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$15b of iconic projects on the horizon
[SINGAPORE] A new wave of iconic integrated mixed- development projects coming up, with a total development value of more than $15 billion, are set to enhance Singapore's luxury residential property landscape.
Among them will be some firsts such as the collaborations between the two sovereign wealth funds Temasek Holdings and Khazanah Nasional for the Marina One and DUO developments.
GuocoLand, controlled by Malaysian tycoon Quek Leng Chan, is developing its biggest Singapore project to date - Tanjong Pagar Centre, which will offer the tallest residences on the island, Clermont Residence, rising up to 290 metres.
Opposite the historic Raffles Hotel, South Beach, a joint venture between Mr Quek's Singaporean cousin Kwek Leng Beng's City Developments and Malaysian group IOI, is coming up nicely. The Foster and Partners-designed project will boast two towers with slanting facades oriented to catch prevailing winds and direct air flow to cool ground-level spaces.
In Singapore's Civic and Cultural District, three conserved buildings, Capitol Theatre, Capitol Building and Stamford House, are being integrated as part of the Capitol Singapore project; there will also be a new tower that will include Eden Residences Capitol, featuring 39 exclusive residences.
Last year, units in Eden Residences Capitol and Clermont Residence were sold at $3,000-$3,200 per square foot - surpassing the average transacted price in 2013 for other luxury condos of about $2,600 psf, according to DTZ.
Beyond generating monetary value in terms of superior pricing performance and supporting the value of surrounding real estate, iconic residential projects also help attract foreign investors and global high net worth individuals to reside and work here, argues DTZ in The Business Times Property 2014 supplement. Thus, these projects augment Singapore's hub status and create a more diverse and vibrant environment. "The Singapore story - political stability, ease of doing business, strong currency and transparent legal framework - continues to attract luxury home buyers," observed DTZ head of Singapore research Lee Lay Keng.
Indeed, purchases by foreigners (excluding Singapore permanent residents) of private homes priced above $5 million each held up last year - at 106 units each in 2012 and 2013. This contrasts with declines of 27 per cent and 44 per cent in purchases by Singapore PRs and Singaporeans to 113 units and 273 units in 2013 respectively.
"HNWIs are likely to seek out iconic residential projects as they are interested in trophy assets and bragging rights to owning such properties ..." said Ms Lee.
Panoramic views, world-class design and architecture and personalised services for residences are all par for the course for iconic projects in Singapore that capture buyers' imaginations.
A chance to own a slice of history could be another distinguishing feature of these developments, along with sustainability features and a green lung. For example, some units at Marina One Residences will look into a biodiversity garden at the central core of the mixed development project.