean was one of the first visitors to the showflat when it opened for preview on Sept 13.
“Very impressive” was his verdict in a text message.
The owner of a freight forwarding and logistics business, Seah, who is in his 50s, is also a seasoned property investor with multiple properties in the city-state.
He fits the profile of discerning buyers that Marina One Residences seems to be drawing.
“They are very astute, well-heeled and well-travelled, with some having invested overseas in other global cities.
They are generally people in their 40s and 50s,” says Kemmy Tan, chief operating officer (COO) of M+S, the developer and joint-venture company formed by the sovereign wealth funds of Malaysia and Singapore, Khazanah Nasional and Temasek Holdings, with a 60% and 40% stake respectively.
Tan: Singapore continues to be a choice location for investors of luxury real estate. That is why we have decided not to put up the other tower for sale until after obtaining the TOP.
The developer is offering a 10% early-bird discount for its one- to three-bedroom units.
Indication is that some buyers are considering buying more than one unit.
Therefore, M+S is offering an additional 1% discount for those who purchase at least three units.
“Most of them are looking to buy and hold for future capital appreciation,” says Tan.
Ong Choon Fah, COO of DTZ, agrees.
She adds that there were many enquiries about the project.
“These are mainly seasoned investors buying for investment, for their children or for their own...