Three Bedder Marina Bay Residences Auction 408 Mil
.
A fresh map has recently been unveiled, revealing the precise location of the mixed-use plot on Tampines Avenue 11. This prime spot is strategically situated in the vicinity of two executive condominium developments: the currently open for tender site at Tampines Street 62, and the 618-unit Tenet which was launched last December. In addition, the highly anticipated Parktown Residences by UOL Group will also be conveniently located near this plot, offering a plethora of amenities to its future residents. Parktown Residences UOL Group will now become a natural addition to the vicinity.
at Marina Bay Residences
The Marina Bay Residences now has a three-bedroom unit on the block at Edmund Tie’s auction. This unit, located on the 30th floor, offers spacious living with 1,636 sq ft and a guide price of $4.08 million, equivalent to $2,493 psf.
The unit boasts 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 opens to a balcony. According to Joy Tan, the executive director of auction and sales at Edmund Tie, the unit’s high floor positioning provides unobstructed views of Marina Bay, ample natural light, and ventilation for its residents.
The previous owner of this unit purchased it in June 2010, paying about $4.58 million, which equates to $2,800 psf. The unit will be sold with an existing tenancy that ends in March 2025, providing the future owner with immediate rental returns. Currently, the unit is rented out to tenants on a corporate lease at a monthly rate of $12,000, resulting in a gross rental yield of approximately 3.53% based on the guide price of $4.08 million.
URA caveats show that rental transaction rates at Marina Bay Residences have averaged at $7.40 psf per month over the past 12 months, translating to an estimated rental yield of around 3.9% for landlords at the development.
The property has appeared in every Edmund Tie auction without any change in the guide price since it was first listed at the same price in the March 24 auction. The June 27 auction will be the fourth consecutive auction for this unit.
As of June 24, 13 units at Marina Bay Residences have been sold this year at an average price of $2,391 psf. The recent transaction was the resale of a 1,130 sq ft, two-bedroom unit on the 12th floor that sold for $2.26 million, equivalent to $2,000 psf, on May 21.
Joy Tan from Edmund Tie expects strong interest in the unit from investors and owner-occupiers due to its prime location in the heart of the CBD. The central location will appeal to tenants and buyers who work in the area. She adds that while it may not be a rare find in terms of sales velocity, the development remains a viable option in the current market.
Completed in 2010, Marina Bay Residences is a 428-unit development located along Marina Boulevard within the Marina Bay Financial Centre in District 1. This 99-year leasehold property offers a range of residences, including one- and two-bedroom units (710 sq ft to 1,227 sq ft), three- and four-bedroom units (1,625 sq ft to 2,379 sq ft), and 10 penthouse units (3,606 sq ft to 11,001 sq ft). The development boasts a strategic location, with nearby shopping centers such as Marina Bay Link Mall on Marina Boulevard providing easy access to daily amenities. Additional retail and dining options can be found in Raffles Place, Chinatown, and Orchard Road.
Residents at Marina Bay Residences have the added convenience of being 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 such as the East Coast Parkway and Ayer Rajah Expressway also provide easy access to the rest of the island.