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Monday, October 20, 2008

Far East hopes Malaysians will appreciate Silversea

UPSCALE LIFESTYLE: Silversea will feature a sky promenade on the 11th floor of each tower which stretches across link two buildings

SINGAPORE'S largest private property developer Far East Organisation wants to tap into the influx of Malaysian investors looking at property assets poised for capital appreciation on the island nation.

Far East is building a premium residential seafront development, Silversea, to be completed within three years and hopes to capture investors' interest with its unique design.

"We are positioning Silversea as a lifestyle product backed by the fact that Singapore's development will leap frog many other places once this credit crisis has passed due to major real estate and infrastructure investments," Far East executive director Chia Boon Kuah told reporters in Singapore recently.

Major real estate and infrastructure investments in Singapore from the public and private sectors amount to some US$43.6 billion (RM103.768 billion) for now to 2012.

Chia said that many Malaysians were keen to buy into the Singaporean property market, with some 23 per cent of all home buyers in Singapore coming from Malaysia for the third quarter of 2008.

According to information obtained from the Singaporean government, Malaysians formed 20 per cent of all home buyers, or have purchased 502 units in total from January to September of 2008. This figure grew from 17 per cent last year.

The attraction for investing in Singaporean real estate includes no currency controls or capital gains, no withholding tax on the disposal of property and proceeds can be easily remitted out of the country.

The Silversea project, located along Marine Parade Road, comprises four 21-storey glass towers with 383 units in total housed on a 218,435 sq ft site facing the eastern coastline.

The units, with high ceilings and full-height windows, range from 968 sq ft (two-bedroom unit) to 4,962 sq ft (four-bedroom penthouse unit). The four-room apartments have their own private lift lobbies with additional features in the master bedroom such as a mini-bar fridge, safe-deposit box and expanded bath.

Currently, Far East is releasing the first 13th floors of Silversea's Tower 4 for previews and prices for the units range between S$1,350 and S$2,000 (RM3,213 and RM4,760) per sq ft. The gross development value for these floors comes up to about S$168 million (RM399.84 million).

Other facilities in the development are two 50m pools, four dining pavilions, two spa villas and two cabanas. The four different themed dining pavillions - Northern Indian Tandoori, Italian Pizza, Brazilian Churrascaria and Japanese Teppanyaki - come fully equipped with the necessary fixtures such as tandoori ovens for the Northern Indian pavillion.

There is also an elevated viewing pavillion, equipped with kitchen amenities, overlooking the tennis courts for individuals to view the ongoing matches while relaxing in the shade.

Pic by Silversea website

The Silversea development will also feature a sky promenade on the 11th floor of each tower which stretches across to link two buildings.

"The promenade will have the five elements incorporated into the design. Residents on the lower levels can come to this floor to enjoy the seafront while utilising other amenities there such as the kitchen, infinity-edge pool or elemental spa," said Far East director of development and planning Chng Kiong Huat.

While Far East will have a Silversea exhibition in Kuala Lumpur soon, it is targeting other markets such as Indonesia, India, China, and the Middle East. Chia said he expects overseas buyers to account for some 50 per cent of Silversea's take-up.

By New Straits Times (by Jeeva Arulampalam)

Visit Silversea Official Website

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