Hong Kong, July 8, 2015 – CBRE is marketing two of Singapore’s iconic residential projects, Marina One Residences and DUO, in Hong Kong on July 11-12, 2015 at Edinburgh Room, Mandarin Oriental Hotel.
A recent property exhibition of the two residential projects in Hong Kong met with overwhelming response. Units sold were priced between S$1.84million to S$6.06million for a mix of one, two, three and four bedroom types in the two projects. The most recent was for a four-bedroom unit at Marina One Residences valued at S$6.06 million (HK$35.0 million) or S$2,700 per sq. ft.
A large three-bedroom unit of 1,528 sq. ft. at DUO at $3.89 million on the 45th floor found a buyer and only 40 units of three and four bedroom apartments remain on the market, all above the 30th floor.
CBRE was appointed the sole marketing agent for developer M + S Pte Ltd’s maiden roadshow in Hong Kong early May 2015.
Joseph Tan, Executive Director, Residential, CBRE Singapore said “Singapore’s luxury market currently offers excellent value. The RMB/ HK dollar has appreciated against the Singapore dollar, making Singapore’s luxury properties an attractive value proposition. At the same time, prices in the prime, high end and luxury segments in Singapore have eased. As a result, we have seen keen interest in investment-grade properties of one and two bedroom apartments priced up to about S$2.5 million (HK$15 million) for luxury apartments in the heart of the financial district.” In the most recent transactions, two-bedroom apartments at Marina One Residences of 1,119 sq. ft. were transacted at S$2.48 million.
Kemmy Tan, Chief Operating Officer, M + S Pte Ltd said “Hong Kong purchasers are savvy investors. They identify with the growth potential that integrated developments such as Marina One and DUO provide in the prime financial district. It offers park living /working within the city. . They are optimistic about the strong economic fundamentals underpinning Singapore’s real estate market and its stable government. We are very encouraged by their vote of confidence”.
Marina One being the only new project in Marina Bay to be completed in the immediate future, was borne out of a historic collaboration between Malaysia’s strategic investment fund, Khazanah Nasional Berhad and a Singapore-based investment company, Temasek.
The residential tower leverages its premium location in the heart of the city, offering panoramic views of the city skyline and the sea. Marina One Residences is a seven-minute walk to the Marina Bay Sands and other world class lifestyle offerings and Singapore’s iconic tourist attraction Gardens by the Bay. Marina One will be well connected to the rest of the island via major expressways and underground connection to four out of Singapore’s six Mass Rapid Transit lines – North-South, Downtown, Circle and upcoming Thomson Lines. With easy access to the Marina Bay MRT Interchange Station and Downtown MRT Station, Singapore’s tourist shopping belt Orchard Road, iconic Marina Bay Sands, Gardens by the Bay and Esplanade Theatres on the Bay are mere minutes away. The upcoming Thomson Line will link Singapore’s Causeway with the Malaysian state of Johor in the future.
With a prime waterfront location, the Singapore government has zoned the land parcels in Marina Bay as the new financial center to rival London’s Canary Wharf. Marina One will comprise 1.88 million sq. ft. of Grade A office space, which can potentially add over 15,000 executives to the existing working population. Alongside Marina One Residences’ 1,042 homes and the offices is The Heart, a retail podium comprising 140,000 sq. ft. of retail space.
The exhibition also showcased DUO Residences, part of another integrated development, DUO, located at a strategic gateway point to Singapore’s CBD. DUO is an integrated development comprising premium residences, a 5-star hotel Andaz Singapore which is managed by Hyatt Hotels & Resorts, a boutique retail gallery and Grade A offices. It is connected via an underground link to the Bugis MRT station, which serves two major MRT lines – the East West Line and the Downtown Line. Bugis Junction is a trendy, vibrant enclave at the fringe of the business district.
M+S Pte Ltd is planning another exhibition on July 11-12 in Hong Kong and is looking forward for the continued interest from the regional investors.
Disclaimer:
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
