The rental yield in this area will be squeezed with so many new developments in the next couple of years.
The rental yield in this area will be squeezed with so many new developments in the next couple of years.
I went down to visit the showflat too... does anyone think that the residential units will be too close to the office for those stack facing inwards?
I went to the showflat. I agree that the residential units facing inwards (all 1 bedders except for one 2 bedder) will be facing the office block. As the office block is far taller than the residential block, all units will be blocked and will be quite dark. However, given the park in the middle, I think the distance between the blocks will not be too bad. I think it is like at least 100m or so. This is better than most condos nowadays.
I was quite impressed with the lay out of the units. No bay windows and no home shelter. The units are good size and not MM like in anyway whatsover - even the 1 bedders are good size. Most of the 2 bedders are more than 1000 sq ft +. So the quantum will not be small considering the average psf is 2600 psf. Another plus points are the connectivity to the MRT stations. There will be underground connection with 3 MRT stations - Marina Bay, Downtown and Shenton Way serving about 5 lines. Very difficult to be better than that. In the future, there will be an underground walkway to MBS and Gardens by the Bay in addition to the current walkway to Raffles Place. There are 2 parks next to Marina One - Marina Square Station and Linear Park in addition to the park in the middle of the development. So, I think Marina One will feel more "green" and more residential like compared to Marina Bay Residence or Marina Bay Suites which are very concretey and office like. The Developer for this project is essentially the Malaysian and Singaporean GOvernments, so you can get any bluer chip than that.
Drawbacks? It's 99 years leasehold, but everything there is 99 years leasehold. There will be no views to speak of as the whole area will be built up. I feel that the Marina area is still very business like and lacks the residential feel compared to expat favourites of District 9 and 10, ie River Valley, Tanglin, Paterson etc. But I think things will change over time with Marina as it slowly adopts a residential feel as it is pretty clear that the Government has big plans for this area. Hopefully, by 2018, when Marina One is TOPed, things would have improved.
I'm seriously considering a 2 bedder at Marina One. I would be interested in anybody has a opinion about Marina One, positive or negative.
Yes, all decent sized units which is the way things should be.
The only slight negative is the residential blocks are designed for only 34 storeys. Not tall enough i feel.
Also 1000 units reminds me of Sail. Lesser units, around 400 to 600, would be more exclusive and ideal.
99 leasehold is not an issue for this area, and true there may not be much of a view in future. But that will be a long time down the road, 10 to 15 years later at least.
an investment for the long term this is.
Agree with you on all your observations. At 2600 psf however I personally prefer the existing resales at Orchard.
Reasons:
1. Future supply in marina bay area is unknown.
2. Freehold at Orchard or D9/10 is more scarce in an over-supplied leasehold market. Also the lease of Marina One has started running from 2011, by the time its built you are already down 8 years.
3. There is a risk of buying new - you never know what you get. And this is way too expensive to make a mistake.
4. If you are looking for investment, better buy a resale now with an existing lease (rather than hope to find a tenant in future which is increasingly difficult... look at the number of units for rent at Altez). And the tenants may prefer more laid back residential areas.
5. The amenities (shops mrt offices etc) are open to the public. OK I understand that these amenities are precisely the reason why the project is supposed to be appealing but having people walking around downstairs of my condo just doesn't feel exclusive. Not sure too about noise/pollution.
Don't get me wrong. This project has lots of things going for it, but at 2600 psf I feel a condo needs to be "perfect" and this isn't for the above reasons.
Good observations! I don't disagree with your points.
The 2600 psf quoted in the press is not really accurate. Only the very high floors are around 2600 psf. The lower and mid floors can be as low as 2100 psf. There is also an early bird discount, quantum of which is not annouced, which will lower the price further. So, I think the 2600 psf is a hyped up number so that the EBD discount will seem very attractive. So, assuming a price point of 2000 to 2100 psf does your view change on the investment potential of Marina One?
So which is better duo or marina since both by MS
i don't think the two are comparable. it's like comparing a BMW with a ferrari. yes, Duo is a very good product, but MO is a class of its own. it's literally at the heart of the future downtown of SG.
