AWARDS: Bellewoods — where nature meets innovation

AWARDS: Bellewoods — where nature meets innovation

Since entering Singapore in 1999, Qingjian Realty has carved a niche for itself as an innovative developer. From its first development — an HDB Design, Build and Sell Scheme (DBSS) Natura Loft in Bishan — it has gone on to build a string of more than 12 executive condominiums (ECs) and private condo developments, initially in the Punggol-Sengkang area, including RiverParc, RiverSound Res- idences and River Isles, then The Visionaire in Sembawang and iNZ Residences in Choa Chu Kang.

Qingjian is also the developer behind the successful launch of the 1,206-unit JadeScape on Shunfu Road. Launched at end-September, the project saw more than 300 units snapped up in one weekend.

 

The 561-unit Bellewoods has three 11-storey blocks and nine 12-storey blocks on a land area of 226,087 sq ft on Woodlands Avenue 5 (Photo Credit: Qingjian Realty)

 

Two ECs developed by Qingjian that were launched in 2015 and fully sold and completed last year were Bellewoods in Woodlands and Bellewaters in Sengkang. For its design and innovation, Bellewoods won the Top Executive Condo award at the EdgeProp Singapore Excellence Awards 2018.

The 561-unit Bellewoods has three 11-storey blocks and nine 12-storey blocks on a land area of 226,087 sq ft on Woodlands Avenue 5. It was designed by acclaimed architect ADDP Architects.

Units at Bellewoods are a mix of two- to five-bedroom apartments sized from 786 to 1,549 sq ft. Selected three- to five-bedroom units come with the option of “Cospace”, a flexible space in an apartment that allows the owner to configure according to changing lifestyle needs. It could be used as a utility room or home office; it could also be turned into an infant room, a study or walk-in wardrobe by combining it with a bedroom.

 

The “Wellness Zone” at Bellewoods, where the individual spas are located (Credit: Qingjian Realty)

 

Qingjian first tested Cospace in its River Isle project and introduced it at its Ecopolitan EC development in Punggol in 2013. Qingjian has even trademarked the name “Cospace”.

Units at Bellewoods are also designed to provide adequate natural ventilation and daylight, especially in wet areas such as the kitchen and bathrooms.

Bellewoods was designed as a resort-style home. The facilities in the development are divided into six zones. The “Aquatic Zone” is where the floating poolside deck and the play pools are. Nearby is the clubhouse, with a gym on the first level and a barbecue terrace on the second level. Adjacent to the clubhouse are a tennis court and playground.

 

The clubhouse with a gym on the first level and a barbecue terrace on the second level, near the floating poolside deck (Photo Crdit: Qingjian Realty)

 

The centrepieces of the “Urban Forest Zone” are the 50m infinity pool and a lounge. The “Wellness Zone” is where the hydro spa beds, individual spa houses, a spa pool, Jacuzzi and waterside dining pavilion are located. The “Bamboo Forest Zone” is a quiet area with a meditation lawn nearby.

Meanwhile, the “Evergreen Forest Zone” is where the Gourmet Pavilion is. It even comes with a bar for those who want to throw parties with evening cocktails. The “Mangrove Forest Zone” is designed with meandering water canals and foot paths that link all the zones together.

“Bellewoods’ concept is inspired by nature, and it has landscaping integrating all the six forest themes,” observes Lee Liat Yeang, senior partner of the real estate practice at Dentons Rodyk and Davidson. Lee was also a judge for the EdgeProp awards. “This project represents great value for money for up- graders,” he adds.

 

The dining pavilion at the 'Evergreen Forest Zone' (Photo Credit: Qingjian Realty)

 

Residents at Bellewoods will be able to use Qingjian’s smart app, hiLife, to book the facilities; engage interior design, maintenance and home cleaning services as well as food delivery or catering; or sign up for classes from yoga to dance. Beyond the full facilities in the condo, residents of Bellewoods enjoy the convenience of basement parking as well as proximity to the Admiralty MRT station and a shopping mall called 888 Plaza.

Just one MRT stop away are the Woodlands MRT station and Causeway Point, one of the biggest suburban malls in Singapore. The Woodlands

MRT station and Causeway Point are located at the heart of Woodlands Regional Centre. Based on the URA Master Plan, Woodlands Regional Centre will be transformed into a business cluster as part of the future North Coast Innovation Corridor. By 2019, the Woodlands MRT station will be an interchange station for the future Thomson-East Coast Line and existing North-South Line.

