21 Mar '14, 12am

Instead of taking up > land, MBS hotels can lease rms fr nearby Marina Bay Suites, which has a dismal occupancy rate.

Instead of taking up > land, MBS hotels can lease rms fr nearby Marina Bay Suites, which has a dismal occupancy rate.

Marina Bay Suites’ low occupancy rate shows how owners of upmarket condos are struggling to get their units leased out. -- ST PHOTO: LAU FOOK KONG IT TOOK a big fire at Marina Bay Suites to expose the chill in the rental market . One disconcerting fact to emerge from the incident at the posh condo is that less than 10 per cent of the units are occupied even though over 90 per cent of them have been sold by the developer already. It begs the question: Why would anyone want to buy them in the first place, only to leave them vacant, especially when they come with an expensive price tag? This newspaper has quoted agents as saying a three-bedroom unit in the 221-unit development costs $3 million while a four-bedder fetches up to $6 million. One of the three penthouses sold for an eye-popping $19.3 million. If the buyers had left such big sums in the bank instead, they would sti...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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