Four-bedroom unit at Marina Bay Suites for sale at $5.95 mil

/ EdgeProp Singapore |
Marina Bay Suites is a 99-year leasehold development that comprises 221 units. (Picture: Samuel Isaac Chua/The Edge Singapore)
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EDGEPROP (SINGAPORE) - A four-bedroom unit at Marina Bay Suites was put up for sale by its owner at Knight Frank’s auction on Oct 20. The 2,680 sq ft unit has a guide price that starts from $5.95 million, which translates to about $2,220 psf on the floor area.
Marina Bay Suites is a 99-year leasehold development on Central Boulevard in the Marina Bay financial district. The 221-unit development comprises three- and four-bedroom apartments ranging from 1,572 sq ft to 2,691 sq ft, and was completed in 2013. The lack of smaller studios or one- and two-bedders makes this development unique among the luxury condominiums in the CBD and Marina Bay areas.
The unit for sale is a corner apartment between the 20th and 29th floors. It comprises an en suite master bedroom, two en suite bedrooms, a guest bedroom, a family room, a powder room and a guest toilet. A private lift lobby serves as the primary access to the unit, and a balcony links the master bedroom, living room and one of the en suite bedrooms. The apartment also features a wet and dry kitchen that leads to a utility yard with a helper’s room and toilet.
Being on a moderately high floor in the 66-storey residential tower, the unit enjoys direct and mostly unblocked views of Marina Bay and the Marina Bay Sands. The listing states that the unit will be sold with an existing tenancy which expires in February 2024.
An analysis of rental data at Marina Bay Suites shows that rents have been climbing in recent months, broadly keeping pace with the upward revision of rents in the private residential market since 2021.
A compilation of rental caveats over the past 12 months by EdgeProp Singapore shows that the average monthly rent for units leased at Marina Bay Suites is about $4.90 psf per month (pm). This results in an implied rental yield of 3.1% for units rented out in the past 12 months.
MBS quarterly rental - EDGEPROP SINGAPORE
Based on EdgeProp Singapore’s analytics, the median rent at Marina Bay Suites in 3Q2022 was about $5.96 psf pm, a jump from about $5.03 psf pm recorded in the previous quarter. This also marked the first time the median rents crossed the $5 psf pm threshold in three years.
The data also shows that rents have been climbing steadily since 2Q2020 when they were just $4.06 psf pm. This increased to $4.32 psf pm in 2Q2021.
There were seven rental caveats lodged at Marina Bay Suites last month. The highest monthly rent of $16,500 was for a four-bedroom unit that ranged from 2,600 sq ft to 2,700 sq ft. The monthly rent translates to about $6.23 psf. Last month, leases for other units were also signed, with monthly rents ranging from $8,300 to $12,000.
Marina Bay Suites is competitively priced compared to some surrounding properties. Based on resale caveats compiled by EdgeProp Singapore, the development has an average price of $1,968 psf. Only The Sail@Marina Bay at Marina Boulevard and One Shenton on Shenton Way have recorded lower average resale prices at $1,945 psf and $1,719 psf, respectively. Both developments also have a 99-year leasehold land tenure.
According to caveats, other condominium units in the Marina Bay and CBD areas have been sold at higher psf prices. For example, Marina Bay Residences at Marina Boulevard, Marina One Residences at Marina Way and V on Shenton located on Shenton Way achieved average selling prices of $2,196 psf, $2,494 psf and $2,123 psf, respectively.
There have been six resale transactions at Marina Bay Suites this year. The largest deal involved a 2,680 sq ft unit on the 29th floor that was sold for $5.65 million ($2,108 psf) on Aug 1. Other resale transactions this year have ranged from $2.85 million ($1,765 psf) for a 1,615 sq ft unit sold on March 29 to $5 million ($1,858 psf) for a 2,691 sq ft unit sold on Aug 16.
Marina Bay Suites is one of two residential towers within the Marina Bay Financial Centre mixed-use development built by a consortium comprising Keppel Land, Hongkong Land and Cheung Kong Property. It consists of three Grade-A office towers, the 428-unit Marina Bay Residences and Marina Bay Link Mall.
Downtown MRT Station (on the Downtown Line), Raffles Place MRT Station (on the North[1]South and East-West Lines), and Bayfront MRT Station (on the Circle and Downtown Lines) are all within walking distance.
Other notable mixed-use and commercial developments in the vicinity include Marina One integrated development at Straits View, Asia Square Tower 1 and 2 at Marina View and the upcoming IOI Central Boulevard Towers on Central Boulevard.

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