 

Bellewoods’ concept is inspired by nature, and it has landscaping integrating all the six forest themes (Credit: Qingjian Realty)

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JadeScape draws crowd of 9,000 on preview weekend

JadeScape draws crowd of 9,000 on preview weekend

The weekend preview of JadeScape, Qingjian Realty’s latest residential project, drew a crowd of 9,000 people to its sales gallery over the two days from Sept 8 to 9. The 22,000 sq ft sales gallery located in Bishan features JadeScape’s smart home and smart estate management features as well as its “Gold Standard” elderly-friendly units that is ideal for multi-generational residential living.

"We designed JadeScape with a unique offering to complement its outstanding location,” says Yen Chong, deputy general manager of Qingjian Realty (South Pacific) Group. “We expected the market to welcome the project but the response is overwhelming.” 

 

Crowd at JadeScape's sales gallery over the weekend of Sept 8-9 (Credit: Property Agents)

 

Given the strong response to its public preview, Qingjian will launch the project for sale on Sept 22. Qingjian had indicated that it will be launching the project at an average price of $1,700 psf.

JadeScape is a redevelopment of the former Shunfu Ville privatised HUDC estate located on Shunfu Road, in the Thomson-Marymount area. Qingjian had purchased the 99-year leasehold site in a collective sale in 2016 for $638 million.

 

Encouraged by the response on the first weekend of its public preview, Qingjian will be launching the project for sale on Sept 22 (Credit: Qingjian Realty)

 

The development is located just a three-minute walk from the Marymount MRT station on the Circle Line. Designed by world-acclaimed architect, Paul Tange of Tange Associates, JadeScape is expected to obtain its Temporary Occupation Permit (TOP) by early 2023.

According to Daniel Lim, Huttons Asia director of project sales & marketing, the development has attracted “many families”, with interest spread across the one- to three-bedroom unit types.

 

The 1,206-unit JadeScape is designed by Paul Tange of Tange Associates (Credit: Qingjian Realty)

 

George Tan, executive director of Savills Residential attributes the strong turnout to the fact that there hasn’t been a new launch in the Thomson area in three years.

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Qingjian unveils JadeScape at an average price of $1,700 psf

Qingjian unveils JadeScape at an average price of $1,700 psf

The 1,206-unit JadeScape will be built on the site of the former Shunfu Ville private HUDC estate. 

 

Qingjian Realty has unveiled JadeScape, its latest development on Shunfu Road, at an average price of $1,700 psf on Monday.

The 1,206-unit residential project, which will be built on the site of the former Shunfu Ville private HUDC estate, is the largest residential project in Qingjian’s Singapore portfolio so far.

The project fronts Marymount Road on one side and Shunfu Road on the other, and is within a 3-minute walk to Marymount MRT station.

According to Qingjian, JadeScape is Singapore’s first fully-smart private development, at which intelligent estate monitoring will be embedded throughout its 1,206-units.

The development will offer a wide mix of unit types, which are priced as follows:

One-bedroom units (527 sq ft) from $838,000; two-bedroom units (646 to 775 sq ft) from $988,000; and three-bedroom units (904 to 1,152 sq ft) from $1.38 million.

Meanwhile, prices for four (1,259 to 1,647 sq ft) and five-bedroom units (2,099 sq ft), and penthouses (4,230 sq ft) have yet to be determined.

In addition, over 60 "Gold Standard" units at the project will be designed to empower active agers to enjoy their golden years independently with intuitive design and smart technology.

JadeScape will preview this weekend (Sept 8). Read more about the project here.

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Le Quest sales gallery opens for Phase 2 preview

Le Quest sales gallery opens for Phase 2 preview

Qingjian Realty will re-open the sales gallery for the Le Quest from May 12, in anticipation of the Phase 2 sales launch on May 19. Le Quest is a 516-unit mixed-use development in Bukit Batok and is the developer’s first mixed-use development in Singapore.

Phase 1 sales opened last August and saw at least 287 units (56%) sold at an average psf price of $1,280 over the first weekend of sales. The number also exceeded the 200 units initially released. But the developer says it has not yet decided how many units will be put up for sale this time, and has yet to announce the price list.


