With COVID-19 lingering, many sceptics believed Singapore’s hot real estate market would see a sharp decline. However, Singapore’s housing market remains resilient, despite the slight economic decline brought on by the pandemic. According to the Urban Redevelopment Authority (URA), the private residential property index increased by 2.21% during 2021.
With the housing market seeing no signs of cooling down, it highlights the most desirable residential area in Singapore: Marina Bay (District 1). Currently, Marina Bay is one of the most exclusive and sought out areas to live in Singapore, especially for expatriates. The area has a phenomenal design, with a large green space for public use. In other words, families who enjoy city-center living can still connect with nature while being in the heart of the city, minutes away from anything they desire.
Moreover, aside from green space, Marina Bay is well-known for its location as the Formula One Singapore Grand Prix occurs on the street circuit adjacent to Marina Bay. The area also hosts various events throughout the year, including New Years’ celebrations and art exhibitions.
Currently, the top development in the area is LIV at MB. The condominium development project offers mixed units, from one bedroom to five-bedroom penthouse suites, across 140,758 sqft, and is perfectly located in the heart of the city. The development holds 298 condos and spreads across two blocks of residential towers.
However, aside from the stunning location and architecture itself is the amenities they offer their residents. The condo development provides residents with indoor and outdoor facilities such as tennis courts, sky garden, playground, BBQ pits, themed pavilion, a swimming pool with hydromassage beds, and a gym. As the development is in the heart of the city, it’s close to all public transportation and services, including four MRT lines for easy commuting.
The property development company leading the project is Bukit Sembawang Estates Limited (BSEL), a leading property developer in Singapore and developed projects in Luxus Hills, Sembawang Hills, and Seletar Hills, and more. The company established itself in 1911, paving its way as a leading rubber company; however, BSEL diversified into property development in 1967. Today, BSEL is listed on the Singapore Exchange, committed solely to property development and investment.
The pandemic has not persuaded Singapore residents to slow down from investing in residential real estate. With travel restrictions and lockdown measures implemented, the foreign demand has decreased, giving natives the opportunity to invest without much competition. It’s believed as economic conditions improve and COVID-19 measures decrease, the volume of home sales will continue to rise between 1% and 4%.
With or without the pandemic, one thing is for sure. More people are looking for homes to invest in within the city and seek stable, modern, and exclusive areas to raise their families. As families search for the perfect home, one after another ends up at the same location: Marina Bay.
