About half a dozen floors at Marina Bay Suites were sold during last week’s preview. Its buyers are believed to be Singaporeans, Indonesians and other Asians.

The biggest transaction recorded in the preview was about $45 million, including at least two whole floors that were purchased by an Indonesian party.

Some market watchers believe it could cost buyers between $17million and $18 million to buy a whole floor at the 99-year leasehold condo based on last week’s selling price.

Each floor has four apartments, two three-room units and two four-room units. The total area per floor is about 8,000 square feet.

Thomas Tan, head of marketing (residential) for Raffles Quay Asset Management (RQAM), said 87 out of 90 units released for preview were purchased. The total amount made from the sales is approximately $400 million.

Two-thirds of the total units were purchased by Singapore residents, including PRs. The remaining units were bought by non-PR foreigners, including Malaysians, Indonesians, Americans, Australians and mainland Chinese.

“We do have multiple-unit buyers, but due to client confidentiality and privacy reasons, we are unable to reveal such information,” said Mr. Tan when asked about the buyers.

RQAM is the asset manager for Marina Bay Suites, which is being developed through a joint venture between Cheung Kong Holdings, Hongkong Land and Keppel Land.

Mr. Tan declined to share the details but reiterated that “the average price range was between $2,200 psf and $2,500 psf.” It was understood that the selling price of the 90 units were close to $2,300 per square foot (psf).

However, the range of the apartments that were sold could be about $1,800 psf to over $2,600 psf.

Mr. Tan said the apartments that were released at last week’s preview were located at the 7th to 40th plus floors of the 66-storey project.

Marina Bay Suites consists of 218 three- to four-room units and three penthouses. The construction of the project is set to begin in the first-half of next year.

“We have no immediate plans to release more units for the rest of this year but we'll continue to register interested buyers. We'll monitor the market and determine the price at the time of launch,” said Mr. Tan.