Artist’s impression of the 516-unit, mixed-use development Le Quest (Picture: Qingjian Realty)


When completed, the 99-year leasehold Le Quest will have five 12-storey residential blocks atop a four-storey podium which will house close to 100 F&B and retail shops, a childcare centre, and car parks.

This year, Qingjian is also expected to announce its redevelopment plans for the former Shunfu Ville site which it bought for $638 million ($747 psf per plot ratio) in May 2016. The redevelopment could house about 1,100 new units.

The Le Quest sales gallery is located at Bukit Batok West Avenue 8.

 

REDISCOVER SINGAPORE

 

Rediscover Bukit Batok Today!

#FINDYOURSPOT in our beloved city island

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Qingjian gears up for 2018 launches

Qingjian gears up for 2018 launches

Developer Qingjian Realty (South Pacific) Group, part of international construction and real estate conglomerate Qingjian Group Co, is looking to launch more units at Le Quest this year, says Yen Chong, its deputy general manager. She adds that buyers have continued to enquire about the project, despite the developer’s decision to halt sales.

 

Chong in the sales gallery of Le Quest, which is 56% sold over its first weekend of sales

 

When completed, the 516-unit Le Quest will have five 12-storey apartment blocks sitting atop a four-storey podium that will house close to 100 F&B and retail shops, a childcare centre and car parks. At least 287 units, or 56%, were sold at an average of $1,280 psf each over the first weekend of sales on Aug 5 and 6 last year, according to Qingjian. “We planned to launch 200 units but released more because we didn’t want to disappoint the buyers,” says Chong, adding that sales of Le Quest were stopped “to control our inventory”. Qingjian has less than 1,500 units available for sale, including those at its redevelopment of Shunfu Ville, she estimates.

Qingjian paid $638 million ($747 psf per plot ratio) for the 408,927 sq ft Shunfu Ville site in May 2016, in the early days of the current en bloc fever. Although it was Singapore’s third-largest en bloc deal by quantum then, surpassed only by the sale of Leedon Heights (now Leedon Residence) at $835 million and Farrer Court (now d’Leedon) at $1.34 billion in the previous collective sale fever in 2007, the price was below the $688 million reserve price set by the owners of Shunfu Ville. The site previously occupied by the privatised HUDC estate can yield about 1,100 units with an average size of 1,000 sq ft, according to JLL, which brokered the deal.

Chong expects strong interest from buyers, owing to the project’s excellent location. The site is at the junction of Shunfu Road and Marymount Road, less than 200m from the Marymount MRT station and close to popular schools such as Ai Tong School and Catholic High School. The new condo will feature smart homes, developed in partnership with hiLife, which is billed as a platform that seamlessly integrates smart condominium management and lifestyle offerings. Smart homes have become a standard provision at Qingjian’s developments, says Chong. “It’s how people want to live.”

 

Chong expects strong interest from buyers for the redevelopment of Shunfu Ville

 

hiLife was first introduced at Qingjian’s 590-unit Riversound Residence in Sengkang when it was completed in 2015. The platform was then rolled out at Qingjian’s existing projects: the 219- unit Nin Residence in Potong Pasir and 504-unit RiverParc Residence in Punggol. It was also made available to the homeowners at Qingjian’s subsequent projects: the 610-unit River Isles; 383- unit Waterbay executive condo; 512-unit Ecopolitan EC; 561-unit Bellewoods EC; 651-unit Bellewaters EC; 632-unit The Visionaire EC; 497-unit iNz Residence EC; and Le Quest.

The Visionaire was the first of Qingjian’s developments to feature smarthome devices connected via the Internet of Things. Users can control the air-conditioning, lights and appliances via the smart-home app. Access to the home can be monitored through cameras and controlled by a doorlock linked to the app.

 

The Visionaire is Singapore’s first EC with smart homes

 

Buyers of The Visionaire could choose not to have the smart-home features, but “the opt-out rate was very low” because they were convinced of the value they were getting, says Chong. When the project was launched for sale in April 2016, 154 units were sold at a median price of $821 psf, according to URA data. The last three units were snapped up last December, according to URA data, making the project fully sold in less than two years.

