SINGAPORE (EDGEPROP) - At Marina Bay Residences — the 55-storey, 428-unit luxury condo at Marina Bay waterfront — a two-bedroom apartment with unblocked sea views towards Marina South is being sold as a bank sale.
Edmund Tie, who is advertising the unit, will not be holding an auction this month due to circuit-breaker measures that necessitate all non-essential functions and services must be put on hold. Prior to the announcement, Edmund Tie was planning to hold an auction via Facebook Live.
The 1,065 sq ft, 15th floor apartment has a guide price of $2.05 million ($1,925 psf).
Marina Bay Residences is one of two residential towers that form part of the $4 billion integrated development Marina Bay Financial Centre (MBFC). The second tower is the 66-storey luxury condo Marina Bay Suites, which was completed in 2013. MBFC was developed by a consortium made up of CK Asset Holdings (former Cheung Kong Holdings), Hongkong Land and Keppel Land.
Completed in phases since 3Q2010, MBFC comprises three Grade-A office towers and two luxury condominium towers. They are linked directly to the underground Marina Bay Link Mall and the Raffles Place MRT Interchange Station (for the North-South and East-West MRT Lines), the Marina Bay MRT Interchange Station (for the North-South and Circle Lines) and Downtown MRT Station on the Downtown Line.
Completed in 2010, Marina Bay Residences has a mix of one- to four-bedroom apartments as well as six penthouses including the 11,000 sq ft, triplex penthouse. Facilities on the seventh floor include a gym, function room, barbecue area, a lap pool and jacuzzi facilities. There is also a retreat area on the 27th floor and a lounge on the 47th floor.
The latest transaction at Marina Bay Residences was for a 739 sq ft, one-bedroom unit on the 48th floor that changed hands for $1.55 million ($2,118 psf), based on a caveat lodged in early January. The seller had purchased the one-bedder in a sub-sale (purchased while the project was still under construction) in August 2007 for close to $1.78 million ($2,430 psf).
Last December, a 1,065 sq ft, two-bedroom unit on the 40th floor sold for $2.53 million ($2,400 psf), according to a caveat lodged. The previous owner had purchased the unit when it was first launched in December 2006, for $1.96 million ($1,860 psf).
The previous owner of the bank sale unit had purchased the two-bedroom unit in a sub-sale for $2.2 million ($2,064 psf) in April 2008, according to a caveat lodged then. Prior to that, the unit was purchased for $1.58 million ($1,486 psf) in Dec 2006 in a new sale.
Marina Bay Residences was launched in December 2006. All 428 units were snapped up within three days at an average price of $1,850 psf. Many of the units were also flipped subsequently in sub-sales during the property boom of 2007 to early 2008 prior to the global financial crisis.
Based on the rental contracts in February, the monthly rental rates for a two-bedroom unit at Marina Bay Residences range from $4,800 to $7,200. Assuming an average monthly rental rate of $6,000 and the guide price for the two-bedroom unit, this translates to a gross rental yield of about 3.5%.
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