Marina Bay Residences’ $5 mil revamp enhances residents’ living experience, delivers value in premium rents

A commemorative coffee table book, priced at $65, is displayed in the lobby of Marina Bay Residences, showcasing recent asset enhancements in the 428-unit luxury condo. Looking at Marina Bay Residences today, it is hard to believe that six years ago, residents had complained about the frequent breakdowns in the air-conditioning system of its common areas, including function rooms and lift lobbies. There were just as many complaints about the security intercom system. “We had no choice but to consider an overhaul of our air-con system since the existing one had been breaking down frequently, despite the regular and increasingly costly repairs and maintenance work,” relates Ajit Nair, council chairman at Marina Bay Residences and an active council member for the past 14 years. Marina Bay Residences is one of two 99-year leasehold luxury condominium towers in the $4 billion Marina Bay Financial Centre (MBFC) in prime District 1. A mixed-use development, MBFC has three Grade-A office towers totalling 3 million sq ft; the subterranean Marina Bay Link with 179,000 sq ft retail space; the 428-unit Marina Bay Residences; and the 221-unit Marina Bay Suites. Read also: Three-bedder at Marina Bay Residences up for auction at $4.08 mil Advertisement Advertisement Launched in December 2006, all 428 units at Marina Bay Residences were snapped up within three days of its launch at an average price of $1,850 psf. The project was completed in 2010. Marina Bay Suites was launched in December 2009 and completed in 2013.

Wear and tear

Marina Bay Residences is considered one of the most prestigious residential developments in the Marina Bay area. However, with the passage of time, even the once state-of-the-art security intercom system has become obsolete. The manufacturer no longer had replacement parts. Hence, Edmund Tie, the property manager for Marina Bay Residences since 2010, found it challenging to source for timely repairs for the ageing system. When the management council began to evaluate the cost of replacing and upgrading the air-conditioning and security systems, they decided to look into the residents’ amenities that needed an update, too. Hence, what began as a straightforward upgrading project in January 2022 morphed into an ambitious $5 million revamp that ended in September 2023. “Rather than doing the revamp piecemeal over a long period, we decided that the best way was to do it all at one go,” says Nair. “We capitalised on the concept of live-work-play to elevate the experience of living here. There are more spaces where residents can work or relax and recreational spaces to enjoy.” Two well-known interior design firms, Evocateurs and SuMisura, were appointed to oversee Marina Bay’s makeover.

Enhanced common areas, facilities

Following the revamp, the outdated security intercom system has been replaced, and the new one includes features such as facial recognition, QR code and Bluetooth access with a self-help visitor registration system. A new licence-plate recognition system enables seamless carpark entry, while the upgraded air-conditioning system provides ambient cooling and reduces the carbon footprint. Read also: Is it a Good Deal?: $1.53M for a 936-sq ft unit in District 1 Advertisement Advertisement Visitors and residents had also given feedback that the entrance lobby and concierge desk were more like those at a Grade-A office lobby than a condo. Hence, the concierge desk has been repositioned to face the main entrance. New comfortable seats, plants and screens were added to create a cosy waiting area for residents and visitors. The most significant improvements have activated previously under-utilised common areas throughout the condo, such as the dated-looking function rooms. New furniture was introduced, and one of the function rooms was converted into a private dining room with gourmet-style kitchen equipment for those who host dinner parties with a private chef. On the 47th floor, there is also a comfortable lounge that is ideal for hosting gatherings and events while enjoying the 270-degree views of Marina Bay Sands and Gardens by the Bay. Another function room on the same floor has been turned into a work lounge, equipped with seats for those working remotely or looking for an appropriate space to conduct video calls. Amenities were given a fresh look. For instance, the jacuzzi pavilion and massage area has been spruced up. The children’s play area has new flooring, safety grills, vibrant colours and updated equipment. As Marina Bay Residences fronts Marina Bay, many communal areas and walkways offer unblocked bayfront views of Marina Bay Sands and the upcoming NS Square. However, these were rarely utilised until comfortable lounge seats and tables were added. The stark white walls were transformed with warm colours and textures. Landscaping was also added. Previously vacant alcoves have been transformed into landscaped tea decks, yoga or meditation areas and exercise spaces surrounded by greenery and water features. Users of these spaces can enjoy breathtaking views of the CBD and Marina South. Read also: Penthouse at Veranda sold for $1.67 mil profit Advertisement Advertisement The carpark lobby, previously just a plain waiting area for chauffeurs, has been converted into a pleasant lounge with seats and walls adorned with artwork. A previously empty corner has become a residents’ pantry with a bar counter, stools, and vending machines. For just 428 units, Marina Bay Residences has generous amenities, including a recently updated gym with the top-range fitness equipment from Techogym. The swimming pool deck and entertainment deck on the seventh floor also received a make-over. The weathered timber decking along the swimming pool was replaced, and lush plants were added to provide shade to the poolside cabanas. Meanwhile, the existing BBQ pits received new furniture like chairs and tables with in-built storage for guests to keep their tableware from being blown away by the strong winds.

Improved cost and energy efficiency

According to Paul Wong, senior director of property management at Edmund Tie, if the same revamp were undertaken today, it would cost at least $8 million due to the higher costs of materials and manpower post-Covid. “We were fortunate to secure good prices for our renovation contracts because we locked those prices at the start of the Covid pandemic,” adds Nair. Over the past 14 years, annual maintenance and operation costs hovered around $3 million, says Wong. Measures to reduce costs and energy consumption have been implemented, such as switching to energy-saving LED lights in the common areas and replacing the old air-conditioning system with a more energy-efficient one. Consequently, monthly conservancy charges for owners have remained unchanged for the past 14 years, starting at about $550 for the smallest unit, which is a 710 sq ft one-bedder. “Our cash flow projections show that we can maintain the current conservancy and maintenance fee for a few more years,” says Wong.

Positive impact on rental rates

According to Nair, a long-term landlord of a four-bedroom unit, the recent revamp has positively impacted rental rates at Marina Bay Residences. Rental caveats lodged with URA Realis this year show that units at Marina Bay Residences are achieving monthly rental rates between $5.60 and $10.70 psf, averaging $7.40 psf. Meanwhile, at the neighbouring 1,111-unit The Sail, completed in 2008, the average monthly rental rate is $7 psf, while the range is far broader — from $3.50 psf to $11.50 psf. Another nearby condo, the 1,042-unit Marina One Residences at Marina South, was completed in 2017. Based on URA data, the 99-year leasehold condo has an average rental rate of $6.80 psf per month. Edmund Tie’s Wong reckons that only 20% of the residents at Marina Bay Residences are owner-occupiers, with the majority (80%) being investors like Nair. “I’ve been told that prospective tenants who view the condos in the Marina Bay area tend to prefer Marina Bay Residences,” says Nair. “We hope to keep up the standard at Marina Bay Residences, which we expect will propel our resale prices and capital values.” The latest transaction at the development was for a 710 sq ft one-bedder that changed hands for $1.46 million ($2,055 psf) in October. The unit was purchased for $1.063 million ($1,496 psf) at launch in December 2006. Check out the latest listings for Marina Bay Residences properties Ask Buddy View sale transactions for Marina Bay Residences Listings for sale for Marina Bay Residences Condo sale transactions in District 1 Compare price trend of HDB vs Condo vs Landed Condo projects with most unprofitable transactions in District 1 View sale transactions for Marina Bay Residences Listings for sale for Marina Bay Residences Condo sale transactions in District 1 Compare price trend of HDB vs Condo vs Landed Condo projects with most unprofitable transactions in District 1