 

Bellewoods received its TOP last year and was awarded the Conquas Star by BCA

 

Last year also saw the completion of two of Qingjian’s projects. Located in Woodlands, Bellewoods is its eighth project as a developer. When it was launched in November 2014, buyers snapped up 79 units at a median price of $800 psf. The project received its Temporary Occupation Permit last year and was awarded the Construction Quality Assessment System (Conquas) Star by the Building and Construction Authority. The accolade is given to projects that meet more than 95% of BCA’s workmanship quality standards and is the authority’s highest for construction quality. It is a testament of Qingjian’s commitment to build top-quality projects, says Chong.

Bellewaters in Sengkang was launched in November 2014, and 170 units were sold at a median price of $813 psf that month, according to URA data. The project, which occupies a 2.3ha site, is fully sold and received its TOP in 2017.

 

The 651-unit Bellewaters occupies a 2.3ha site in Sengkang

 

Buyers looking for an EC by Qingjian will have to act fast, as the only EC units available for sale are at its iNz Residence. In its first month of sales, Qingjian sold 187 units, or 38%, at a median price of $774 psf, according to URA data. The project is located in Choa Chu Kang and expected to receive its TOP in 2019. More than 95% of the units have been sold.

In addition to preparing for the launch of the second phase at Le Quest, Chong is also working to make the hiLife platform available to tenants of the mixed-use development’s retail component. The mall will cater to not only residents of Le Quest but the entire neighbourhood as well. “We want to make it a mall where everybody would like to come,” says Chong, which is why Qingjian is being very careful in curating the tenant mix. “We want a win-win situation for the retail tenants and residents.”  

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The Visionaire EC fully sold

The Visionaire EC fully sold

On Dec 13, developer Qingjian Realty (South Pacific) Group announced it had sold all 632 units at The Visionaire EC in Sembawang. Launched in April 2016, the EC is a five-minute walk from the future Canberra MRT station, according to Qingjian.

A key feature of The Visionaire, says Qingjian, is that its homes will be equipped with smart devices. Among them are smart IP cameras, smart temperature sensors and smart lock systems. This is complemented by smartphone application hiLife, which allows owners to book facilities conveniently.

According to Qingjian, The Visionaire “marked the start of a move by developers in Singapore to offer smart home features on a bigger scale in new developments”.

Qingjian also announced that phase two of Le Quest and its Shunfu Ville development will be launched in 2018.

 

Artist's impression of The Visionaire EC

(Credit: Qingjian Realty)

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Qingjian tops bid for Bukit Batok site

Qingjian tops bid for Bukit Batok site

A total of 11 bids were received at the close of the public tender on May 24 for the 99-year leasehold Bukit Batok West Ave 6 site. The winning bid came from mainland Chinese developer Qingjian Realty with an offer of $301 million, or about $635 psf ppr for the 99-year leasehold parcel. Qingjian’s bid was 7.7% above the next highest bid of $278 million, or $584 psf ppr by Allgreen Properties.

Qingjian is likely to build a new mixed-use development with a 500-unit condominium on the Bukit Batok site. “The cut-back in land sales and the dearth in land parcels for sale in the area gave bidders additional reasons to bid for the land,” says Desmond Sim, head of research at CBRE.

Qingjian Realty’s aggressive bid came on the back its successful en bloc purchase of Shunfu Ville on Marymount Road for $638 million just a week earlier on May 20. The price for the site translates to $747 psf ppr after factoring in the differential premium payable to the State to top up the lease to a fresh 99 years and for intensification of site. The site can be redeveloped into a new private condo with more than 1,000 units. 

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Qingjian’s The Visionaire presents next-generation smart home

Qingjian’s The Visionaire presents next-generation smart home

In the near future, you can truly multitask with just a smartphone application: Brush your teeth, check your calendar and emails, and watch the news in the bathroom via the monitor screen-cum-mirror. Instead of wearing a fitness tracker on your wrist, you can monitor your sleep with a Samsung sleep monitor underneath your mattress that will analyse your heart and respiratory rates to give you a personalised report and sleep score every morning.

 

Bathrooms as the new alternative workplace?

 

With a smart home system, you can monitor visitors via CCTV and control access to your home using a digital lock linked to a smartphone app. There will also be motion sensors that will detect movement at the doors and activate the lights. Beyond controlling the lights and access into the unit, the smart home app will also allow homeowners to control appliances, from air-conditioners and water heaters to washing machines and refrigerators. Shopping will be a breeze, as you can use an app to check the contents in your refrigerator while grocery shopping.

