An in-depth special focus on Asian real estate hot spots, as well as key interviews with important industry figures and analysis
Hi Life: Marina Living
Apr 10, 2012
RESIDENCES AT SENTOSA COVE, SINGAPORE
Sentosa Cove has earned widespread rec- ognition for their environmentally friendly practices.
Prices: From S$1,680 psf (US$1,337)
Touted as Asia’s ultimate lifestyle address, Singapore’s Sentosa Cove combines high-end residential, resort, retail and marina amenities located on a large 117-hectare land plot on Sentosa Island. Upon comple- tion in 2014, there will be 2,160 condominium units and landed homes at Sentosa Cove including oceanfront villas, waterway bungalows and hillside mansions facing the development’s 18-hole golf course. “It’s like living in a resort. Our residents park their cars in the front porch of their yachts in the waterways at the back of their homes,” said a Sentosa Cove spokesperson. “The completion of Resorts World Sentosa also gives an added boost to the liveability factor to our residents as they can now enjoy easy access to Universal Studios Singapore and a host of hotels, F&B establishments, and other lifestyle pursuits, all at their doorsteps,” she said, adding that all the land plots have been sold out.
Besides the award-winning ONE° 15 Marina Club and Resorts World Sentosa, residents also have access to lush rainforests, sandy beaches and Quayside Isle – an integrated hotel, retail and commercial development scheduled for completion later this year.
Sentosa Cove has earned widespread recognition for their environmentally friendly practices. The Arrival Plaza, which serves as a lifestyle centre for residents, earlier this year achieved the Singapore BCA (Building and Construction Authority) Green Mark Gold Award in recognition for its environ- mentally friendly and sustainable building practices. Furthermore, in November last year, ONE° 15 Marina Club was given the world’s first accreditation for a Residential Canal Estate Marina, achieving high standards in environmental practices. The accreditations fall under the International Rating System by the Marina Industries Association of Australia (MIAA) and programmes for these awards encourage environmental compliance and use of the best management practices by marinas.
REFLECTIONS CONDO, KEPPEL BAY, SINGAPORE
Prices: From about US$1,700 psf
Across the narrow strait on Singapore’s south coast lies another luxury residential waterfront develop- ment connected to the Marina at Keppel Bay, home to the Keppel Bay Sailing Academy and the winner in 2010 of Best Best Asian Marina at the Asia Boating Awards. Reflections at Keppel Bay is the second residential development to premier at the Keppel Bay waterfront precinct, which already houses the Caribbean at Keppel Bay and with an extensive shoreline of 750 metres, the six glass towers and 11 villa apartment blocks house an exquisite collection of 1,129 waterfront homes. The towers are 24- to 41-storeys high, while the villa blocks range from six to eight stories. The residential towers are con- nected by sky bridges with verdant sky lawns.
Despite the recent cooling measures, Reflections at Keppel Bay has been well received by local and international markets. A mix of buyers has purchased for their own use, as well as for investment, including Singaporeans, Singapore permanent residents, Indians, Koreans, Indonesians, Malaysians, Chinese (PRC), Americans, Australians, New Zealanders and British. Tapping into strong leasing de- mand for luxury waterfront residences, 154 units have also been set aside as corporate residences.
The first residential project in Asia by architect Daniel Libeskind, whose other international works in- clude the Freedom Tower project in New York and the Jewish Museum in Berlin, Reflections at Keppel Bay will also feature one of the largest penthouses built in Singapore with a total floor area of 13,300 sq ft spread across floors 39 to 41 of the central high-rise tower. Home owners will enjoy an extensive range of facilities including an Olympic-sized pool, two Jacuzzi pools, one of which is heated and three fully-equipped BBQ pits as well as recreational facilities such as two tennis courts, two outdoor fitness stations and two playgrounds.
Reflections at Keppel Bay is part of a larger development plan for Keppel Bay. Once completed, the 30,000 hectare precinct will yield about 2,600 luxury waterfront homes all master-planned and built by Keppel Bay, which ensures consistency in quality, layout and design for all the developments within the precinct. Plans are already underway to roll out the next phase of development at Keppel Bay Plot 3 with 367 prime waterfront homes. The new development is expected to be launched in the second half of 2012, subject to market conditions. Reflections at Keppel Bay received temporary occupation permit in December 2011 and homeowners have started moving into their apartments. About 88 per cent of the 950 launched units have been sold as at end-February 2012.
LUXURY VILLAS AT ROYAL PHUKET MARINA, THAILAND
Prices: From THB$19,950,000 (US$661,966)
The Park Residences at Royal Phuket Marina comprise 88 so-called aquaminiums, waterside condo- miniums ranging in size from 156 to 831 sqm starting at US$505,000, five 1,058 sqm Royal Villas with 23 metres private berthing starting at US$6.2 million, and one Grand Villa with a 70 metres private berth prized at a cool US$10 million. Launched six years ago, only three apartments and three villas including the Grand Villa remain for sale. “We’ve had steady demand throughout the period with no noticeable slowdown after 2008,” says Nicolas Monges, sales and marketing manager, Royal Phuket Marina. “The people who buy here have money and they will always have money.”
