Friday, December 11, 2009

Is Marina Bay worth buying, Yes

2 Keppel directors buy Marina Bay units


As posted in Straits Times by Lee Su Shyan


TWO directors in the Keppel group of companies are shelling out millions of dollars for units in the plush Marina Bay Suites that Keppel Land is involved in developing.


Keppel Corp director Alvin Yeo, who is also the senior partner at law firm Wong Partnership, is paying $6.54 million or $2,442 per sq ft (psf) for a 2,680 sq ft apartment on the 32nd floor of the luxury project.


The details of the transaction were disclosed in an announcement by Keppel Land to the Singapore Exchange yesterday as part of the exchange's listing rules.


No discount was given by Keppel Land, which is one of the joint-venture partners of the project along with Hongkong Land and Cheung Kong Holdings.


Keppel Land director Niam Chiang Meng is paying $4.577 million or $2,238 psf for his unit, also on the 32nd floor but smaller at 2,045 sq ft.


Mr Niam also did not receive any discount.


The recent preview of Marina Bay Suites saw units snapped by Singaporeans and foreigners, including Indonesians, Malaysians, mainland Chinese, Australians and Americans.


Reports have put the pricing of the units sold at around $2,300 psf.


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