The developers of South Beach Residences, City Developments Ltd (CDL) and IOI Group have reportedly rejected a S$26 million offer for one of its luxurious penthouses in the development last year, as they felt it wasn’t the ideal time to launch this mega project yet.
Set to be completed by first half of 2016, the South Beach project is a mega mixed-use real estate development along Beach Road (next to Suntec City Mall), which consist of 190 high-end residential units, commercial spaces spreading across 500,000 sqft, a hotel housing 654 rooms in total, retail spaces covering approximately 37,000 sqft and a huge 29,000-sqft private club.
The spokesman of the joint-ventured firm added that they are not looking to sell South Beach Residences in a fragmentary manner, or rather an unsystematic way of sale. Due to the recent slowness in the high-end residential property market, their plan is to launch this project at the right time when they feel market conditions are in their favor.
The South Beach project – by City Developments Ltd and IOI Group
South Beach Residences condo has been on the watchlist of many property buyers and experts for years, since its announcement of the South Beach mega project a couple of years back. It was even way before the launch of other prominent residential projects in the city such as Duo Residences and Marina One Residences.
However, developer CDL has been pretty quiet on this luxurious project, especially for the residential component. Then again, it was mentioned that South Beach Residences will consist of homes ranging from a 2-bedroom (950-sqft) to a mega 5-bedroom penthouse (6,500-sqft with a private pool). Also, all units will come with a spectacular view of the city skyline.
Despite limited news on the residential units, the office tower within the South Beach project have received great interest as 96% of the spaces have been taken up by corporate businesses and organisations, which include Commonwealth Bank of Australia, Sanofi and Bain & Company etc.