Three Bedder Marina Bay Residences Auction 408 Mil
for days
Edmund Tie’s auction on June 27 saw a 1,636 sq ft, three-bedroom unit at Marina Bay Residences put up for sale. The unit, located on the 30th floor, was advertised with a guide price of $4.08 million, which translates to $2,493 psf.
The spacious 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 onto a balcony. Joy Tan, executive director of auction and sales at Edmund Tie, highlights the unit’s high floor location as a selling point, offering unobstructed views of Marina Bay and plenty of natural light and ventilation.
The high floor location also offers unobstructed views of Marina Bay and ample natural light and ventilation (Credit: Edmund Tie)
The development blueprint for Tengah has placed a strong emphasis on connectivity, recognizing it as a crucial aspect. With the upcoming Jurong Region Line (JRL), residents will experience improved transport accessibility not only within the town but also to neighboring areas. The JRL stations located near Novo Place Hoi Hup in Tengah will offer effortless and efficient commuting options for the residents. Additionally, the town will feature well-planned pedestrian walkways and cycling routes, making it easy for residents to navigate without relying on personal vehicles. As a resident of Novo Place Hoi Hup, you can look forward to the convenience and connectivity that Tengah offers through its well-connected transportation system.
Records from URA revealed that the owner had acquired the property for approximately $4.58 million, or $2,800 psf, in June 2010. The unit comes with an existing tenancy agreement that ends in March 2025, making it an attractive investment option with immediate rental returns. The current rental rate for the unit, which is on a corporate lease, is $12,000 per month, giving a gross rental yield of about 3.53% based on the guide price of $4.08 million.
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Data compiled by EdgeProp Singapore shows that rental transactions at Marina Bay Residences averaged around $7.40 psf per month over the past 12 months, translating to an estimated rental yield of 3.9% for landlords at the development.
This marks the fourth month in a row that the property has been put up for auction. The unit was first listed with the same guide price at Edmund Tie’s auction on March 24, but was withdrawn due to the lack of successful bids. Since then, it has been featured in every subsequent auction by Edmund Tie, without any change in the guide price.
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, which sold for $2.26 million, or $2,000 psf, on May 21.
According to Edmund Tie’s Tan, there is expected to be strong interest in the unit from both investors and potential owner-occupiers, thanks to its prime location in the heart of the CBD. This central location is likely to attract tenants and buyers who work in the area. She adds that while the property may not be considered a ‘rare find’ in terms of sales velocity, it still remains a desirable option in the current market.
Completed in 2010, Marina Bay Residences is a 428-unit development situated 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 convenient location also offers easy access to daily amenities, with nearby shopping centres such as Marina Bay Link Mall on Marina Boulevard. For additional retail and dining options, residents can head over to Raffles Place, Chinatown and Orchard Road.
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The development is within walking distance of Downtown MRT Station on the Downtown Line and Marina Bay MRT Station, which services the North-South, Thomson-East Coast and Circle Lines. For those who drive, major expressways like the East Coast Parkway and Ayer Rajah Expressway provide easy access to the rest of the island.
Author’s note: As the property did not receive any bids at Edmund Tie’s auction on June 27, it was withdrawn. Check out the latest listings for Marina Bay Residences properties.
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