Post on 25-Sep-2020
Marina Bay Financial Centre Marina Bay Financial Centre
17 November 2006 17 November 2006
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• Introduction – Background
– Strategic Location
– One Raffles Quay
• Marina Bay Financial Centre – Phase 1 Details
– Phase 1 Office
– Phase 1 Residential
Presentation Outline
Introduction Introduction
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Background
• Development of New Downtown at Marina Bay
– Singapore’s new CBD area
• One Raffles Quay is KLL’s first development in this area
• Marina Bay Financial Centre (MBFC) strengthens KLL’s foothold in the New Downtown
Bayfront MRT Station
Landmark MRT Station
Integrated Resort & Casino
One Marina Boulevard
One Raffles Quay
The Sail @ Marina Bay
MBFC Phase 1
MBFC Phase 2
RAFFLES AVENUE
MARINA BLVD
STRAITS BLVD
SHENTON WAY
Marina Bay
Marina Channel
S ore River
BAYFRO
NT AVE
proposed bridge
COLLYE
R QUAY
Marina Bay
MRT Station
Raffles Place MRT
Interchange
(white site)
New tourism icon [ferris wheel]
MBFC Phase 1
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One Raffles Quay
Marina Bay Financial Centre
Marina Bay Integrated Resort
Landmark MRT station
Crown jewel of Marina Bay, linking One Raffles Quay, Esplanade Theatres, Marina Bay Integrated Resort and Landmark MRT station
Strategic Location
Esplanade Theatres
Existing hotels, convention and retail facilities
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• Strong partners
– Developed with Cheung Kong and Hongkong Land, Asia’s leading property companies
– Consortium now embarking on 2nd project Marina Bay Financial Centre
• 1.33 mil sf (TLA) office development
– Site acquired in Mar 01 at $290 psf
– Commenced work in Jun 02
– TOP : North Tower Oct 06 South Tower Apr 06
One Raffles Quay
North Tower
South Tower
• 100% precommitted, tenants include :
– Deutsche Bank, UBS, ABN Amro, Ernst & Young, Credit Suisse and Barclays
• One Raffles Quay provides relevant experience for MBFC
Marina Bay Financial Centre Marina Bay Financial Centre
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Marina Bay Financial Centre • More than just an office building
– “City in a Garden” integrated workplay environment
– Contribute to the fulfilment of vision for Marina Bay
– Strengthen Singapore’s position as Asia’s key financial hub
• Awarded site in Jul 05 with same partners
– Site area : 3.55ha
– Land price : $381 psf Marina Bay
Financial Centre One Raffles Quay Raffles Place CBD
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Marina Bay Financial Centre
• Total GFA of 438,000 sm
Guidelines :
– At least 60% for office space
– Remaining 40% for white site use
Remaining (194,000 sm) 8 years option
Ph 1 (244,000 sm) :
Office : 180,000 sm Resi & retail : 64,000 sm
Total GFA : 438,000 sm
Ph 1 Resi & Retail
Ph 1 Office Remaining portion
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Phase 1 Details
• Vibrant new $2 bil financial precinct
• Two office towers – NLA : 1.65 mil sf
One residential tower (total 428 units) – NSA : 0.56 mil sf
• Unparalleled views of CBD skyline, Marina Bay area and the Straits of Singapore
• Designed by worldrenowned Kohn Pederson Fox Associates
• Ready in 2010
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Phase 1 Office
• Office Towers
– Two office towers (32 and 46storeys)
– 1.65 mil sf (NLA) of grade A office space
– Large columnfree floor plates of 21,000 sf and 24,000 sf
Marina Bay Residences
46storey Office Tower
32storey Office Tower
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Phase 1 Residential
• Marina Bay Residences
– Residential component of Marina Bay Financial Centre
– Comprises 428 luxury waterfront homes fronting Marina Bay
– Features 1, 2, 3, and 4bedroom units as well as penthouses in 55storey tower
– Wellpositioned to meet strong international demand
– Plan to launch 200 units in 4Q06
Marina Bay Residences
Additional Info Additional Info
