Developer, M+S, will hold back the release of the remaining residential units at Marina One Residences, hoping it will achieve better prices, as it is exempted from the Qualifying Certificate (QC) rules.
The 521 units of the development’s second residential block will only be launched when Marina One Residences has received its Temporary Occupation Permit (TOP) in 2017 according to Chairman Tan Sri Azman Yahya. “We made that decision, and we informed the buyers, so we have to stick to it.
Obviously we have to honour it, despite the demand… We made that decision, and we informed the buyers, so we have to stick to it. Obviously we have to honour it, despite the demand which again was better than expected.” he added.
According to Kemmy Tan, a Chief Operating Officer from M+S, this move aims to “reward” those who have bought lower-priced units during the project’s launch with an average price of $2,248 psf and that they are likely to raise the prices once it has obtained its TOP.
Up to now, the developer has sold 83% of the released units (401 units) at the 1,042-unit Marina One Residences, and they are very optimistic that they can sell the rest of the units at the first block by 2017.
M+S is exempted from the Residential Property Act’s QC rules, which mandates that all developers with non-Singaporean directors or stockholders need to obtain their private housing projects’ TOP within five years, from their partnership between Singapore’s Temasek and Malaysia’s Khazanah.