In the latest update, MBFC or Marina Bay Financial Centre opens the door of opportunity for Malaysian residents to acquire properties within the zone. This financial center is a $4 billion project by three of the most reputed developers in Asia namely: Keppel Land, Hongkong Land and Cheung Kong Holdings. As shared in the news, the developers of the area are offering Malaysians with units in Marina Bay Suites between the price range of S$6 to S$10 million.
The residential marketing head of Raffles Quay Asset Management- Mr. Thomas Tan- stated that the units being offered to the Malaysians are the last few that MBFC has. For this reason, they have to take the opportunity to own any one of them.
Marina Bay Suites is a 66-storey project within Marina Bay Financial Centre. It opened in 2006 and is considered to be the least offering in the area. The project has more than 200 units of apartments comprising of three to four bedrooms. It also has penthouses that allow for a better view of the area.
RQAM (Raffles Quay Asset Management) started offering units of Marina Bay Suites since the year 2011. As a result, the condominium is left with only 23 apartments with four bedrooms and two penthouses to offer interested buyers. The collective price for the remaining properties is estimated to be above S$50 million. RQAM was set up by MBFC developers to function as the manager and marketer of the project.
So far, 89% of Marina Bay Suites has been sold out. The 50% of which is owned by Singaporeans while the other part is acquired by foreign residents. Out of the total number of apartment and penthouse units sold, 30 units of them are paid for by Malaysians, as shared by Mr. Tan.
Mr. Tan further noted that Malaysians with high earnings as well as other foreign buyers seek for worthy apartments in the island nation of Singapore. This gives them the confidence that they will be able to sell the remaining units of Marina Bay Suites within the year. Accordingly, aside from the existing amenities of MBFC, the water front attracts buyers for Marina Bay Suites. Such features have allowed the developer to eventually increase the price of the condo.