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• Strong takeup of 1.84 mil sf for JanSep 06, with entry of new companies and expansion of existing ones (URA) – Grade A office occupancy : 99.3% (CBRE)
– Avg Grade A office rentals : $7.60 psf, up 11.8% qoq (CBRE)
• Limited availability of quality space – 20072010 : Average new supply of 0.74 mil sf p.a. (CBRE)
– Redevelopment to reduce CBD space by 1.5 mil sf (78% of current stock)
• Further escalation of rents – Prime rents up 41% yoy to $6.90 psf/mth, highest since end2001 (URA)
– Grade A and prime rentals projected to rise by >9% and >5% respectively by end2006 (CBRE)
Singapore Office Market
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Office Supply (20062010)
Source : URA, CBRE and KLL
Expected Completion
Proposed Office Projects NFA (sf)
2006 Parakou Building 64,000 One Raffles Quay 1,322,534 55 Market Street addition 78,000 SIF Building Redevelopment 68,000 Sub total 1,532,534
2007 LKN Building Redevelopment 80,800 VisionCrest 139,000 Central (office block only) 179,000 Sub total 398,800
2008 Selegie Road Office/Soho/Retail /Serviced Apt development 82,000 HarbourFront Tower 5 208,000 Sub total 290,000
2009 Overseas Union House Redevelopment 415,000 Crosby House Redevelopment 228,000 Subtotal 643,000
2010 MBFC (Phase 1) 1,646,876 Total (20062010) 4,511,210
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Office Occupancy and Rentals
89.6 89.2
86.4
85.4
84.3 83.7
83.1 82.6
82.1 82.2 82.7
83.5 84.0
85.0
86.6 87.2
88.0
89.5
88.8 89.0
85.2 85.7
87.7
78
80
82
84
86
88
90
92 1Q
01
2Q01
3Q01
4Q01
1Q02
2Q02
3Q02
4Q02
1Q03
2Q03
3Q03
4Q03
1Q04
2Q04
3Q04
4Q04
1Q05
2Q05
3Q05
4Q05
1Q06
2Q06
3Q06
%
0
1
2
3
4
5
6
7
8 S$psf/mth
Islandwide Occupancy Prime Rentals
Islandwide Office Occupancy and Prime Rentals
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Office Occupancy Costs
• Singapore ranked 43rd worldwide, attractive compared to other Asian cities
Ranking City US$/sf/annum Ranking City US$/sf/annum 1 London (West End), England 185.60 17 New Delhi, India 63.28 2 Tokyo (Inner Central), Japan 130.05 21 Milan, Italy 60.05 3 London (City), England 127.49 23 New York Midtown Manhattan 55.15 4 Tokyo (Outer Central), Japan 117.90 26 Frankfurt am Main, Germany 54.26 5 Hong Kong 101.67 27 Madrid, Spain 54.13 7 Mumbai (Bombay), India 93.06 37 Shanghai (Pudong), China 44.86 8 Paris, France 92.48 39 Shanghai (Puxi), China 43.30 11 Edinburgh, Scotland 72.85 40 Washington, DC (CBD) 42.74 14 Seoul, South Korea 68.99 43 Singapore 41.53(S$5.45psf/mth)
Global 50 Index (by occupation cost in US$ psf per annum)
Source : CBRE Global Market Rents (May 2006) USD : SGD =1.576
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• Continued uptrend in prices and demand, led by strong takeup of highend homes – Highend price hit :
$3,000 psf for Tomlinson area,
$2,300 psf for Ardmore Park area, and
$1,800 psf for Sentosa condominiums
• Singapore’s growing appeal as global city attracting more foreign buyers – 22% or 3,143 of the 14,286 homes sold in JanSep 06 were bought by
foreigners (Savills Singapore)
• Exciting new lifestyle products like upmarket city condos and luxury waterfront homes likely to fuel demand
Singapore Residential Market
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Residential Price and Rentals • Continued uptrend in prices and demand
– More than 6,700 new units sold in JanSep 06, up 2.7% yoy (URA)
– Prices up 6.1% in first nine months of 2006, with the 2.7% rise in 3Q06 being the highest quarterly increase in 6 years (URA)
5,785
8,955
6,736
5,156
9,485
7,189
5,406
8,171
6,096 5,520
9,565
125.4
118.2 113.8 112.8 115.1 117.2
132.8 134.2
100
151.6
173.1
0
2,000
4,000
6,000
8,000
10,000
12,000
1996
1997
1998
1999
2000*
2001
2002
2003
2004
2005
13Q
2006
No. of Units
80
100
120
140
160
180
Price Index
Total Primary Demand Price Index
URA Private Residential Demand and Price Index
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Thank you