Three Bedder Marina Bay Residences Auction 408 Mil
to match
Located within the prestigious Marina Bay Financial Centre, the Marina Bay Residences is a 428-unit development that has been a popular choice for investors and owner-occupiers alike. The latest opportunity to own a piece of this luxurious development comes in the form of a 1,636 sq ft, three-bedroom unit on the 30th floor, which was put up for auction by Edmund Tie on June 27 with a guide price of $4.08 million, or $2,493 psf.
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Boasting stunning views of Marina Bay and ample natural light and ventilation, the unit is a prized find on the high floor. According to Joy Tan, executive director of auction and sales at Edmund Tie, this prime location in the heart of the CBD is sure to attract both tenants and buyers who work in the area.
The unit features a master bedroom with an en suite bathroom, two additional bedrooms, two common bathrooms, an open kitchen and a combined living and dining area that leads to a balcony. It comes with an existing tenancy that will last until March 2025, allowing the future owner to enjoy immediate rental returns. Currently, the unit is rented out on a corporate lease for $12,000 per month, which equates to a gross rental yield of approximately 3.53% based on the guide price of $4.08 million.
According to URA caveats, the property was bought by its current owner in June 2010 for about $4.58 million, or $2,800 psf. This shows that the unit is now being offered at a much lower psf price, making it a potentially lucrative investment for buyers.
Data compiled by EdgeProp Singapore reveals that the average rental transaction rate at Marina Bay Residences over the last 12 months has been about $7.40 psf per month, which translates to an estimated rental yield of around 3.9% for landlords at the development.
This is the fourth month in a row that the unit has been listed for auction, with no change in the guide price. The property was first offered at the same price during Edmund Tie’s March 24 auction, but was subsequently withdrawn when there were no successful bidders. Despite appearing in every auction since then, the unit remains unsold.
As of June 24, 13 units at Marina Bay Residences have been sold this year, with an average price of $2,391 psf. The latest transaction was the resale of a 1,130 sq ft, two-bedroom unit on the 12th floor in May, which fetched $2.26 million, or $2,000 psf.
Tan believes that the development’s prime location in the heart of the CBD will attract strong interest from both investors and owner-occupiers. Although it may not be a rare find in terms of sales velocity, the development remains a viable option in the current market, she adds.
Amenities in the area include the Marina Bay Link Mall, which is just a stone’s throw away, and a variety of retail and dining options in Raffles Place, Chinatown and Orchard Road. The development is within walking distance of Downtown MRT Station on the Downtown Line and Marina Bay MRT Station, which serves the North-South, Thomson-East Coast and Circle Lines. The East Coast Parkway and Ayer Rajah Expressway also provide easy access to other parts of the island.