What is the overall property market like for Marina Bay?
The Marina Bay property market should be quite robust. Recently, we have seen projects like The Sail and Marina Bay Residences have weathered through the downturn for the past two years quite well.
Prices here have remained strong, despite a steep decline in other popular districts. Part of the district’s appeal is, in my opinion, its character. The apartments here are set amidst lush greenery and nearby the Singapore waterfront, which is something you cannot find in other districts. Recent research, and the high numbers of luxury projects taken up by Mainland Chinese in particular, shows that increasing numbers of people aspire to reside in the city.
Would you recommend a flat in this area as a home or as an investment?
Both! The Marina Bay district is extremely well suited for those who enjoy a thriving and energetic area, especially if they desire to have their live, work and play areas, all in one place. The transport infrastructure is state of the art, which will suit both companies and professionals.
Given the relatively small number of residential projects in Marina Bay, is it still a good prospect?
I believe so. A small number means the market is a niche one, which should fuel demand. Furthermore, the opening up of prime commercial space in Gardens by the Bay – the 360 heactares development plan to extend Singapore’s downtown CBD into Marina Bay, complete with dining and retail options – for companies to relocate to, will create a need for housing for companies’ executives. This should create a greater demand and thus a rise in value for Marina Bay residential properties.
What kind of rental yield would an investor in a Marina Bay be looking at? What sort of capital appreciation could they expect?
Rental yields for the area may not be that attractive. A three percent yield would be considered decent for projects with higher worth, such as The Sail or Marina Bay Residences. At the moment though, none of the properties available on the market represent particularly good investment opportunities.
What does the future hold for Marina Bay?
Waterfront projects have always had a high potential for growth, but especially in this district. ‘Marina Bay’ is a brand itself, and one promoted by the Singapore government. They have chosen it as the place to host the major international and national events there, which will continue to give the area prestige.
There is also a clear government focus in developing Marina Bay, especially commercially. The plans for Marina Bay – Garden City by the Bay further support the city-state’s continuing growth as a major business and financial hub in Asia.