SINGAPORE (EDGEPROP) - Property auctions will be cancelled for another month as Singapore sits through tighter “circuit breaker” measures until June 1. Even so, deals can be found in private treaty lists. A four-bedroom apartment at The Sail @ Marina Bay is one such property recently listed by Knight Frank. The 2,282 sq ft unit on level 37 — which enjoys panoramic views of Marina Bay and the downtown area — is being offered for a guide price of $4.6 million. It is an owner’s sale.
The apartment was purchased in January 2013 for $5.68 million, or $2,489 psf. This means the owner is prepared to make a loss of $1.08 million at the guide price of $4.5 million. It is currently tenanted at $10,000 per month until May 2020 — which translates to a gross rental yield of 2.1% for the existing owner.
At the same time, another apartment at The Sail is also being offered for sale via private treaty. Located on the 28th floor, the guide price for the four-bedroom, 1,647 sq ft unit is $3.5 million. Also an owner’s sale, this apartment also enjoys an unblocked bay view and is currently being tenanted for $7,300 per month until May 2020. This unit last changed hands for $4.46 million or $2,708 psf in January 2014.
The Sail @ Marina Bay is a 99-year leasehold property that is centrally located on Marina Boulevard. It is within walking distance to the CBD, Downtown MRT Station on the Downtown Line and is linked underground to the Raffles Place MRT interchange station for the East-West and North-South Lines. As such, the development draws tenants who are working for international companies in the CBD and Marina Bay.
The two towers of The Sail were designed by architects NBBJ of New York and completed in 2008. There are 1,111 units across the two towers — the 70-storey Tower 1 and 63-storey Tower 2 — which are connected to an eight-storey podium block that houses a car park, retail shops and facilities such as a tennis court, sky lounge, gym and fitness centre, swimming pool, barbecue pit and a playground.
A few units at The Sail have incurred losses in the past two months. The most recent one was a 1,432 sq ft unit that transacted for $2.55 million ($1,781 psf) on April 6, incurring a loss of $1.75 million from when the owner bought it in October 2007.
In March, the owner of another unit, a 657 sq ft one-bedder at The Sail sustained a loss of $221,000 when the unit changed hands for $1.058 million. In the same month, another owner sold his one-bedroom unit (614 sq ft) for $1.1 million, incurring a loss of $158,900 over a holding period of 7½ years.
On the other hand, a 1,981 sq ft apartment at The Sail made a profit of $1.74 million when it changed hands for $3.75 million on April 3. The owner bought the unit for $2.01 million in December 2008.
Rental transactions at The Sail had been healthy until March 2020. For units between 1,000 sq ft and 2,000 sq ft, the monthly rents average between $5,200 and $7,200.
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