The future Marina One Residences

Much hype surrounded the recent unveiling of the design for Marina One, a new integrated development born out of a high in bilateral ties between Singapore and Malaysia. It is also touted to raise the bar for future integrated developments. But before being a kiasu property-crazed Singaporean and rushing into invest in its 2 residential towers, here are some points you might want to consider.

The residential towers in the foreground will be approximately 130m tall while the office component behind will be approximately 200m tall.

Sure, this development is in the heart of Marina Bay, has a large retail podium and is literally right next to the Marina Bay MRT station interchange between the Circle Line, North-South Line and upcoming Thomson Line. The Downtown station (Downtown Line) also serves the development to its east. Connectivity and location is great. But can you imagine actually living in one of those units?

Imagine the year 2017 when the development is completed. Living in Marina One means having to put up with the construction all around you. The white sites surrounding the future Marina Bay Square will either be under development or up for public tender, awaiting even more construction. And once all the construction is completed, it is likely that the view from the living will be glass and even more glass, with no hint of the promised sea-view. Perhaps having an MRT at its doorstep makes things better, but imagine living in those buildings surrounding Raffles Place MRT today. The noise from the lunch crowds and the ever so frequent sales promotion events - not sure if this is what an ideal home is.

Marina One is also set to be another The Sail @ Marina Bay, which was sold and marketed at a time when Marina Bay was nothing but undeveloped reclaimed land. First-hand owners might have made a killing, but the years of construction around it definitely had an adverse impact on its suitability as a rental unit for people who actually want a quiet home. Marina One will face the same problems. An investor would have better luck sitting on it for capital appreciation rather than trying to fetch a good rental income. For the first few years after its TOP, it might also follow in the footsteps of The Sail as a speculation haven, with units changing hands multiple times a year.

As long as the economy is good and there is money to be made, all's good. But if you are thinking of actually living there, you might want to think again. Marina Bay is going to become the place where people live, work and play. But I'm just not sure if Marina One is the best place for that.