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MORE than 400 new luxury apartments being built at the new Business and Financial Centre (BFC) at Marina Bay will be launched for sale starting next quarter.

Analysts say prices could reach heady heights of up to $1,500 per sq ft (psf).

The 428 units are located in a 55-storey residential tower being built as part of the BFC, which also comprises a massive office complex and retail space.

Buyers will be able to take their pick from 10 penthouses as well as apartments ranging from one-bedroom to four-bedroom units.

The developers of the BFC - Keppel Land, Cheung Kong Holdings and Hongkong Land - said yesterday that they are planning to start selling the first batch of units by the end of the year.

They added that the 99-year leasehold residential tower is expected to be completed at about the same time as the nearby Marina Bay Sands integrated resort in 2009.

The BFC tower has already receivedindications of interest, mainly from international retail buyers and investors, said the developers.

Although no indicative prices were given, property consultants believe the BFC apartments will be able to achieve prices comparable to those of neighbouring waterfront projects such as The Sail @ Marina Bay and Oceanfront at Sentosa Cove, both of which are being developed by City Developments.

Ms Tay Huey Ying, director of research and consultancy at property consulting firm Colliers International, said there is ‘a good chance’ that prices for units in the BFC tower will reach $1,500 psf.

‘If the units were launched now, their prices would probably hover around $1,300 to $1,400 psf, similar to what Oceanfront is currently fetching,’ she said.

‘But at the end of the year, we might be looking at between $1,400 and $1,500 psf, as resale prices for Oceanfront are already higher than its launch price.’

Providing a more conservative estimate was Jones Lang LaSalle’s national director of residential property, Ms Jacqueline Wong, who pointed out that The Sail’s average prices have been slightly lower at about $1,200 psf.

But both consultants agreed that the BFC units would attract strong demand from buyers similar to those of The Sail and Oceanfront.

‘I think there will be a number of ’specu-vestors’, who would buy for speculative purposes but who are able to hold on to the units until their capital value increases,’ said Ms Tay.

Ms Wong also noted that ‘in essence, the success of both The Sail and Oceanfront are based on the fact that they have very stunning sea views, which is a strong selling point’.

Source: Straits Times - 3 Aug 2006