Four-bedroom unit at The Sail on the market for $5 mil

/ EdgeProp |

September 30, 2017 9:00 AM SGT

A 2,035 sq ft, four-bedroom unit on the 61st floor of Tower 1 of The Sail @ Marina Bay has been put up for sale for $5 million ($2,457 psf).

Most of the apartments and condominiums in prime District 1, which comprises Marina Bay and the CBD, tend to be one- and two-bedroom units. “A four-bedroom unit is rare, and one located on a high floor with views of Marina Bay is even rarer,” says Jane Ang, senior group sales director of Savills Residential, who is marketing the unit at The Sail.

When the 70-storey Tower 1 of The Sail @ Marina Bay was launched more than a decade ago, it was considered the tallest residential tower in Singapore, and one of the 10 tallest residential towers in the world. The other tower, the 63-storey Tower 2, has views of the CBD.

Completed in 2008, the 1,111-unit The Sail @ Marina Bay was the first condo project to be launched in the Marina Bay area. Developed jointly by AIG Real Estate and City Developments, the project was designed by renowned New York-based architect Peter Pran of NBBJ.

Home with a view

Only 75 units (less than 7%) at The Sail are four-bedroom apartments with views of Marina Bay. From the 2,035 sq ft, four-bedroom unit on the 61st floor of Tower 1, the living room commands a view of the entire bay, and all four bedrooms have a view of either the sea or city skyline, says Savills’ Ang. “From this unit, you can enjoy the fireworks at Marina Bay on National Day, and have an unobstructed view of Marina Bay Sands and the Formula One Grand Prix race from the living room.”

The 2,035 sq ft, high-floor unit of Tower 1 of The Sail commands uninterrupted views of Marina Bay (SAMUEL ISAAC CHUA/THE EDGE SINGAPORE)

Unlike other condos or apartment towers at Marina Bay and the CBD, which may have their views blocked by future high-rise towers, the units at Tower 1 of The Sail will have their views protected, as the site fronts The Promontory at Marina Bay, which is being used as an interim event space, notes Ang. Any future development there will be low-rise.

Prices of units at The Sail have been inching up over the past month. Units that have changed hands ranged from a 1,259 sq ft, three-bedroom unit on the sixth floor that was sold for $2.8 million ($2,223 psf), to a 1,033 sq ft, two-bedroom unit on the 51st floor that fetched $2.4 million ($2,323 psf), according to recent caveats lodged in August.

The most recent transaction of a four-bedroom unit at The Sail was that of a 1,851 sq ft unit on the 19th floor of Tower 2, and it fetched $3.7 million ($1,998 psf) in May. The unit does not have a view of Marina Bay and is on a lower floor, notes Ang.

Comparative four-bedroom units at Marina Bay

At Marina Bay Suites, the latest transaction of a four-bedroom unit was that of a 2,680 sq ft unit on the 45th floor of the 66-storey tower. The unit fetched $6 million ($2,239 psf) in July 2016, according to a caveat lodged with URA Realis.

The 221-unit Marina Bay Suites comprises three- and four-bedroom units and was completed at end-2013. It was the last and most luxurious of two residential towers within the Marina Bay Financial Centre (MBFC) development, developed by a consortium comprising Cheung Kong Property Holdings, Hongkong Land and Keppel Land.

The first apartment block at MBFC was the 428-unit, 55-storey Marina Bay Residences, which was launched in December 2006 and completed in 2010. Marina Bay Residences rode on the wave of The Sail’s successful launch. All the units were snapped up within three days of its launch. The majority of the units at Marina Bay Residences are one- and two-bedroom units.

The last transaction of a four-bedroom unit at Marina Bay Residences was that of a 2,368 sq ft unit on the 25th floor that changed hands for $6.68 million ($2,821 psf).

Fewer than 7% of the units at The Sail are four-bedroom apartments with views of Marina Bay

The latest residential development to be launched in Marina Bay are the twin 34-storey towers of Marina One Residences with a total of 1,042 units. Marina One is scheduled for completion by year-end. The first tower’s 521 units were released in October 2014, and more than 70% have been sold.

The most recent sale of a four-bedroom unit at Marina One was that of a 2,250 sq ft unit on the 32nd floor that went for $7.1 million ($3,157 psf), according to a caveat lodged in May. It is the highest psf price achieved for Marina One so far. It is also the highest psf price for Marina Bay this year, notes Savills’ Ang. Therefore, the four-bedroom unit at The Sail with an unobstructed view of Marina Bay.

This article appeared in the Edgeprop Pullout, Issue 799 (Oct 2, 2017)

Tags: