Luxury living that’s way über the top
Marina Bay Residences: Singapore’s “first Über Penthouse”
Singapore’s investment bankers, flush with annual bonuses and looking for the ultimate expression of their alpha male status, need look no further than the latest overpriced condominium development, Marina Bay Residences.
In a clear sign that the local luxury market is overheating, joint developers Cheung Kong Holdings, Hongkong Land and Keppel Land in November launched Singapore’s “first Über Penthouse”. However, they did not set a price for the three-storey, 11,000 square feet creation, which boasts a private rooftop terrace and a 20-metre swimming pool.
“With its connotations of supreme power, prestige and coolness,” gushed Kan Kum Wah, head of residential marketing for the developers, “the name Über Penthouse is the only one to do justice to the sheer scale, chic and commanding position of this residence at the apex of Marina Bay.”
Kan claims that the apartment has already attracted unsolicited offers of S$20 million ($13 million) from local and overseas investors. The luxury end of Singapore’s property market has jumped significantly since the island state announced the development of two casinos, which it dubs integrated resorts. Prices for high-end condominiums have more than doubled in some areas in the past 12 months alone and some apartments are being sold on by buyers for significant premiums even before they have been built.