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Marina One attracting investor interest

In the slow property market, the developer of the expansive Marina One Residences is dangling a 10 per cent early bird discount as it releases about 200 units.

The units, at one of two residential towers, with 1,042 units in all, will be launched only after the project gets its temporary occupation permit.

But developer M+S said it is “very pleased” with the interest in the preview period, which started on Sept 13.

“Over 800 people came to our showflat in the first weekend,” said M+S chief operating officer.

The project’s location and connectivity – near four MRT lines – and its backing by Khazanah Nasional and Temasek Holdings make it an attractive investment.

The project will be officially launched for sale on Oct 11. Bulk sales of at least three units will begin today.

Already, more than 200 prospective buyers have put in expressions of interest.

M+S will likely release 150 to 200 units at $1,960 to $3,100 per sq ft (psf) at the launch – more, subject to response.

This translates into starting prices of $1.4 million for one-bedders of 657 to 775 sq ft, and more than $2 million for two-bedders, which range from 969 to 1,130 sq ft.

The project also has three- and four-bedders and penthouses, with penthouse prices on application, but at least above $20 million for the 6,469 to 8,568 sq ft units.

Of the prospective buyers, about 70 per cent are investors and the other 30 per cent are owner-occupiers.

About 20 per cent of prospective buyers are foreigners so far with strong Malaysian interest. M+S has a sales gallery in Kuala Lumpur as well.

While rental yields are expected to be 2 to 3 per cent, it could improve significantly in years to come.

“We are looking to be the continued location of choice in the long term…We have a critical mass in retail offerings and are not just a standalone residence, compared with other developments.”

Overall, Marina One, scheduled for 2017 completion, comprises a gross area of about 3.67 million sq ft – two 34-storey residential towers, two 30-storey Grade A office towers with about 1.88 million sq ft of net lettable area, a 140,000 sq ft retail area for about 110 shops, and a 65,000 sq ft garden.

The company is still negotiating the leases, but has already found an anchor gym operator as well as foodcourt operator.