A 743 sq ft, one-bedroom unit at Marina Bay Residences will be offered for the first time at Edmund Tie & Co’s (ET&Co) auction on Aug 28. The corner unit on the 30th floor has a guide price of $1.7 million ($2,288 psf). It will be sold with existing tenancy that ends in March next year and carries a monthly rent of $4,500.
The owner has decided to cash out and reinvest in another property, says Joy Tan, head of auction and sales at ET&Co.
The 743 sq ft, one-bedroom unit at Marina Bay Residences will go under the hammer with a guide price of $1.7 mil, or $2,288 psf. (Picture: EdgeProp Singapore)
Marina Bay Residences is a 55-storey residential tower comprising 428 units of mostly one- and two-bedders. Completed in 2010, the development is part of Marina Bay Financial Centre (MBFC). The entire mixed-use project was jointly developed by Keppel Land, Hongkong Land, and CK Hutchison Holdings.
Located on Marina Boulevard in prime District 1, the development is in the heart of the CBD and close to other prominent buildings like Marina One, Asia Square, and One Raffles Quay. MBFC is also connected to the Downtown MRT Station on the Downtown Line.
For price trends, recent transactions, other project info, check out the Marina Bay Residences project details page
Marina Bay Residences is a 55-storey residential tower that is part of the mixed-use Marina Bay Financial Centre (Picture: Samuel Isaac Chua/EdgeProp Singapore
On the unit to be auctioned, Tan says: “This type of unit that is located in the CBD is likely to attract investors who are looking for an asset with a good yield return, as well as singles who work in the CBD area and want a home closer to their workplace.” She adds: “Investors are thus able to target singles or expatriate professionals working in the nearby area.”
According to URA Realis, the unit last changed hands for about $1.92 million ($2,581 psf) in April 2010, but was initially sold for $1.54 million ($2,078 psf) in 2007. The unit faces the Marina Bay Cruise Centre and has views of the sea.
Tables: URA Realis
Over the past three years, the average selling price of one-bedroom units at Marina Bay Residences was $2,465 psf across 12 transactions, according to URA Realis. So far this year, monthly rents for units of 700 to 800 sq ft have ranged from $3,300 to $5,000 across 42 transactions.
“Generally, demand has remained strong for one-bedroom units in the Marina Bay area as these units tend to be of a good tenantable size, and they usually have affordable absolute prices,” says Tan. “As this development is located in the heart of the CBD, it provides easy access to different parts of Singapore.”
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