SINGAPORE - It's no surprise that professionals of all stripes have been making a beeline for property in Marina Bay, site of the country's new financial district.
New residential and office developments like V on Shenton that have been springing up in the vicinity are magnets for the well-heeled buyer.
Tenants with cash to spend like the area as well, not just for the proximity to work but also to attractions such as the Marina Bay Sands integrated resort, Gardens by the Bay and the city centre.
Interest in the area looks like being ramped up even further, with the Marina One development expected to be completed in 2017.
The project, developed by M+S, a joint venture between Temasek Holdings and Khazanah Nasional, has been described as "an iconic project in our new business district for many more years to come" by Prime Minister Lee Hsien Loong.
The development will have 341,000 sq m of gross floor area and a gross development value of $7 billion. It will feature a mix of office, residential and retail space.
Although most of the properties in the area are on 99-year leases, homes in Marina Bay go for more than $2,000 per sq ft (psf), making them among the priciest in Singapore, noted SLP International research head Nicholas Mak.
The Sail @ Marina Bay, one of the first and largest developments in the area, was launched at $980 per sq ft in 2004 but the pricing has more than doubled to $2,180 psf over the past 15 months, said Mr Mak. Eight sales were recorded in January at the 1,111-unit development.
The median price in Marina Bay was $1,926 psf at the start of last year but it hit a peak of $2,229 psf in the third quarter. Price levels have stabilised since.