A one-day preview at the Marina Bay Suites project resulted in invited home buyers grabbing most of the 90 units released for sale at the average selling price, which ranges from $2,200 to $2,500 per square feet (psf).
About 81 units were sold yesterday at the 221-unit, 99-year leasehold condominium at Marina Bay. The launch had been delayed for two years according to a spokesman from Raffles Quay Asset Management, which supervises the Marina Bay Financial Centre.
The selling price of the condominiums were below the expectations of the developers in early 2008, just before the property market plunged due to the economic crisis.
It was then thought that each unit could be priced at around $3,000 psf, given the fact that the most expensive units in The Sail @ Marina Bay and Marina Bay Residences were sold beyond that price range.
The invited buyers on Wednesday were composed of directors, registered clients and a consortium including Cheung Kong Holdings, Hongkong Land and Keppel Land.
The condominium has three large penthouses and three- to four-room units ranging from 1,572 sq ft to 2,691 sq ft.