These are some of the next-generation home features showcased at the sales gallery of The Visionaire, Qingjian Realty’s latest executive condominium (EC) project in Sembawang. “The Visionaire is the first step we are taking in developing next-generation homes,” says Li Jun, managing director of Qingjian Realty (South Pacific) Group. “The government wants Singapore to be a ‘Smart Nation’, so we thought we should create our vision of a smart home.”

 

The Visionaire in Sembawang will have smart home features and is poised to be a next-generation EC.

Click here to find out more about The Visionaire

 

This marks Qingjian’s latest collaboration with Samsung, which is also its partner for the HiLife mobile app rolled out last year. The app allows residents to book condo facilities using their mobile devices, as well as services such as air-conditioning maintenance, plumbing and other home repair and cleaning services. Residents can also check out nearby amenities such as enrichment centres, yoga classes, nail spas or beauty treatment/massage centres, F&B outlets and entertainment facilities.

Qingjian introduced HiLife at its Riversound Residence when it was completed. The 590-unit private condo in Sengkang was completed in 2015 and today, there are more than 790 users of the app, says Li. “That means each unit has more than one user, so family members are using the app to book the facilities. It’s very convenient and user-friendly.”

Following the successful adoption of HiLife at Riversound Residence, the app is also being rolled out at Qingjian’s other completed projects, including RiverParc Residence in Punggol and Nin Residence on Upper Serangoon Road.

Qingjian is open to working with other developers that are interested in using HiLife for their projects. “We feel that a platform such as HiLife, which is beneficial to homeowners, is something that we can share with other developers,” says Li. Subsidiary company HiLife will be working with property management agencies to promote the mobile app to other developments, he adds.

 

Li: We have at least one project being completed each year and we want to offer new products for

homeowners to differentiate ourselves from other developers

 

Forty-year-old Li came to Singapore in 2008 to spearhead Qingjian’s property development business. Originally from Qingdao, China, Qingjian entered Singapore in 1999 as a construction company, mainly building HDB townships, particularly in Punggol and Sengkang.

When Qingjjian first ventured into property development, Li spent a lot of time doing market research and visiting residential projects. That led to his decision to have no more than four units per floor at Qingjian’s maiden HDB Design, Build and Sell Scheme project Natura Loft, which has three 40-storey towers containing 160 units each. To maximise cross-ventilation, he also made sure that all the units were north-south facing.

Given the positive feedback from homeowners at Natura Loft, Qingjian decided to adopt the same north-south orientation and four units per floor plan for its subsequent projects. To date, Qingjian has developed 11 projects, including six ECs, making it one of the most recognised names in the hybrid public-private housing segment.

 

Showflat of a unit at The Visionaire

 

Recent EC launches by Qingjian include Bellewaters in Sengkang and Bellewoods in Woodlands, both of which were launched in late 2014. An EC that recently obtained the Temporary Occupation Permit was the 383- unit Waterbay in Punggol, which is fully sold. Last year saw the completion of the 504-unit RiverParc Residence. Including the upcoming The Visionaire, Qingjian will now have seven EC projects under its belt.

“We have at least one project being completed each year and we want to offer new products for homeowners to differentiate ourselves from other developers,” says Li. “We have been in Singapore for eight years and we plan to be here for at least the next 80 years.”

In 2013, Qingjian launched CoSpace at the 512-unit Ecopolitan EC in Punggol. While it is not a new idea, CoSpace gives homeowners some flexibility in terms of space customisation, so they can adapt rooms to suit their lifestyle changes over the years, he adds.

Since then, Qingjian has introduced CoSpace in all its subsequent EC projects. At the upcoming The Visionaire, 65 of the 632 units are three- and four-bedroom CoSpace units with sizes ranging from 1,119 to 1,549 sq ft. The project has a mix of two- to four-bedroom units, with the majority (84%) being typical three- and four-bedroom units of 839 to 1,581 sq ft.

With the roll-out of CoSpace in 2013 and HiLife in 2015, Li is now betting on the next-generation smart homes at The Visionaire, Qingjian’s latest innovation for 2016. E-applications for The Visionaire will start on April 8, with bookings to commence on April 23. According to Qingjian, the project is scheduled for completion in 2018.

