The ST reported today that about
100 of the 1,042 units in Marina One have been sold in bulk sales of three or
more units since last Friday. This is after developer M+S enticed these
early-bird buyers with a 10% discount, which brought prices down to between
$1,900 and $3,100psf.
M+S has said last week that
it would initially sell units from the first residential block. The second block will be released only
after the project is completed in 2017.
Sales to buyers wishing to
purchase two apartments are expected to begin tomorrow, while single-unit
buyers will have to wait till Friday.
It will certainly be
interesting to see what kind of take-up rate Marina One will generate amongst
the non-institutional, single-unit buyers. This is definitely one project that
is too rich for our veins - although we have been asked to visit and provide our thoughts, the wife and I are uncertain if we are qualified enough to make it past
the doors of the sale gallery, much less try to take photographs of the
showflat! 
But even if the take-up is
less than ideal after Friday, the wife and I are pretty confident that between Khazanah Nasional Berhad and Temasek Holdings, they will have no
trouble getting some soveregin funds (somewhere) to boost sales.
The news about Marina
One came amid a HSR report released last Friday indicating that the price gap
between private homes in the city centre and those in the city fringe is
narrowing. If this phenomenon persists, which HSR expects as property prices
keep falling, it may result in buyers/investors moving away from properties
within the Core Central Region (CCR) and into the Rest of Central and Outside
Central Regions (RCR/CCR).
The latest findings by HSR certainly do not bode well with projects such as Marina
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