One Marina Gardens sold 36% on launch day
OMG was launched yesterday, and… only 36% sold. Let’s just say — not quite the fireworks they were hoping for. Could the tariff war and recession fears have spooked buyers? Or is it the location? Or pricing?
Or maybe buyers just really hate the acronym OMG?
That said, OMG is a mega project, so selling 341 units is not shabby either.
VS Bloomsbury Residences
Over the same weekend, Bloomsbury Residences also joined the party — and fared worse. Just 25% sold (90 out of 358 units).
That’s like inviting everyone to your birthday and ending up with leftover cake… and balloons still floating the next morning.
Recession Fears Are Real
The tariff war must’ve played a part. Business owners hate uncertainty, and the ongoing US-China tit-for-tat isn’t helping. When margins get squeezed, a property purchase could be strike off the shopping list.
And if your stock portfolio has been nosediving lately — well, you’re not alone.
Location: Great on Paper, Tough in Reality
Let’s be honest — One Marina Gardens has a killer location:
- Near Marina Bay MRT
- Next to Gardens by the Bay and MBS
- Overlooking the sea
- In the heart of the CBD
Sounds dreamy, right? But try living there. No schools. No kopitiam. Not even a decent wanton mee nearby.
The government wants to turn the CBD into a family-friendly district — and that’s great — but we’re not quite there yet.
Price Issue?
The PSF is high, but that is not surprising given it’s in the city region. However, given the same budget, Singaporeans might choose other developments for the amenities suitable for family.
If only the Kingsford had bid lower, and priced lower, things will be very different today.
Kingsford won the bid at $1,401 psf ppr, which is 42% higher than the 2nd bidder. That extra $417 PSF is too high a price to pay for the win.
There are more land plots that the government will be selling. The only comfort is that URA will reject low ballers like GuocoLand’s $984.
