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The
Straits Times 1st October 2004
CDL's iconic project all set to Sail
this month
Initial launch of 200 of the 1,111-unit
Marina Bay project, Singapore's tallest residential building,
will likely see prices starting at around $900 psf
By Joyce Teo
PRICES for
Singapore's iconic residential building, The Sail@Marina Bay,
are likely to start at around $900 per sq ft, said property
consultants.
This would
make the high-end development, shaped like two sails of a
boat, one of the more expensive 99-year leasehold developments
here. Less ritzy leasehold condominiums, such as Kovan Melody
in Upper Serangoon and Varsity Park in the West Coast, are
going for between $440 psf and $520 psf.
However, Far
East Organization's leasehold home office units at Soho@Central,
near Clarke Quay MRT station, start at $1,050 psf.
City
Developments (CDL) kept mum yesterday about the pricing of its
1,111-unit project, a 50-50 joint venture with AIG Global Real
Estate Investment Corp. It announced only the project's name
and that the soft launch date will be later this month.
At 245m high,
The Sail will be the tallest residential building in
Singapore, the seventh highest in Asia and the 10th highest in
the world.
The seven
50-storey blocks of The Pinnacle@Duxton have an average height
of 156m.
'It'll be a
prominent silhouette against the city skyline,' noted property
consultancy Jones Lang Lasalle's managing director, Dr Yu Lai
Boon, of The Sail.
Analysts are
predicting that it will be one of the hottest residential
properties to be launched this year because of its height, its
being the first residential building in the new downtown, its
proximity to Raffles Place as well as the Republic's business
and financial centre, and its facilities.
The Sail will
boast a 24-hour concierge service, as well as a fully-equipped
spa with a cafe and therapy room, among other things.
Most of the
homes in the two towers - one with 70 levels and the other
with 63 levels - will be one- and two-bedroom units. Only 250
units will have three or four bedrooms. There will also be
five penthouses and about 19,900 sq ft of retail space.
Mr Willy Shee,
managing director of CB Richard Ellis, which is jointly
marketing the project with DTZ Debenham Tie Leung, said he
would recommend prices starting at $950 psf at least and
expects the apartments to generate a rental return of 4 to 5
per cent.
According to
DTZ, the one-bedroom units could command a monthly rent of
around $2,200 to $2,800, the two-bedroom units $3,200 to
$3,700 a month, and the three- and four-bedroom units $4,000
to $7,000 a month.
The marketing
agents are eyeing potential buyers in Jakarta, Hong Kong,
Shanghai and Beijing, as well as institutional funds in
Europe. CDL said the units will be released in phases, with
about 200 being made available for a start.
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