In the hopes of achieving better prices later, developer M+S will hold back the release of the remaining residential units at Marina One Residences, as it is exempted from the Qualifying Certificate (QC) rules.
The 521 units at the project’s second residential block will only be launched when Marina One Residences has received its Temporary Occupation Permit (TOP) in 2017, said its Chairman Tan Sri Azman Yahya.“We made that decision, and we informed the buyers, so we have to stick to it. Obviously we have to honour it, despite the demand
“We made that decision, and we informed the buyers, so we have to stick to it. Obviously we have to honour it, despite the demand which again was better than expected.”
There has been a notable healthy demand for its one-bedders, which were bought at a median price of around $1.5 million.
Moreover, the move aims to “reward” those who have bought the lower-priced units during the development’s launch at an average price of $2,248 psf, noted M+S CEO Kemmy Tan, adding that they are likely to raise the prices once the project has obtained its TOP.
So far, the developer has sold 83 percent of the 401 released units at the 1,042-unit Marina One Residences, and M+S is optimistic that they can sell the rest of units at the first block by 2017.
As a partnership between Singapore’s Temasek and Malaysia’s Khazanah, M+S is exempted from the Residential Property Act’s QC rules, which mandates that all developers with non-Singaporean directors or stockholders need to obtain their private housing projects’ TOP within five years, and sell all units within two years thereafter.
Muneerah Bee, Senior Journalist at PropertyGuru, edited this story. To contact her about this or other stories email email@example.com