Next door is another EC, the 638-unit The Brownstone by joint-venture partners City Developments and TID. Launched last July, about 55% of the units have been sold as at end-February at a median price of $819 psf.

 

This article appeared in the City & Country of Issue 723 (April 11, 2016) of The Edge Singapore. 

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Qingjian top bidder for Choa Chu Kang EC site

Qingjian top bidder for Choa Chu Kang EC site

An executive condominium (EC) site at Choa Chu Kang Avenue 5 drew 11 bids. Qiangjian Realty-led consortium submitted the highest bid of $295 per sq ft per plot ratio (psf ppr). Going by the bid price, the breakeven cost for the project is estimated at $650 psf, translating to an attractive launch price of $750 to $780 psf.

The latest EC site sold in Choa Chu Kang was sold to Sim Lian Land for $361 psf ppr in September last year. Separately, MCL Land paid $339 and $375 psf ppr for its Sol Acres site at Choa Chu Kang Grove. Sol Acres, a 1,327-unit EC project, is currently open for application.

Although Qingjian’s bid was 7% higher than the second highest bid, the average of the 11 bids stood at $240 psf ppr, indicating cautious sentiment among developers. CBRE’s South East Asia research head Desmond Sim says “The 11 bids seem to suggest that developers are still looking to replenish their land banks but their enthusiasm is curbed by the current market conditions such as the growing number of unsold ECs. Thus bid prices continued to trend below $300 psf ppr and land prices for ECs appear to have reverted to 2011 levels. With the lower bid prices, developers who participated in the tender were probably looking at the possibility of pricing the project more competitively.”

Mr. Sim also noted that this tender closed at a time when the income ceiling revision for eligible buyers is being discussed. Any positive revision could benefit the winning bidder when the project is launched.

 

Site location

 

Provisional tender results

 

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Raising their game

Raising their game

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.

 

Kemmy Tan chief operating officer (COO) of M+S

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 use.

There has been quite a lot of interest from foreigners as well.” The foreigners are predominantly Asians, from Malaysia, Indonesia and mainland China.

Just as it did for the launch of DUO Residences, its 660-unit project on Ophir Road (which was launched last November and is 94% sold to date), M+S is doing a simultaneous launch of Marina One Residences in Kuala Lumpur and Singapore on Oct 11.

It will then embark on overseas road shows to Jakarta, Hong Kong and the first-tier cities of Beijing and Shanghai in China.

The four property agencies that were marketing DUO Residences — CBRE, DTZ, ERA and Knight Frank — are also marketing Marina One Residences.

 

All units at Marina One Residences will have kitchens fitted with Poggenpohl cabinets and Miele appliances

All units at Marina One Residences will have kitchens fitted with Poggenpohl cabinets and Miele appliances

 

‘In a league of its own’
The developer has paid a lot of attention to detail, according to DTZ’s Ong.

At the reception area is a glass floor with a map showing the exact location and orientation of Marina One relative to other landmarks in Marina Bay.

A mini-theatre has also been created, with a fly-through-video presentation of the entire project.

Property agents can meet clients at the spacious lounge, which is equipped with a coffee bar and barista.

While most developers generally have two or three showflats, Marina One Residences has four, depicting each of the unit types — from a typical oneto four-bedroom unit.

The apartments will be fitted out with luxury finishings and materials similar to those at projects at the very top end of the market.

Kitchen fittings include Poggenpohl cabinets and Miele appliances.

Bathrooms are full marble with Villeroy & Boch accessories and sanitaryware.

All the units will have quality marble flooring in the living and dining area, with genuine timber flooring in the bedrooms.

All units except the one-bedroom apartments will have private lift access.

 

Marina One master bedroom of the four-bedroom showflat

The master bedroom of the four-bedroom showflat offers dual views

 

There will be four lift cores serving 18 units on each floor, so there won’t be a “common corridor” effect that you see in some developments, notes Tan of M+S.

“It’s really in a league of its own,” says Lee Liat Yeang, a partner in Rodyk & Davidson’s Real Estate practice group, who had visited the Marina One Residences showflat the first weekend it opened.

“It sits in the heart of the Marina Bay Financial Centre, with comfortable access to four MRT stations in time to come.”

