The Sail at Marina Bay

In The News

Marina Bay gaining popularity

WMRT organisers in talks for event here; Extreme Sailing Series kicks off soon

THE Marina Bay area could soon be on its way to fulfilling some of its sporting and glamour potential with at least one high-profile international standard sailing event organiser holding an event there and another ‘in discussions’ to do so.

This past weekend, the RM1.57 million (S$645,000) Monsoon Cup in Terengganu closes out the nine-leg World Match Racing Tour (WMRT) – which Malaysian tycoon Patrick Lim recently bought into – and the organisers are setting their sights firmly on a similar or bigger event in Singapore.

Mr Lim and other investors have acquired the rights holder ProMatch Tour Ltd from F10 Holdings Ltd through Hong Kong-based consortium Regal Faith Ltd. The WMRT features a boat-against-boat match racing format similar to the America’s Cup except that it is part of a circuit that currently has nine venues including France, Germany, Korea, Portugal, Sweden, Switzerland, Denmark, Bermuda and Malaysia.

‘We are currently in early stage discussion with the Singapore Tourism Board and Singapore Sports Council for a WMRT event at the Marina Bay,’ said Monsoon Cup adviser Peter Gilmour. Speaking optimistically about the potential race venue as a prime example of a plug-and-play site, Mr Gilmour, who is also acting president of WMRT organisers Promatch Tour said: ‘In fact, the Marina Bay seems to be a natural venue, it could be a case of ‘just add the boats’.’

‘Talks are going well and we plan to be in Singapore in January/ February next year to test the wind conditions,’ he added.

‘We are confident of selecting one more new venue to the WMRT in 2010, bringing the total number of Tour stages to 10 from the current nine,’ said tour director Craig Mitchell. Organisers hope to add two significant venues per year, for an ideal target of 16 worldwide within the next few years. Promatch is in advanced stages of talks with seven new venues, including three in Asia, Mr Gilmour said.

Selection of the venues is relatively straightforward, Mr Mitchell explained. It should have a 500 metre diameter circle of water in order to create a race track and a good shore side vantage point for spectators, conditions Marina Bay easily meets. Technical and communications support to promoters to cater to the media such as live broadcast and providing daily news updates on the race progress are also important elements.

There is also the financial element involved as the tour works on a franchise model quite similar to F1 car racing and each commitment is currently for a period of eight years. ‘The cost to operate a new WMRT event is approximately US$5-8 million, depending on requirements of individual venue. The cost includes prize money, television coverage, local event set-up costs,’ said Mr Gilmour. ‘There are many Asian countries with beautiful coastlines but they might not know how to promote it to the world. Naturally one advantage of having an Asian owner (of the WMRT) is the increased potential for expansion within the Asian region, particularly at this time when we are seeing an awakening by Asian countries to the pleasures and beauty of competitive sailing and waterfront lifestyles,’ he noted. ‘Our focus for the long term is to develop world-class venues around the world including Asia.’

Balancing off against this is the corporate sponsorship model of the Extreme Sailing Series where this week, six teams including two Oman teams and a China team featuring local hotshot sailor Tan Wearn Haw, will be showcasing their cutting edge Extreme 40 boats in the bay at the area between the Flyer and the Marina Barrage from Dec 11-15.

The Extreme Sailing Series Asia, the new Asian leg of the OC Events-organised Extreme Sailing Series which has been an outstanding success in Europe since starting out there in 2005, comes to Singapore as the second stop of its three-stop tour after blowing away the corporate crowd in the middle of Hong Kong’s busy Victoria Harbour. After Singapore, the inaugural Asian series continues in Oman in February.

The series’ popularity is rapidly evolving as corporates warm to the concept and the possibility of a fourth venue is being explored, with a plan to grow the series to a six-event series by 2011/12.

Source : Business Times – 7 Dec 2009

Milestone year for Marina Bay

URA plans slew of activities to draw locals, visitors in 2010

THE Urban Redevelopment Authority has planned a string of activities next year to attract local and foreign visitors to Marina Bay.

With most of the key features in the area set to be completed during the year, the development agency aims to attract visitors through a series of events dubbed ‘Marina Bay Invitations 2010′.

Kick-starting the series is the Marina Bay Countdown into 2010 on the last day of the year. This will be followed by the opening of the double helix pedestrian bridge and Singapore’s first Art Park, next to the seating gallery of The Float @ Marina Bay, both of which will open by March next year.

Members of the community will be invited to the official opening – to be among the first to cross the bridge and enjoy the panoramic views of the city, URA said.

In mid-2010, URA will hold a mass walkathon and carnival to mark the opening of the 3.5 kilometre waterfront promenade, which will feature a continuous waterfront loop and dancing water jets.

This will be followed by an urban light festival in the concluding months of the year. And coming full circle – the series will end with the Marina Bay Singapore Countdown 2010/2011.

URA chief executive Cheong Koon Hean said: ‘2010 is a milestone year for Marina Bay and Singapore. It is the time when most of the developments around the bay are completed, and the dawn of a new skyline for Singapore. We want to extend an invitation to every Singaporean and visitor to come to Marina Bay to join in the calendar of exciting events in 2010.’

Source : Business Times – 5 Dec 2009

6 whole floors sold at Marina Bay Suites preview

Buyers include Indonesians, Singaporeans and other Asians

ABOUT half a dozen floors at Marina Bay Suites changed hands at last week’s preview of the project, BT understands.

The buyers of the whole floors are understood to be Indonesians, Singaporeans and other Asians.

Some of them bought through companies. The foreigners are believed to be Singapore permanent residents.

In absolute terms, the biggest transaction was close to $45 million, involving at least two floors. The buyer is understood to be an Indonesian party.

Market watchers estimate that it could have cost buyers between $17 million and $18 million to purchase a whole floor at the 99-year leasehold condo based on prices at last week’s preview.

Each floor has four apartments – two three-bedroom units and two four bedders. The total saleable area per floor is slightly under 8,000 square feet.

Thomas Tan, head of marketing (residential) at Raffles Quay Asset Management (RQAM), told BT yesterday that 87 of the 90 units released for the preview have been sold.

The 87 units fetched close to $400 million, he added.

Two thirds of the units were sold to Singapore residents (including PRs). The remaining one third was sold to non-PR foreigners, including Indonesians, Malaysians, mainland Chinese, Australians and Americans.

‘We do have multiple-unit buyers, but due to client confidentiality and privacy reasons, we are unable to reveal such information,’ Mr Tan said when asked about purchases of entire floors.

RQAM is the asset manager for Marina Bay Suites, which is being developed by a joint venture involving Hongkong Land, Keppel Land and Cheung Kong Holdings.

Mr Tan declined to give details about pricing except to reiterate that ‘the average price range was between $2,200 psf and $2,500 psf’. BT understands that on an average basis, the 90 units were priced at close to $2,300 psf.

However, the range at which the apartments were sold could be about $1,800 psf to slightly over $2,600 psf.

Mr Tan said that the apartments released were from the seventh to the 40-plus floors of the 66-storey development.

The 221-unit project comprises 218 three or four-bedroom apartments and three penthouses. Currently, the plan is to begin construction of the project sometime in the first half of next year, Mr Tan said.

‘We have no immediate plans to release more units for the rest of this year but we’ll continue to register interested buyers. We’ll monitor the market and determine the price at the time of launch.’

Source : Business Times – 3 Dec 2009