Reconfigured unit at The Sail @ Marina Bay to be auctioned with $1.39 mil guide price
Its projected monthly rent of $6,000 to $6,500 and gross yield above 5% may attract income-focused investors seeking an affordable Marina Bay entry.
A reconfigured 657 sq ft two-bedroom unit at The Sail @ Marina Bay will be auctioned at $1.39 million, or $2,116 psf.
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A one-bedroom unit — which has been reconfigured into a two-bedroom layout with a shared kitchenette — at The Sail @ Marina Bay will go on the block at Knight Frank’s upcoming auction on July 23. The 657 sq ft property will be offered via an owner’s sale with a guide price of $1.39 million, or $2,116 psf.
Caveats lodged show that the 57th-floor unit was previously purchased for $1.3 million ($1,981 psf) in October 2007.
Given its current two-bedroom layout, Sharon Lee, executive director of auction and sales at Knight Frank, says the property could generate an estimated monthly rental income of between $6,000 and $6,500, translating to a projected gross rental yield of more than 5% based on the guide price.
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She adds that its relatively affordable entry price for the Marina Bay area is likely to appeal to both seasoned and first-time private property investors.
Completed in 2008, The Sail @ Marina Bay is the precinct’s first and largest residential project. It comprises 1,111 apartments across two residential towers. The development recently concluded a three-year, $3 million refurbishment of its common areas and facilities, including the arrival driveway, lobbies and sky terraces.
Located in the heart of Marina Bay, the 99-year leasehold condo has direct underground access to both Raffles Place MRT and Downtown MRT stations. Lifestyle and retail amenities at Suntec City, Marina Bay Sands and The Esplanade are also just a five- to eight-minute drive away.
Caveats lodged show that 11 units have changed hands at The Sail @ Marina Bay so far this year, at an average price of around $2,095 psf. The most recent transaction saw an 861 sq ft two-bedder sold for $1.8 million ($2,095 psf) on June 4.
As for the other resale transactions at the development this year, prices ranged from $1,767 psf, when a 657 sq ft apartment fetched $1.16 million in March; to $2,583 psf, when an 883 sq ft unit changed hands for $2.28 million in April.
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