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A spacious three-bedroom unit measuring 1,636 sq ft at Marina Bay Residences was recently featured in an auction by Edmund Tie on June 27. The luxurious abode, located on the 30th floor, was listed with a guide price of $4.08 million, equivalent to $2,493 per sq ft.

The unit is comprised of a master bedroom with an attached bathroom, two additional bedrooms, two common bathrooms, an open kitchen, and a combined living and dining area that opens to a balcony. According to Joy Tan, executive director of auction and sales at Edmund Tie, the unit’s high floor offers breathtaking views of Marina Bay and allows for plenty of natural light and ventilation.

The Property’s elevated position provides unparalleled views of Marina Bay and ample natural light and ventilation (Credit: Edmund Tie).

Public records show that the current owner purchased the property for about $4.58 million, or $2,800 per sq ft, in June 2010. The unit will be sold with an existing tenancy that ends in March 2025, making it an attractive proposition for potential buyers looking for immediate rental returns. At present, the unit is rented out on a corporate lease for $12,000 per month, reflecting a gross rental yield of approximately 3.53% based on the guide price of $4.08 million.

Read also: Freehold shophouse on Beach Road to go under the hammer, starting from $9.38 million

Figures collected by EdgeProp Singapore reveal that the average rental transaction rates at Marina Bay Residences over the past 12 months have hovered around $7.40 per sq ft per month. This translates to an estimated rental yield of about 3.9% for landlords at the development.

This is the fourth consecutive month that the property has been featured in an auction. The unit was first listed at the same guide price in the March 24 auction by Edmund Tie. However, failing to attract any bidders, the property was subsequently withdrawn. Since then, it has been included in every Edmund Tie auction, with no changes made to the guide price.

As of June 24, a total of 13 units at Marina Bay Residences have been sold this year, with an average sale price of $2,391 per sq ft. The latest transaction was the resale of a two-bedroom unit measuring 1,130 sq ft on the 12th floor, which was purchased for $2.26 million, or $2,000 per sq ft, on May 21.

Edmund Tie’s Tan predicts strong interest in the property from investors and owner-occupiers due to its prime location in the heart of the Central Business District (CBD). The central location is expected to attract tenants and buyers who work in the vicinity. She adds that although the property may not be a rare find in terms of its sales velocity, it remains a viable option in the current market.

As of June 24, a total of 13 units at Marina Bay Residences have been sold this year, with an average sale price of $2,391 per sq ft (Source: URA, EdgeProp Singapore).

Completed in 2010, Marina Bay Residences is a 428-unit development situated on Marina Boulevard, within the Marina Bay Financial Centre in District 1. This 99-year leasehold property offers a diverse range of units, including one- and two-bedroom apartments spanning 710 sq ft to 1,227 sq ft, three- and four-bedroom units measuring 1,625 sq ft to 2,379 sq ft, and 10 penthouse units ranging from 3,606 sq ft to 11,001 sq ft.

Nearby shopping centres, such as Marina Bay Link Mall on Marina Boulevard, provide convenient access to daily amenities, while additional retail and dining options can be found in the nearby areas of Raffles Place, Chinatown, and Orchard Road.

Read also: Duplex penthouse at Turquoise up for sale at $5.1 million

The project 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. Major expressways, including the East Coast Parkway and Ayer Rajah Expressway, offer effortless access to other parts of the island.

Author’s note: As there were no bidders for this property at the Edmund Tie auction on June 27, it was subsequently withdrawn. Check out the latest listings for Marina Bay Residences properties.

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