I agree. MO is in the heart of the financial centre and walking distance via underground walkway to most of the key offices in the Marina and Raffles Place area - it is truly at the core of CCR, and a major plus point is the 2 parks next door (Linear and Marina Square Station) and the nearby Gardens by the Bay which will be connected via underground walkway in the future. Whereas Duo is at the city fringe, not many key offices within walking distance and no parks. MO has direct access to 3 MRT stations whereas Duo has only one. Given that MO is not that much more expensive than Duo, MO does look inviting..
I went to ura city gallery, MO is so cramp and close to other future buildings, it's so dense.... duo has two mrt station and 3 lines
If it is 2000 psf then yes it looks like a good deal when compared to the price of Duo. But I am just worried about rental prospects due to oversupply in the CBD. Look at Marina Bay Suites - there have been quite a number of rental contracts for 1600 sq ft 3-bedders at only 6-7k+ per month this year. That is low rental yield considering these units are all ~$4m.
If MB Suites big 3-bedder only fetches 6-7k, how much rental yield can one expect for a 2-bedder Marina One?
I am 101% sure that many Orchard properties fetch higher rental yield than that. Ok rental yield is not everything, so you have to hope for capital gains. At 2000-2100 psf it is a good deal but even at that price point for me I still rather shop around for Orchard/D9 resales which are a safer bet for all the reasons mentioned (freehold, limited supply, can start collecting rent from existing tenant etc...).
Last edited by Maxim1; 25-09-14 at 23:59.
Those with deep pockets, MO is a prize collection albeit a not so exclusive one. location wise, MO is better than DUO, few would argue against that. Orchard vs MO, each has its strengths and depends on individual preference.
For smaller investors, and in current climate the quantum is more important than pfs. For 1 bedder if MO sells for 1.2m, then it is a better buy for the same quantum than DUO and surrounding condos. If it sells for 1.4-1.5m, then those who bought Duo at 1.1-1.2m, V shenton, Altez and skysuites at 1m in the vicinity may have gotten themselves a better deal.
For own stay, how many locals with families would prefer to stay in marina area?
Expats alone or couple will usually prefer Marina Area (D1) instead of D9 and D10. This is based on my previous and existing tenants feedback and their friends too at my D1 condo. They prefer to walk to work and enjoy the amenities in that area. Hence, 1-2 bedder for investment in D1 is a better bet. Just my own experience.
How to buy Marina One 1BRs and 2BRs at just $2,0xx psf or even lower?
It can be done, but with some urgency. Call me at 96882200 now!
Can't help but compare the difference between the hype when Duo Residences was launched for VVIP vs Marina One now... the Duo thread was so happening then vs this thread is sooooo quiet even after 2-3 weeks of preview... does it reflect the impact of CM sinking in, or that the category of buyers interested in a Marina One type project is not the type that visit such forums? Any thoughts?
Marina one too cramp, and no views, plus pricing is not super cheap like DUO n that's why quiet
For me, I don't like the design, compared with Duo which I find much more interesting
I find the layout is better than Duo.
Can you share more why you think the layout is better than Duo? For how many Bedrooms?
Yes you are right, and the Orchard properties are mostly FreeHold as well, vs 99 years Leasehold properties in Marina Bay.........
The norm is that 99 years LH properties will have higher rental yield because they only have short-term (99 years) rental income (vs Freeholdd rental of FOREVER!). If you do a discounted cash flow (as all businessmen would when appraising investment potentials), you would know which is more worth it over the long-run even if your FH property's rental yield is lower, and I have not even touched on the property price appreciation part over the long-term........................ (while 99 years leasehold properties has a LONG-TERM capital value of ZERO at the end of 99 years!!!!!!!!!!!!!)
Wow! Singapore has 151,000 millionaires. Should not be a problem with the initial sale of 200 units at One Marina.
Millionaire Hub
Singapore’s dollar was at $1.2722 at 3 p.m. yesterday local time, stronger than its five-year average of $1.2823. The currency’s three-month implied volatility was at 4.56 percent at the end of September, the lowest among Southeast Asia’s biggest economies, data compiled by Bloomberg show.
The island has 151,000 millionaires, or 2.8 percent of its population, according to a survey by London-based Spear’s magazine and consultancy WealthInsight. It ranks eighth globally behind cities including Monaco, London and New York.
just came back from the showflat. very livable apts, at a right size for professionals. after 10% discount about $1.5 thereabouts for low to mid floor 1-bedders. pricing about 2300++psf onwards before 10% discount. they are releasing only 1 residential tower.
After 10% discount, looks like a good deal.