Business News

Wednesday, 28 January 2015

Good sales for M’sia-S’pore joint venture in Lion City

SINGAPORE: Two ongoing mixed development projects jointly undertaken by M+S Pte Ltd in the republic have received overwhelming response.

Chairman Tan Sri Azman Yahya said Marina One and DUO Residences were 87% and 94% sold respectively since they were launched in mid-2012. Both of them are high-end residential properties.

He said the strategic location of both projects was the main selling point. Both attracted local and foreign buyers.

Marina One is located in a new business district known as Marina South, whereas DUO Residences is in Ophir-Rochor district, also a business district near Singapore’s city centre.

Marina One has a gross development value (GDV) of S$7bil while the overall DUO project has a GDV of S$4bil.

Azman was speaking at a press conference for Malaysian and Singapore media after the signing of a management agreement with Hyatt Hotels & Resorts. The plan is to develop Andaz Hotel in Ophir-Rochor district as part of the DUO project. Signing on behalf of Hyatt Hotel & Resorts was its group president, Asia-Pacific, David Udell.

The 39-storey tower will have a hotel and office component. The Andaz Hotel will occupy 19 floors and will have 340 rooms while the remaining 20 floors will be offices. The office component will have a total lettable area of 570,000 sq ft.

The residential block, a 49-storey building known as DUO Residences, will have 660 units of studios, one-to-four bedroom units and penthouses with a built-up floor area ranging from 430 sq ft to 4,000 sq ft. The DUO project will have an overall footprint of 287,000 sq ft and a gross floor area of 1.73 million sq ft.

Azman said both projects were 20% built since they were launched in mid-2012. Both are targeted to be completed by 2017.

M+S is a 60:40 joint venture between Khazanah Nasional Bhd and Temasek Holdings Pte Ltd.

Tags / Keywords: Property , Property , Tan Sri Azman Yahya

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