Marina Bay Residences
DTZ in conjunction with three property developers successfully launched the Marina Bay Residences, an inner-city waterfront residential development in the heart of Singapore's new downtown in Marina Bay Financial Centre.
Overview
DTZ worked with the consortium of three of Asia's most experienced and trusted property developers - Cheung Kong (Holdings) / Hutchison Whampoa, Hong Kong Land and Keppel Land, to formulate a marketing strategy for the development.
What DTZ did
- DTZ formulated a marketing strategy after reviewing market conditions and competitive study.
- DTZ advised on the project image, unit mix, desired purchaser profile, timing for the launch and pricing.
- DTZ also worked with the developers’ appointed Advertising & PR consultant to formulate marketing programme.
- DTZ was responsible in handling prospective buyers and legal documentation for transaction of sales.
Results
The Marina Bay Residences set a number of Singapore records when the 99-year leasehold development was sold out in just three days in December 2006. Records included S$26.9 million paid for the 11,000 sq ft super penthouse and a top price of S$3,400 per square foot for another penthouse. The average price achieved across all 428 apartments was over S$1,950 per square foot.
DTZ is currently working with the developer for another residential tower (Marina Bay Suites), under the second phase of the Marina Bay Financial Centre.