MARINA Bay and its surrounds may be deposing the Orchard area as the place to live in as its work-live-play concept takes hold and mega-office complexes like the Marina Bay Financial Centre and Asia Square Tower draw expatriates to luxury homes in the business district.
Non-landed luxury home prices in District 1’s Raffles Place, Cecil, Marina and People’s Park areas; and District 2’s Anson and Tanjong Pagar outperformed the overall Core Central Region (CCR) in the first quarter of 2018.
Prices in the two districts rose 9.3 per cent year on year to S$2,147 psf, compared to a 6.2 per cent increase to a record S$2,046 psf in the CCR, which also includes Districts 4, 9, 10 and 11. That price is close to the peak of S$2,207 psf recorded in the first quarter of 2013, according to an OrangeTee & Tie report based on caveats downloaded on April 5.
Sales of projects such as Wallich Residence, Icon, 76 Shenton and Lumiere helped District 2 prices rise 14.5 per cent year on year in the first quarter, while District 1 saw a 5.6 per cent increase, mainly due to One Shenton and The Sail @ Marina Bay.
With several upcoming enhancements to the Central Region of Singapore, future residents of Marina One can expect a better quality of life living in the vicinity.