According to Monges, the majority of buyers at the Park Residences fall into one of two categories. “There are lifestyle buyers who buy a second home or a retirement villa, and there are investors who buy the properties as pure investments,” he says. “We attract a lot of buyers without boats, they come here for the lifestyle experience.”
A new phase is being launched in April, which will see 200 new condos added to the sprawling development. Buyers of the new phase can opt to enter their property into a rental pool to increase the return on investment and tap into the growing number of tourists visiting Phuket each year. “We used to have seasons on Phuket,” says Monges. “Now we record 70 per cent occupancy rates for most of the year.”
Facilities at RPM include two restaurants, two tennis courts, retail outlets, a spa and an exhibition centre for 2000 people.
RESIDENCES AT SIAM ROYAL VIEW, KOH CHANG, THAILAND
Prices: From THB$ 5,204,300 (US$170,076)
Located on the island of Koh Chang off Thailand’s eastern seaboard, Siam Royal View offers a limited number of pre-built condos and luxurious beachfront villas on a buy-to-build basis to suit individual buyers’ needs. Launched in 2006, the latest phase of the development comprises of 100 land plots ranging in sizes from 300 to 3000 sqm with prices starting at THB3 million (US$97,828) for a plot and THB4 million (US$130,438) for villa construction. Dry berth facilities at the Siam Royal View Marina have been operational for three years, but the completion of the wet basin was delayed due to the global economic crisis.
Once launched in August of this year, it will feature 75 berth spaces from 10 to 20 metres with deep water buoy mooring for boats 65 feet up. “Right now people buy the properties, then decide to make use of the marina,” says Roland Steiner, the developer of Siam Royal View. “But once the wet basin is completed, we anticipate it will be the other way around and we will attract more customers with boats.”
Steiner has also seen a change in buyers’ objectives over the years noting that before the crisis people bought for investment whereas now they tend to buy for end-use or rental purposes. “Rentals are going ballistic,” he says. “People who own a property have bought a second and third to rent out. This is the first year we’re open throughout the year, so we think rentals will only increase.”
The latest phase also saw the completion of a 9-hole, par-3 golf course which adds to already existing facilities including a beach club with restaurant, a water sports centre, a gym and several community pools spread over the development.
QUAYSIDE AT STRAITS QUAY, PENANG, MALAYSIA
Prices: From RM$973,800 (US$324,600)
Seri Tanjung Pinang is Malaysia’s premier waterfront community located on the island-state of Penang. Developed by E&O Property Development Bhd, the 1,000-acre project revolves around Straits Quay, a retail and leisure complex featuring a marina, a two-storey shopping mall, a performing arts centre and a wide range of cafes and restaurants. The properties at Seri Tanjung Pinang range from three-storey courtyard terraces in Penang’s unique Straits-eclectic archi- tecture, to luxury serviced suites, and from resort condominiums to grand sea-fronting villas reminiscent of Caribbean plantation manors. The main residential development, Quayside, spans 21 acres along the Andaman coast.
“The choice of type and size of property depends on the buyers needs and taste,” said Eric Chan, managing director of E&O. “For instance, retired couples may prefer a smaller home, locals with large extended families may opt for the bungalows, pure investors may favour condominiums for the rentability factor while the busy globetrotter may choose the serviced residence.”
The development is home to more than 13 nationalities and has a fair mix of owner-residents, tenants and residents on the Malaysia My Second Home (MM2H) programme. Chan attributes the success of the development to its loca- tion in one of Malaysia’s most economically progressive states. “We knew that at that time there was a dearth of qual- ity, well-planned property developments and that Penangites, though a prudent lot, recognised and appreciated good value when they saw it. Hence, when we were given the opportunity in 2002 to take over the reclamation project of what was to become Seri Tanjung Pinang, we embraced it and the rest is history.”
The latest addition, the Andaman Series, occupies the final, most-prime plot on the first phase of Seri Tanjung Pinang. Configured in eight different layouts from expansive penthouse suites with private pools, to spacious three- bedroom apartment for larger families, the first tower of the RM1.2 billion (US$395.7 million) development is already 50 per cent sold, with prices starting from RM973,800 (US$324,600). At the launch in 2009, 32 units were snapped up within hours, recording a new Penang average price benchmark of RM1.1 million (US$365,692) for terrace homes, while the limited sea-fronting units received 150 ballots achieving the highest purchase price of RM2.8 million (US$930,851).
THE CLEAT, KRABI BOAT LAGOON, THAILAND
Prices: From THB2,952,000 (US$96,200)
Boat Lagoon was Phuket’s first marina. The developers recently launched Krabi Boat Lagoon, The Cleat, featuring low-rise, three-floor marina condominiums offering unobstructed marina views with a backdrop of pristine mangrove forest. The development comprises five buildings each with 12 units in studio, one-bedroom, two-bedroom and duplex configurations ranging in sizes from 41 sqm for a studio to 182 sqm for a duplex.
The marina amenities at Krabi Boat Lagoon include 300 berths, a workshop, 24-hr security, on-site electricity and water provisions, wireless internet. Additional facilities will feature 100 retail outlets, including a bank and a supermarket, 300 hotel rooms, a clubhouse, and spa.