A MARINA View plot intended mainly for office and hotel use attracted just two relatively low bids in a tender that closed last week.
Market players say that could be a sign of sentiment cooling in the property market. But they added that it could also indicate that interest in the Marina area - which intensified after casino plans were announced - has waned.
At the very least, they say, the frenzied scramble in the area that started at the end of last year with the launch of Marina Bay Residences and then One Shenton is long over.
While there has not been another condo launch since, there has been steady sub-sale interest in the first Marina Bay condo, The Sail @ Marina Bay.
Prices at the condo have crossed $3,000 per sq ft (psf), way up from its launch price of less than $1,000 psf in end-2004.
In the next few months, only the 428-unit upscale Marina Bay Suites, which is part of the Marina Bay Financial Centre, will be ready for launch.
Property consultants said condo prices in Marina Bay could still rise, though it may not be immediate.
"We do not foresee any major impetus for price growth until Formula One is staged and the opening of Marina Bay Sands," said Mr Ku Swee Yong of Savills Singapore.
Colliers International's director of research and consultancy, Ms Tay Huey Ying, said: "The huge investments in the two integrated resorts as well as the Marina Bay Financial Centre will continue to generate positive economic growth."
These plans will also boost foreigners' sentiments and confidence in real estate investments here, she added.
But buyers should note that Marina Bay will take several years to be fully developed.
Also, its 24/7 work, live and play concept will appeal more to singles or Dinks (dual income with no kids), said Ms Tay.
Source : Sunday Times -18 Nov 2007
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