If you’re wondering how the prices of Marina Bay residential developments have performed over the past decade, you’ve come to the right place. Mega developments such as the Emerald Garden have been a popular entry-level choice for aspiring buyers. These developments are much more affordable than their more exclusive counterparts.
Emerald Garden is a good entry point for aspiring buyers
If you’re looking to get into the Marina Bay residential market, the Emerald Garden is a solid entry point for value-added properties. Prices are relatively low, ranging from SGD1,000 to SGD1,900 psf. This is significantly lower than the prices of other Marina Bay residential developments and the other projects in Tanjong Pagar LH. Moreover, it has a leasehold option that’s as good as a freehold, but is longer than the usual 99-year leaseholds.
This understated residential development in the CBD is near Chinatown and Raffles Place. Completed in 1998, it is one of the first downtown private apartment developments. Emerald Garden is also close to the Raffles Place MRT station and the Telok Ayer MRT station, which is expected to be completed next year.
The Emerald Garden’s price per square foot is considerably lower than the prices at other new developments in the area. The units are generally larger than those in other Marina Bay residential developments. The units range from 721 to 829sqft. In addition, monthly rentals are typically around $4psf. In addition, asking prices are relatively low, falling within the $1,600 to $1,700psf range compared to the $1.3 million of the Icon. For example, the highest price achieved for an Emerald Garden unit was $1,731psf. Its highest price was $2,18 million when the market was at its peak.
The Sail @ Marina Bay offers the highest median rental yield of 3.6%
The Sail @ Marina Bay is a 99-year leasehold condominium with 1,111 units ranging in size from 614 square feet to 1,647 square feet. It is located in the central business district of Singapore, close to the Downtown MRT Station. It is also linked underground to Raffles Place MRT interchange station, which serves both the East-West Line and the North-South Line. The location is an excellent attraction for tenants seeking a convenient home.
While this area is a great investment opportunity, many people are still skeptical about the area’s rental potential. As a result, prices are high. The median rental yield at The Sail @ Marina Bay is 3.6%, which is higher than the average rental yield in the city. However, this is still a relatively low rental yield compared to other properties in the area.
There are several properties available for sale in The Sail. Among them is a private apartment on the 28th floor, which is currently tenanted for $7,300 a month. It has unobstructed views of the bay. Its rental yield is 3.6%, which makes it a great investment for investors.
Among the high-end non-landed private residential projects, Wallich Residence is the best known. It is the tallest residential development in Singapore. Its median rental yield of 3.6% is high, beating out the average rental yield of 3.5% for the Hillier Apartments. It also has a large retail component, connecting to the nearby HillV2 Mall.
The Sail @ Marina Bay is another high-end condominium in the district. This condominium is one of the last 5 condominiums in the Pasir Ris Grove enclave. It was developed by Hong Leong Holdings and CDL.
Mega developments are unpalatable for collective sales
While the vast sites and low unit count of mega developments make them a more attractive option for buyers looking for pure residences, they can also raise competition among sellers and tenants. This is because tenants can move up or down a few floors, or even into a neighboring block. Moreover, en-bloc sales in mega developments are not as easy as they are for smaller properties.
Despite this, demand for mega developments in Singapore has been relatively strong for the past two years. In fact, most of them are almost sold out. A prime example of such a development is Treasure at Tampines, which boasts 2,203 units and is the biggest condominium in Singapore. However, many investors consider this type of development to be unpalatable for collective sales because of the high number of units and lack of exclusivity.
Prices of mega developments are cheaper than their more exclusive counterparts
Luxury skyscrapers are nothing new. Cities around the world have embarked on ritzy megaprojects with a high concentration of high-rises. Yet, despite this trend, the gap between rich and poor continues to widen. For example, in China, Tianjin’s megaproject, Entertainment City, has failed to fill up its luxury residential towers.
When purchasing a new home, it’s important to carefully consider the lot’s value. Because builders are in the business of making profit, they usually put a premium on certain lots. Developers like GL Homes, for example, offer two types of lots: standard lots and premium lots. Standard lots are smaller and have little or no view, while premium lots are larger and in a more desirable area.
Prices of mega developments are cheaper than their more upscale counterparts in Marina Bay, largely due to the fact that they are built on less expensive land. Despite the fact that these new mega developments are less exclusive, they still offer a wealth of amenities and a more convenient lifestyle than older housing projects. However, the downside of these developments is that they may be a dumping ground for crime and vice. In addition, they may become enclaves of older Singaporeans, which is not conducive to the vibrant city life that the city is trying to achieve.