Marina One Residences - The Undervalued Development
Updated: May 22, 2020
Have you noticed a number of buyers purchasing Marina One Residences (MOR)?
During the Circuit Breaker period, there were already more than 10 units sold. Including our local artiste, Romeo Tan, was attracted by it's pricing, location and future appreciation.
Is MOR really that attractive in terms of it's future potential?
Let's take a deeper look.
Marina One started sales launch in 2014 with an average sales price at $2,243PSF.
In Q1 2020, average price is at $2,300PSF.
Of course prices were higher at certain parts in the past 5 years and due to the "blessings" of the current pandemic, we are still at the pricing which is almost equivalent to initial launch price.
Is this a good thing? Well right now, the main seller is the Developer so they control the development's price. The way I look at it, if I were to enter now, SSD or Seller Stamp Duty is applicable and I would not sell in the next 3 years. This will give MOR more time to appreciate.
Not forgetting we have the Greater Southern Waterfront (GSW) project which is a 30km rejuvenation. Prices are to increase once the GSW is completed. MOR will also have 4 connecting MRT lines.
First announced in 2013, the GSW comprises 30km of coastline stretching from Gardens By the Bay East area to Pasir Panjang. It contains 2,000ha of land - six times the size of marina bay and twice the size of Punggol. More info in the link below.
With these 3 points, it was enough to have Romeo Tan come on board as an owner of Marina One Residences.
Price is almost close to initial launch sales.
Developer is the main seller.
GSW rejuvenation.
How about plotting the price of MOR to other surrounding projects?
Let us take a look again. (:
Based on AVG PSF transacted recently.
One Pearl Bank $2,487
Martin Modern $2,618
Midtown Bay $2,940
South Beach Residences $3,175 Marina One Residences $2,327
As of current day new launch projects, MOR's AVG PSF says it all. Moreover if you look at location wise, MOR sits on a plot that promotes premium accessibility. How can one complain about transportation when one has access to 4 MRT LINES?
Also to take note, we have other empty plots of land surrounding MOR not sold. This means MOR could be the lowest priced development in the cluster.
Of course there is more to MOR than just the surrounding factors. Let us also look at the layout.
Site plan
The layouts for 1 - 4 bedroom units are all squarish making it easy to place furniture. More over, units are of good sizes. 1 bedroom units starts from 710sqft compared to the current day 441sqft 484sqft models. But of course, bigger area means higher cost.
For investors looking at long term appreciation and collecting rental, the demand in MOR is really high. I have marketed 3 units for rent and viewings and inquires were plenty. I was practically there 3 days out of the entire week and each day I would spend 1-2 hours in viewings.
I believe it is the location and the convenience of commuting that makes MOR a sought after place to live in.
There are a ton of developments in the current property market available for sale. Every purchaser has unique interest and requirement when it comes to buying a property.
My take is, if the MOR's SELLING price 5 years ago and the SELLING PRICE today is about the same, did it not lose appreciation and therefore make it undervalued?
If Marina One Residences is interesting and its potential upside attracts you, give me a call. We can discuss it over COFFEE, via ZOOM of course. (:
Daryl Ang ERA 92963301 www.darylang.com