Well aware of the shifting sands and headwinds, developers are sharpening their game through greater product differentiation and astute pricing and by keeping an eye on the bigger picture.

“Besides location, sales have become very project-specific, as buyers are now more discerning and take a longer-term view,” says DTZ’s Ong.

Developers’ new home sales for the months of July and August were among the lowest this year, scraping in at a dismal 484 and 432 units respectively.

That’s because there have been hardly any new project launches, especially during the Chinese Hungry Ghost month.

September is expected to see a bounce in sales volume in the light of launches in the second half of the month, such as Keppel Land’s Highline Residences in Tiong Bahru, which reportedly saw a take-up rate of 80% of the 160 units released on Sept 13.

The average price of units in the 99-year leasehold condo was $1,900 psf.

Meanwhile, UOL Group’s 70 St Patrick’s saw close to 100 units snapped up on the first weekend of preview on Sept 20.

The freehold project was priced at an average of $1,630 psf (see story above).

In this current buyer’s market, well-located, well-priced and mass-market projects are expected to fare better, with high-end property to remain relatively soft for now, says Credit Suisse in its property report on Sept 16.

 

Marina One living and dining area of a two-bedroom showflat

The living and dining area of a two-bedroom showflat of more than 1,000 sq ft

 

‘Priced to sell’
Marketing agents say Marina One Residences is “priced to sell”, with prices pegged to recent market transactions in the Marina Bay area.

For instance, at The Sail, the three most recent transactions in July and August ranged from $1,742 to $3,122 psf.

At Marina Bay Residences, transactions over the last two months were at $1,947 to $2,320 psf.

To differentiate itself, unit sizes at Marina One Residences are generally larger than typical units in the CBD and Marina Bay area.

One-bedroom units start from about 700 sq ft, and are priced from $1.4 million, or $1,900 to $3,100 psf.

A two-bedroom unit is 1,066 sq ft, which is larger than the average two-bedroom units in most new launches today.

The three-bedroom units are about 1,500 sq ft, while the four-bedroom units are 2,250 sq ft, and the latter are limited in number.

The units have dual views of the sea and Sentosa Cove from the living room and master bedroom, and are priced from $5.5 million.

There are only eight penthouses in the project, with four in each tower, and the price tags are upwards of $20 million.

The $7 billion Marina One Residences mixed-use development is designed by celebrated German architect Christoph Ingenhoven, whose first project in Singapore was the office tower at 71 Robinson Road.

Marina One has a Green Mark Platinum rating and comprises two identical 34-storey residential towers with 521 units each, two office towers with a total of one million sq ft of Grade A office space and 140,000 sq ft of retail space.

The project is connected to four MRT stations and, eventually, to four MRT lines.

“In the future, you can take the MRT from Marina One all the way to Malaysia,” says DTZ’s Ong.

The Marina One development is flanked by two large parks — the Marina Station Square and the Central Linear Park — and therefore its views on both fronts are protected.

At the heart of the development is a 65,000 sq ft park the size of a football field; this means units facing inwards will have views of greenery.

The project will have the same prestige factor as a residential address in London’s Hyde Park or New York’s Central Park.

M+S intends to release 521 units in the first tower for sale.

The units in the second tower will not be released until completion in 2016.

In the initial phase, 150 to 200 units have been offered for sale, but they are already oversubscribed, according to Tan.

Unlike listed developers or those with foreign ownership, M+S is not affected by the conditions of the Qualifying Certificate and is therefore not required to sell all the units in the project within two years of obtaining the Temporary Occupation Permit (TOP).

“We are not pressured by any timeline,” says Tan.

“We believe in the intrinsic value of our product and our location.”

Marina One is located in Marina South, which borders the Greater Southern Waterfront district.

The district is three times the size of the Marina Bay area and will form a new extension of the CBD under the URA Master Plan 2014.

“Singapore continues to be a choice location for investors of luxury real estate,” says Tan.

“And that is why we have decided not to put up the other tower for sale until after obtaining the TOP.”

The second tower could either be offered for sale or held for long-term lease as corporate residences.

This article appeared in the City & Country of Issue 646 (Oct 6) of The Edge Singapore.

 

Correction
The City & Country article on Marina One titled “Raising their game” in The Edge Singapore (Issue 646, Oct 6), should have read that the project “sits in the heart of Marina Bay financial district”, and not as stated.

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