Channelnewsasia.com | 15 May 2013 11:38 PM
Raffles Quay Asset Management said it is confident of filling up the rest of the office space at Marina Bay Financial Centre Tower 3, as well as sell the remaining units of luxury apartments at Marina Bay Suites.
SINGAPORE: Raffles Quay Asset Management said it is confident of filling up the rest of the office space at Marina Bay Financial Centre Tower 3, as well as sell the remaining units of luxury apartments at Marina Bay Suites -- despite uncertainties in the global economy and the property cooling measures announced in January 2013.
About 88 per cent of the 221 units at Marina Bay Suites have been sold so far. While sales have slowed, the manager of MBFC said it is confident that buyers will return.
The high-end residential development, with an average selling price of S$2,700 per square foot, will be ready for occupation soon.
The luxury property segment has been hit by various rounds of property cooling measures in the past years, the most recent being the additional buyers' stamp duty on foreign buyers.
As for MBFC Tower 3, about 12 per cent of the space is still available, after filling up 100,000 square feet of the premises in the first quarter of this year.
Warren Bishop, CEO of Raffles Quay Asset Management, said: "In terms of where rentals are going at the moment, there is more demand than supply at the moment. A lot of the agents are talking about prices possibly going up, which is always an issue when you refer to the cost of doing business.
"But actually Singapore as a regional business centre is still very affordable compared to other regional centres. Property rates here are comparable and reasonable -- compared to places like Tokyo, London, New york and even Hong Kong."
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