In 1Q2018, the 450-unit Martin Modern was the best-selling project in the Core Central Region (CCR). Since its launch in July last year, all 277 units released in the first phase have been sold. Dominic Lee, head of the luxury team at PropNex Realty, attributes the sellout to the “efficient layout” of the units.
Other factors include the project’s location, setting and design. Located at 8 Martin Place, Martin Modern is within a short walking distance of Robertson Quay, with its stretch of bars and restaurants fronting the Singapore River. The project is scheduled for completion in 2021, in time for the opening of the Great World MRT station on the Thomson-East Coast Line, situated an 11-minute walk away.
Developed by GuocoLand, Martin Modern is the only luxury condominium in prime District 9 with a garden setting. “When it comes to projects in the prime districts, what’s important to homebuyers is the sense of space and greenery,” says Cheng Hsing Yao, group managing director of GuocoLand.
AWARD-WINNING DESIGN
The vision of a home in a garden was brought to life by award-winning landscape architect ICN Design International. The project comprises two 30-storey towers with a footprint of just 20% of the 171,535 sq ft site. This frees up the remaining land for greenery — there are 15 gardens and lawns and well over 200 species of tropical trees and plants located at different levels of the grounds and buildings to create a multi-tiered landscape design.
In addition, there is a forest trail, a maze, a bio pond, a bamboo groveand an aquatic garden between the two residential towers. Other facilities include a fitness court, tennis court, a dining and club lounge that overlooks a 50m lap pool, an expansive lawn with barbecue pits, and a dipping pool and jacuzzi. At the rooftop of each of the two towers is a “secret garden” with dining pavilions and viewing points.
The design architect for Martin Modern is Yip Yuen Hong of ip:li Architects, who specialises in designing luxury Good Class Bungalows and is a four-time winner of the acclaimed President’s Design Award. Yip worked on the design of Martin Modern with another award-winning architectural firm, ADDP Architects.
“Martin Modern has the landed property feel,” says PropNex’s Lee. “It’s like living in a mini botanical garden.” To give the development a sense of timelessness, Yip incorporated elements of Robertson Quay’s heritage as a warehouse district and gave them a modern twist. This can be seen in the loft-like spaces of the apartments at Martin Modern and the burnished brass look of the façade that consists of corrugated, pre-cast concrete panels.
EVERY UNIT HAS A VIEW
GuocoLand will soon be releasing the exclusive ground-fl oor units at Martin Modern, which come with generous verandas that open out tothe pools and gardens beyond. The units are the only ones in the development to enjoy the private-garden feel. To maximise the views, the units will have a 4.2m ceiling height. Units range from 764 sq ft for a two-bedroom apartment to 1,798 sq ft for a premium four-bedroom apartment.
The limited-edition, ground-floor units at Martin Modern will be priced at between $2,700 and $2,900 psf. The price tag looks attractive when compared with the estimated future prices of properties on sites purchased in the past year at higher prices — at both government land sales (GLS) and collective sale tenders.
On Cuscaden Road in prime District 10, a GLS site was purchased at end-April for $2,377 psf per plot ratio, which means a selling price of $3,500 to $3,700 psf, says Tricia Song, Colliers International’s head of research for Singapore. Adjacent to the site is Park House, a freehold commercial-and-residential block that was sold en bloc for $2,910 psf ppr in June. It is considered a record price for en bloc sales so far, and translates into a selling price of $4,000 psf for the new project.
Meanwhile, new freehold, private condos in prime Districts 9 and 10 that have been put on the market this year — such as New Futura and 3 Orchard By-the-Park — are priced from about $3,500 psf.
PREMIUM DEVELOPER
GuocoLand has shown its ability to understand buyers and design well-received premium developments. At its latest development, Wallich Residence — which is part of the multibillion- dollar Tanjong Pagar Centre integrated de velopment — a record price of $4,560 psf was achieved when a high-fl oor, four bedroom unit was sold for $16 million. The price is an all-time high for the Marina Bay and CBD area.
Over the past three decades, GuocoLand has developed more than 10,000 homes across more than 30 residential projects. It has established a name for itself as a developer of luxury projects in prestigious neighbourhoods. They include Goodwood Residence in Bukit Timah and Leedon Residence on Leedon Heights.
Martin Modern has joined this collection of luxury residential projects by GuocoLand. Last month, a buyer paid $5.64 million for a 1,798 sq ft, four-bedroom unit on the 28th floor of the development, a new record price for the project.
This article appeared in The EdgeProp Pullout Issue 847 (September 10, 2018) of The Edge Singapore.