Three units of four-bedroom apartments on the higher levels at Marina Bay Residences have changed hands in recent weeks at prices well above S$3,000 psf.
However, market watchers said that this does not signal a reversal of the current lull in the high-end market, which has been hit by the absence of foreign buyers due to the additional buyer’s stamp duty.
The 55-storey project, which received Temporary Occupation Permit in 2010, is on a site that has a balance lease term of about 89 years. The three units that changed hands last month all fetched higher prices than what they had transacted for previously, several years ago, based on caveats information.
A unit on the 38th floor sold for S$3,450 psf totalling almost S$8.17 million. The unit directly above it sold for S$3,150 psf or S$7.46 million.
The two transactions involved separate sellers; however, the two units have been picked up by buyers who are believed to be related to each other and who exercised their respective options for the two units on the same date last month.
Both buyers are Chinese citizens who are Singapore permanent residents.
One of them is understood to be Yin Xidi, a member of the founding family of Chongqing-based Lifan group, which is involved in motorcycles, cars and petrol engines, among other things.
The 38th floor unit was previously transacted at S$6.31 million or S$2,666 psf in December 2006, while the 39th floor unit was previously sold at nearly S$4.8 million or S$2,027 psf back in January 2007, going by caveats data. Both were developer sales.
Eight years ago, as well as in the recent transactions, the 38th floor unit was sold at a higher price than the one on the 39th floor – going against the norm, where one would expect an apartment on a higher level to command a higher price than the one below it.
“The number 38 has an auspicious ring to it in Chinese,” said an agent.
As for the third unit that was sold recently, which is on the 44th level, an option has been granted for its sale at S$3,665 psf or S$8.68 million. A seasoned property investor is selling the unit to a Malaysian citizen who is not a Singapore PR.
Interestingly, the same parties had entered into a deal in 2012 for a bungalow on Sentosa Cove in what was to have been a record price of S$3,214 psf on land area in the upscale waterfront housing district. However, the transaction was not completed, say sources.
The Marina Bay Residences unit that the seasoned investor is selling previously changed hands in 2010 through the subsale market at S$3,135 psf or S$7.4 million.
Marina Bay Residences was developed by Keppel Land, Cheung Kong Holdings/Hutchison Whampoa and Hongkong Land. Comprising 418 apartments and 10 penthouses, the project was sold out in three days in December 2006.
At the time, the consortium said that the average price achieved was in the region of S$1,850 psf although some of the penthouses sold at more than S$3,000 psf.