|Artist’s impression of Reflections at Keppel Bay (left) and Marina Bay Financial Centre in Singapore
Singapore realtors like Keppel Land, CapitaLand and Frasers Centrepoint are trying to sell property in the island nation to Indians. The Far East Organisation, Singapores largest private property developer, has already held a road show in Calcutta.
India is becoming increasingly important to Singapore companies and real estate is a defined thrust area, said Lim Wee Hiang, head, infrastructure services division, corporate group, International Enterprise (IE) Singapore. IE Singapore is an agency under the trade and industry ministry spearheading the development of the islands external economy.
The agencys mission is to promote overseas growth of Singapore-based enterprises and international trade. It also works to position Singapore as a base for foreign businesses to expand into the region in partnership with enterprises based in the island nation.
Propertt takes a look at two aspiration properties taking shape in Singapore, the developers of which are looking in Calcutta and the rest of the country for home collectors or overseas office space-seekers.
A resident Indian can invest $100,000 abroad in a financial year, which means a family of four with each member having separate sources of income can spend $400,000 (Rs 1.72 crore). This will allow Indians to pay for the property abroad over a number of years.
Reflections at Keppel Bay
The project: Reflections at Keppel Bay is designed by architect Daniel Libeskind, who is behind the masterplan of the new World Trade Center project coming up at Ground Zero in New York. It is Libeskinds first residential showcase in Asia, featuring six glass skyscrapers of 41 storeys and 24 storeys linked by sky bridges and 11 blocks of six-to-eight-storey villa apartments along a 750m shoreline.
The 1,129 apartments in the development range from 732sqft studios to 2,900sqft four-bedroom apartments and 35 penthouses from 3,500sqft to the super-penthouse of 13,300sqft. The price comes to an average 1,950 Singapore dollars (Rs 61,557.93) a square foot.
Sited at the western entrance to Keppel Bay, adjacent to Keppel Golf Club, Reflections at Keppel Bay offers a commanding view of Sentosa, the southern islands, and Mount Faber. Befitting its waterfront location, the developments centrepiece will be a 100,000sqft pool, equivalent to eight Olympic-sized swimming pools.
The award-winning US-based landscape architect, Hargreaves Associates of Sydney 2000 Olympics fame, will create a lush oasis with the expansive grounds. Lighting is designed by Lighting Planner Associates, the Japanese illumination specialists engaged to light up the Singapore city skyline and Orchard Road.
Residents also have access to Marina at Keppel Bay, located on the exclusive Keppel Island. With world-class facilities, it can accommodate up to 170 yachts, including five 100- to 200-footers. Opened in January 2008, it houses 75 wet berths and includes lifestyle facilities in a clubhouse with a members lounge, fine dining and entertainment amenities, and luxury yacht charter services to neighbouring islands.
Officialspeak: While we are already present in Calcutta and Bangalore and spreading our operations to other cities. Indian home collectors constitute a crucial segment of our target audience for high-end products in Singapore. Calcutta is one of the largest cities of India with a highly educated population with the aspiration to own quality homes.
Ang Wee Gee, executive director & CEO, Keppel Land International Ltd, developers of the property.
Marina Bay centre
The project: Planned as a city in a garden, Marina Bay Financial Centre provides an integrated live-work-play development. Residential and office space is complemented by inclusion of retail and dining facilities, all placed within carefully orchestrated civic plazas as well as landscaped public and private gardens providing open green spaces within the centre of the city.
The architectural concept is that of a family of buildings, situated on either side of the central linear park. The family comprises five towers that maximise the view to Marina Bay.
To the north-west and south-west of the central linear park, a residential tower (Marina Bay Residences) and two commercial towers (Tower 3 and Tower 2) form an enclosure within which is placed a lower third commercial tower (Tower 1) with a spectacular sky-garden beneath its crown.
The developers havent announced the prices for the MBFC apartments, but upcoming properties of similar profile are priced between 3,000 and 4,000 Singapore dollars (Rs 94,679 and Rs 126,239) a square foot.
To the south-east of the park are placed Marina Bay Suites, a unique second residential tower. With its slender silhouette and sculpted balconies, this will be one of Singapores most stylish, premier luxury apartment buildings.
Officialspeak: Indian buyers are an important force in the Singapore residential property market and were the fourth highest foreign buyers snapping up new properties in the prime districts in Singapore in 2006, according to the Urban Redevelopment Authority/CB Richard Ellis. They have taken some of the most premium units within Marina Bay Residences when it was marketed in December 2006, including a penthouse.
Going forward, the joint venture developing MBFC is keen to further tap into the dynamic Indian market when marketing commences for Marina Bay Suites.
Wilson Kwong, general manager, Marina Bay Financial Centre.