\n<\/p>\n
With this price point, IOI Properties said their target buyers are not just the ultra-rich, but also the professionals, managers, executives, and businessmen (PMEB)s, dual income, no kids (DINK)s, and empty nesters.<\/p>\n
While properties in the Marina Bay area have historically not yielded the best returns, IOI\u2019s view is that Marina Bay \u201cwill not go wrong\u201d, and it\u2019s not alone in that belief.<\/p>\n
Master plans for the area include a S$1 billion wellness attraction expected to draw two million visitors a year, and the transformation of Marina South into a vibrant mixed-use urban community.<\/p>\n
\u201cThis precinct is developing into a branded belt; once all these quality homes start coming up, perceptions will start changing,\u201d said Hui.<\/p>\n
Branded residences are not new to Singapore. Developments like St Regis Residences, The Residences at W Sentosa Cove and The Ritz-Carlton Residences have been around since the 2010s.<\/p>\n
While returns were initially impressive \u2013<\/span> one penthouse at St Regis Residences achieved a profit of S$12.77 million in just eight months \u2013<\/span> cooling measures soon curtailed luxury transactions.<\/p>\n In the following decade, transactions in the segment mostly chalked up losses, averaging 5.7 per cent below the original purchase price, according to Li.<\/p>\n Foreign buyers were particularly impacted as the Additional Buyers\u2019 Stamp Duty (ABSD) climbed from 10 per cent to 60 per cent since it was first introduced.<\/p>\n \u201cDevelopers here already deliver exceptional quality, so a branded residence must stand out in meaningful ways,\u201d said Twist.<\/p>\n \u201cGiven that a lot of Singaporeans are quite sophisticated, they eventually don’t find that a hospitality brand is worth the premium,\u201d said Li.<\/p>\n Still, Li believes a revival is timely, particularly as Singapore seeks to maintain its appeal as a global wealth hub. Buyers familiar with branded living in Dubai, Miami or London increasingly expect similar options in Singapore, Twist added.<\/p>\n<\/div>\n