Posted on | September 10, 2012
By BUSINESS TIMES
KUALA LUMPUR: Raffles Quay Asset Management Pte Ltd (RQAM), which manages the Marina Bay Financial Centre (MBFC) in Singapore, is optimistic that Malaysian investors will flock to the island to confirm their bookings for residential units at Marina Bay Suites.
Marina Bay Suites is part of the exclusive MBFC project, spanning a 3.55ha site at Marina Bay and comprising office, residential, commercial and retail developments.
RQAM head of residential marketing, Thomas Tan, said his optimism is based on the fact that Malaysians continue to be keen investors in Singapore properties.
“In fact, we have attracted 50 per cent foreigners for the early stages of the Marina Bay Suites development and of that 50 per cent, one third are Malaysians,” he told Business Times, here, recently.
“We have sold 77 per cent of the mid to lower floor of the Marina Bay Suites. We have now reached the 54th to 62nd floors and the three penthouses from 63rd to 66th floors,” he said.
He said there are also interests from Malaysians for the penthouses as well.
Describing the MBFC and Marina Bay as the new downtown development in Singapore, he said such areas attract investors because of republic’s low interest rate of less than two per cent.
“It also attracts good rental yield. Within the financial centre, we have good quality tenants from blue chip companies like Standard Chartered and Barclays Capital.”
Tan said the buyers can expect to reap more from their investment by buying the residential units within the MBFC.
“Safe to say, any original buyers have more than doubled their investments by now, not to mention the rental yield on top of the capital appreciation. And this is from the first phase of the Marina Bay Residences project alone.
“I think buyers know about Marina Bay Suites based on Marina Bay Residences’ track record,” he said, adding that buyers are expected to receive their units by next year.
Marina Bay Suites has the same developers as MBFC and Marina Bay Residences. The consortium handling the project are Cheng Kong (Holdings) Ltd and HongKong Land Ltd from Hong Kong and their local partner, Keppel Land Ltd.
RQAM, which was incorporated in 2001, was established by Cheung Kong, Hongkong Land and Keppel Land to market and manage One Raffles Quay.
Its portfolio has since expanded to include the MBFC, which stands out together with One Raffles Quay as premium developments in Singapore’s new downtown at Marina Bay.
- Malaysia Real Estate News
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