Three-bedder at Marina Bay Residences up for auction at $4.08 mil

A 1,636 sq ft, three-bedroom unit at Marina Bay Residences was put on the block at Edmund Tie’s auction on June 27. The unit on the 30th floor had a guide price of $4.08 million, which translates to $2,493 psf. The unit includes 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. Joy Tan, executive director of auction and sales at Edmund Tie, notes that the unit’s high floor offers unobstructed views of Marina Bay and ample natural light and ventilation. Based on URA caveats, the owner bought the property for about $4.58 million, or $2,800 psf, in June 2010. The property will be sold with an existing tenancy ending in March 2025, allowing the future owner to reap immediate rental returns. Currently, 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 be auctioned from $9.38 mil Advertisement Data compiled by EdgeProp Singapore shows that rental transaction rates at Marina Bay Residences have averaged about $7.40 psf per month over the past 12 months. This reflects an estimated rental yield of around 3.9% for landlords at the development. This is the fourth consecutive month the property has been up for auction. The unit was first listed at the same guide price in Edmund Tie’s March 24 auction. With no successful bidders, the property was withdrawn. Since then, it has appeared in every Edmund Tie auction without any change in the guide price. As of June 24, 13 units at Marina Bay Residences have been sold this year, averaging $2,391 psf. The latest transaction was the resale of a 1,130 sq ft, two-bedroom unit on the 12th floor, which fetched $2.26 million, or $2,000 psf, on May 21. Edmund Tie’s Tan anticipates strong interest in the unit from investors and owner-occupiers, given its prime location in the heart of the CBD. This location will likely attract tenants and buyers who work in the area. “While it may not be a ‘rare find’ in terms of sales velocity, the development remains a viable option in the current market,” she adds. 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). Nearby shopping centres like Marina Bay Link Mall on Marina Boulevard offer convenient access to daily amenities, while additional retail and dining options can be found in Raffles Place, Chinatown and Orchard Road. Read also: Duplex penthouse at Turquoise for sale at $5.1 mil Advertisement 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, provide easy access to the rest of the island. Author's note: As there were no bidders on this property at Edmund Tie's auction on June 27, it was withdrawn. According to Edmund Tie, they are no longer marketing the unit. Check out the latest listings for Marina Bay Residences properties