The pricing insights for Marina Bay fall under District 1. This also includes Raffles Place, Boat Quay and Suntec City.
Below are graphs depicting the median rental and transaction prices in District 1 for the past six quarters:
Graph Showing Median Rental Prices of Private Property in District 1
The median rental price peaked in Q2 2017 at $5.22psf, and hit its lowest in Q4 2017 at $5.01psf. It has been steadily increasing in 2018 with $5.09psf recorded in Q2.
While the rental pricing for District 1 shows some recovery between Q1 and Q2 of 2018, the previously recorded increase in price means that it will be a short-term focus, generating lots of competition meaning that landlords will have to moderate their prices.
Graph Showing Median Transaction Prices of Private Property in District 1
The median transaction price has been increasing steadily with no major changes in the past 6 quarters, increasing from 1959psf in Q2 2017 to 2952psf in Q2 2018.
New launches leading up to the cooling measures in Q1 and Q2 of 2018 have increased.
This shows that property in District 1 is worth investing in for developers and investors, however since the implementation of recent cooling measures there might be a decrease in the long-term transaction prices, but it is still too early to gage the full effect this might have on the properties of District 1.
The Guru View
New developments like the Greater Southern Waterfront and Thomson-East Coast Line means that Marina Bay will remain a highly desirable location. For the next five to 10-years, it’s ripe for living and investing.
As such, we can expect to see a dramatic increase in demand. This will drive the value of property in Marina Bay higher. If you want to invest, do it soon.