SINGAPORE (EDGEPROP) - A three-bedroom unit at luxury condominium The Sail @ Marina Bay, along Marina Boulevard, was sold at a property auction by Edmund Tie on May 25. The property, a mortgagee sale, was sold to the highest bidder for $2.43 million ($1,850 psf), 0.8% below the guide price of $2.45 million ($1,866 psf).

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The Sail @ Marina Bay is a 99-year leasehold development by City Developments and AIG Global Real Estate, located in District 1, at Marina Bay, which is part of the Downtown Core. Completed in 2008, the development comprises two towers — the 70-storey Tower 1 and 63-storey Tower 2 — which house a total of 1,111 residential units. Units consist of studios to four-bedroom units ranging from 592 to 2,185 sq ft. There are also penthouse units ranging from 3,391 to 6,297 sq ft. The condominium towers are connected to an eight-storey podium block.

The three-bedroom unit that was sold at the auction measures 1,313 sq ft and is located on the 60th floor. It was sold with vacant possession, on an as-is-where-is basis. The previous owner had purchased it for $3.45 million ($2,627 psf) back in September 2013.

The unit’s living and dining area has floor-to-ceiling windows, offering expansive views of the CBD and the sea. Besides a master bedroom that comes with an en suite bathroom, there are two additional bedrooms and two common bathrooms. There is also a household shelter, located adjacent to the enclosed kitchen.

The Sail @ Marina Bay is a waterfront development adjacent to Marina Bay Suites, which together form part of the iconic city skyline of Singapore. Designed by NBBJ Architects, The Sail @ Marina Bay’s leisure amenities include a lap pool, spa/aqua gym pool, tennis court, pool terrace, exercise studio, gym, barbecue area and a pool deck. In addition, there are several restaurants on the first floor of the development.

There has been a total of 12 transactions at The Sail @ Marina Bay this year alone. The two most recent transactions happened on May 9: a 1,313 sq ft unit on the 18th floor  was sold for $2.37 million ($1,801 psf); and another unit measuring 883 sq ft, located on the eighth floor, changed hands for $1.97 million ($2,230 psf).

The Sail @ Marina Bay is within walking distance of Downtown MRT Station (on the Downtown Line), and is also linked underground to the Raffles Place MRT Interchange Station for the East-West and North-South Lines.

Given its location in the Downtown Core and its accessibility, it has an active rental market. According to URA data, three-bedder units with a floor area between 1,100 and 1,400 sq ft at The Sail @ Marina Bay were leased out in April this year at monthly rents ranging from $6,200 to $6,500. This means that the unit sold, if rented out, could potentially have a gross rental yield of around 3% per annum.

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