Despite widespread market caution, One Marina Gardens, Singapore’s new 99-year leasehold development in the prime District 1, achieved moderate success during its launch weekend with 353 out of 937 units sold, reflecting a 38% take-up rate that surpasses the recent average of 30-35% for comparable projects.
The launch performance, resulting from 863 collected expressions of interest with a 41% conversion rate, indicates resilient demand for premium assets despite prevailing economic uncertainties. Units achieved an average selling price of S$2,953 per square foot, positioning the development at the upper tier of urban residential offerings. The property attracted strong initial attention with high demand noted during the earliest hours of the sales event.
The buyer profile demonstrates strong domestic interest, with Singaporeans constituting approximately 83% of purchasers. Market analysts note that high floors and compact units garnered particular attention, suggesting a blend of investor activity and premium buyer interest focused on long-term value appreciation. The one- and two-bedroom units were the most popular among buyers, reflecting preferences for more affordable entry points into this prime location.
This pattern aligns with broader market trends favoring developments with strategic locational advantages and extensive amenities, especially those offering first-mover benefits in emerging districts. With limited inventory projected for 2025, early buyers may benefit from future price appreciation due to supply constraints.
One Marina Gardens’ direct connection to Marina South MRT station on the Thomson-East Coast Line represents a significant value proposition within the developer’s marketing strategy. The project’s integration into the Marina South precinct—designed as a car-lite, mixed-use area with “10-minute living” urban planning principles—further enhances its appeal despite the cautious market sentiment.
Proximity to Gardens by the Bay, Marina Coastal Park, and planned pedestrian infrastructure compounds these advantages.
The land was originally acquired at S$1,402 per square foot per plot ratio, representing a 40% premium above competing bids, which necessitated the current pricing structure to maintain viable margins.
Industry observers characterize the launch performance as a positive outlier in an otherwise subdued market environment. The project’s relative success against headwinds suggests continued resilience in Singapore’s prime central business district property segment, potentially establishing a benchmark for future developments in the Marina South area and broader CBD region.
