A 743 sq feet, one-bedroom unit in Marina Bay Residences will be available for the first time in Edmund Tie & Co’s (ET&Co) auction on Aug 28. It’ll be sold with present diversification that ends in March next year and includes a monthly lease of $4,500.
The owner has decided to cash out and reinvest in another land, states Joy Tan, head of sales and auction at ET&Co.
Marina Bay Residences is a 55-storey residential tower containing 428 units of largely one- and two-bedders. Finished in 2010, the evolution a part of Marina Bay Financial Centre (MBFC).
Check Verdale condo floor plan for more details.
Situated on Marina Boulevard in prime District 1, the evolution is at the heart of the CBD and near other notable buildings such as Marina One, Asia Square, and One Raffles Quay. MBFC is additionally attached into the Downtown MRT Station in the Downtown Line.
On the device to be auctioned, Tan states:”This kind of device that’s found in the CBD will be very likely to entice investors that are seeking an advantage that has a fantastic return return, in addition to singles who are employed in the CBD region and desire a house closer to their office.” She adds:”Investors are consequently able to target singles or expatriate professionals working in the local area.”
Based on URA Realis, the device changed hands for approximately $1.92 million ($2,581 psf) at April 2010, but has been sold for about $ 1.54 million ($2,078 psf) in 2007.
Over the previous 3 decades, the average selling price of one-bedroom units at Marina Bay Residences has been $2,465 psf across 12 transactions, based on URA Realis. So far this calendar year, monthly rents for units of 700 to 800 sq feet have ranged from $3,300 to $5,000 across 42 trades.
“Ordinarily, demand has remained strong for one-bedroom units at the Marina Bay region because these units are inclined to be of a fantastic tenantable dimensions, plus they generally have affordable complete rates,” says Tan. “As this evolution can be found in the heart of the CBD, it offers easy access to various parts of Singapore.”