Three-bedder at Marina Bay Residences sold for $1.9 mil profit

A 1,636 sq ft unit at Marina Bay Residences condominium was sold in August for a profit of $1.9 million, according to recent caveats lodged with URA. This translates into a profit margin of 76% or annualised return of 8.9%. The seller purchased the property in January 2009 for $2.5 million ($1,528 psf) and resold it for $4.4 million ($2,683 psf) this year.

Completed in 2010, the 55-storey condo was jointly developed by Hongkong Land, Keppel Land International and Cheung Kong Holdings. It comprises 428 units and sits on a site with a balance of 89 years in its leasehold tenure. The condo offers panoramic view of the city, including Marina Bay Sands.

The nearest MRT station is the Downtown Station of the Downtown Line. Marina Bay Residences is also within walking distance from the Bayfront Station of the Circle Line and Raffles Place, which is an interchange station of the North-South and East-West Lines.

Nearby amenities include Marina Bay Link Mall as well as shop and F&B outlets at The Sail @ Marina Bay and Marina Bay Financial Centre. Marina Bay Link Mall is a subterranean mall that houses retail and F&B units with multiple entry points on street level and below ground. They allow convenient access from various developments, such as One Raffles Quay, Marina Bay Residences and Marina Bay Suites.

A new retail amenity, which is part of the high-profile Marina One development, will come on-stream next year or in 2017. The retail space in Marina One is expected to have a net lettable area of approximately 139,000 sq ft. Based on the transactions in the past six months, prices in Marina Bay Residences range from $2,186 to $2,683 psf and rents range from $4.26 to $8.00 psf a month. This translates into an implied rental yield of 3.11%.

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