The opening of the Marina Bay Sands in April this year comes at a time when the Singapore property market is looking extremely robust. As a result, everyone will be looking with baited breath to see the impact of the spectacular resort.
The US gaming giant, Las Vegas Sands, describes the luxury development as the “most expensive stand-alone integrated resort-property ever built.” At $5.5 billion, the venture also arrives just two months after the enormous Resorts World Sentosa (owned by Malaysia’s Genting Group) welcomed its first customers.
In the backdrop behind these two massive developments, the Singapore market has been faring excellently. So much so that the Singapore government has recently imposed a levy on people selling residential properties within a year from the date of purchase.
Additionally, the city-state has lowered the loan-to-value limit on all housing loans provided by financial institutions from 90% to 80%. The measures are “aimed at pre-empting the formation of a property bubble,” said Adrian Chua, an analyst at DBS Group Holdings Ltd.
The government’s property price index rocketed 15.8% in the third quarter and last year’s homes sales of 14,688 were just short of the record set in 2007, when 14,811 changed hands. Meanwhile, private residential prices rose 7.3% in the fourth quarter compared with the previous three months, extending the biggest rally in 28 years.
Such statistics suggest that the introduction of the two mega-resorts has been perfectly timed. With an extravagant 963-room hotel, convention centre, high-end casino, and part of a top quality shopping mall to fill in the first stage of opening alone – it looks like good news.
And considering the difficult economic period in which the two behemoths were constructed – the perseverance of their owners could well and truly pay off.
The second stage of opening is scheduled for June 23 and will include the unveiling of a massive sky garden on top of the development’s three hotels as well as the introduction of yet more high-end retailers.
