Marina Collection achieves $2,850 psf
The 124-unit luxury condominium Marina Collection by developer Lippo Group was completed just last year, and is situated next door to ONE°15 Marina Club. The project has seen a craze of buying interest notwithstanding the introduction of the additional buyer’s stamp duty (ABSD) last Dec 8. Based on the latest caveats lodged and downloaded from URA Realis as of Jan 18, there were three transactions at the project, with caveats lodged in late December.
The most latest transaction is the sale of a three-bedroom, 1,873 sq ft unit on the second floor, which was disposed for $5.34 million ($2,850 psf) in December. In the meantime, right on the first floor within the same block, two units, both three-bedroom apartments of 2,099 sq ft, was sold at $5.88 million ($2,800 psf). All three units were said to have been bought by foreign investors directly from the developer. Phylicia Ang, executive director of Savills Residential said that they are buying the property with the intent of renting them out. She further added that foreigners, particularly from Thailand and India have made known of their interest in Marina Collection, and are looking to purchase primarily for long-term investment,” she adds.
Interest in Marina Collection had picked up just before the end of last year. Inspite the ABSD of 10% imposed on residential property purchases by foreigners, 3% for permanent residents buying their second and subsequent property, and Singaporeans buying their third and more, interest in Sentosa Cove condos has not fall considerably, says Nancy Hawkes, senior group division head at Jones Lang LaSalle (JLL) Residential. “It has certainly slowed down,” she concedes, “but buyers who’re really interested will still buy.” Interest from China buyers at Sentosa Cove, which had slowed in the weeks following the imposition of the ABSD, has also picked up over the last few weeks, and they are zooming in on the bungalows rather than the condos, notes Savills’ Ang.
Whereas most bungalow buyers at Sentosa Cove tend to be owner-occupiers, those who buys condos tend to be investors, observes JLL’s Hawkes. At Marina Collection, a three-bedroom apartment can obtain a rental rate of $9,000 a month, she adds.
Launched in December 2007, the 99-year leasehold Marina Collection witnessed units sold at prices varies from $2,636 to $2,917 psf. Latest transaction prices of $2,800 to $2,850 psf are close to the record highs attained in late 2007/early 2008. This is based on the caveats lodged with URA Realis.
Most of the units at Marina Collection overlook the berth, and developer Lippo Group presents homebuyers a complimentary membership at ONE°15 Marina Club. Savillls Ang said that it is unique and stands out from the other condo in Sentosa Cove due to the fact that it offers a yachting lifestyle.”
It is also noted to be the only condo on Sentosa Island that brags an Olympic-sized pool, adds JLL’s Hawkes. “The layout of the units makes good use of space. For example, the bomb shelter is under the stairs instead of a room in a corner,” she notes. Residents can also enjoy a variety of entertainment and retail selections nearby once the 240-room resort hotel, The W Singapore Sentosa Cove, opens later this year. Next to the W hotel is the 228-unit The Residences at W.
According to Ang, buyers looking fora panoramic view of the seas may be enticed to the 151-unit Seascape instead. The 99-year leasehold condo development by Ho Bee Group and IOI Properties was also completed last year. Ho Bee Group is the first mover at Sentosa Cove and simply the biggest stakeholder there if we’re talking about the number of projects developed. The luxury project showcased spacious apartments with an open sea views. Last month, two units of four-bedroom apartments were disposed for $11 million each. One was a 4,241 sq ft unit that went for $2,594 psf, while the other was 4,133 sq ft, and was sold for $2,661 psf. The condos at Sentosa Cove each have their own distinctive offering, says Hawkes. “It really depends on the buyer’s lifestyle and demands but for those who like boating, Marina Collection offers the best location and facilities,” she adds. She further added that investors who acquire condo units at Sentosa Cove can expect to attain rental rates of $4.50 to $4.70 psf per month.
Moreover, in this luxury waterfront residential enclave, most Singapore property buyers have assumed a wait-and-see approach. Ang observed that buyers are a little bit unsure of committing in the present economic situation. There have been numerous viewings but few offers. Hawkes, who is a resident at Sentosa Cove and the owner of two other condo units for investments, is waiting for The Pinnacle Collection to be launched sometime this year prior to deciding on her next Sentosa Cove purchase. The Pinnacle Collection, a joint venture between Ho Bee and IOI Properties, is situated at the entrance of the marina leading into Sentosa Cove and is slated to be 20 storeys, the tallest building in Sentosa Cove.