SINGAPORE (EDGEPROP) - The sales launch of Midtown Modern, GuocoLand’s 558-unit condominium, saw 340 units sold between March 19 to 21. This is 61% of the total number of units in the 99-year leasehold condo on Tan Que Lan Street in District 7.
Over the launch weekend, close to 90% of all the one- and two-bedroom units, and close to half of all the three-bedroom units were sold. Additionally, the developer also sold eight 4-bedroom units and the larger of the two penthouses in the development.
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Units in Midtown Modern condo include one-bedroom units of 409 to 474 sq ft, two-bedroom units of 592 sq ft to 721 sq ft, and three-bedroom units of 904 sq ft to 1,066 sq ft. Four-bedroom units range from s 1,432 sq ft to 1,464 sq ft, while four-bedroom premium units are from 1,733 sq ft to 1,808 sq ft.
According to GuocoLand, the average price achieved was about $2,800 psf. Prices start from $1.17 million for a one-bedder to $5.63 million for a four-bedroom unit. The 3,520 sq ft five-bedroom penthouse sold for $14.83 million ($4,213 psf).
The buyers were a mix of owner occupiers and investors, with Singapore citizens making up 85% of the total, and foreigners the remaining 15%. The owner occupiers were mainly singles, couples or those with smaller households, according to GuocoLand in a release.
“A number of investor-buyers also gave feedback that they intend to move into Midtown Modern when they get older because the extensive range of amenities and direct connection to the Bugis MRT interchange station makes their busy lifestyles easier,” says Dora Chng, general manager of residential at GuocoLand Singapore. “We are expecting larger families to come as they get better acquainted with the development.”
Chng attributes the “overwhelming demand” for Midtown Modern to its unique features, direct access to Bugis MRT interchange station, and being part of the transformative Guoco Midtown as well as full condo facilities.
“With more than 300 units sold by Saturday alone, this is the best first-day sales for a CCR [Core Central Region] project since the circuit breaker,” says Lee Sze Teck, director of research at Huttons Asia, one of the joint marketing agencies for the project together with ERA, OrangeTee & Tie, PropNex and SRI. “Buyers were attracted to the central location, excellent connectivity, lush landscaping and integrated development,” adds Lee.
According to Ismail Gafoor, CEO of PropNex Realty, of all the units sold over the weekend, the first to “fly off the shelves” were two-bedroom units followed by one-bedroom units. “These were extremely popular and almost sold out. The buyers were predominantly investors, looking for their second or third property,” he says.
The strong take-up rate of-three-bedroom units that range from 904 sq ft to 1,066 sq ft, “reflect the strong demand among families for a city lifestyle”, notes Huttons’ Lee.
The four- and four-bedroom premium units, of which there were 55 units each, found buyers too, with eight units sold over the weekend. Prices were said to range from $3.7 million to $5.7 million, or up to $3,159 psf.
“Overall sales at Midtown Modern were very positive,” continues Gafoor. Besides the overall concept and the fact that it is part of the Guoco Midtown integrated development, the project has direct connectivity to the Bugis MRT interchange station and is situated in the Beach Road-Bras Basah-Bugis area which is undergoing rejuvenation. “These factors alone convinced investors and homebuyers on the strength of the project’s future rental yield and capital appreciation potential,” he adds.
Attractive pricing was also one of the contributing factors to Midtown Modern’s strong sales. While there was a premium for high-floor units, with prices above $3,000 psf, with the biggest penthouse sold for $4,277 psf, most of the lower-floor units were priced from $2,500 psf, adds Gafoor.
Nicholas Mak, head of research and consultancy at ERA Realty echoes that view. The "sweet spot" in terms of pricing for new residential units in the area seems to be “between $1.2 million and $2 million”, he observes.
Buying interest was also buoyed by the fact that Midtown Modern is an integrated development, says Mak. “Integrated developments provide convenience, especially for residents who work in the Central Business District,” he adds. “Buyers value the convenience that comes from easy access to daily necessities such as grocery shopping, F&B options and entertainment venues.”
Based on transactions over the three years from 2017 to 2020, the median prices of new projects in the city area — Districts 1 and 7 — hovered around $2,400 to $2,500 psf, says Han Huan Mei, director of research at List Sotheby’s International Realty. “This is about 10% below those of new projects in the traditional prime districts of 9, 10 and 11.”
“A launch weekend with 60% or more of total units sold will be those developments with exceptional or very positive attributes and Midtown Modern is definitely a majestic project,” says Gafoor.
Mark Yip, CEO of Huttons Asia, expects the upcoming launches to “ride on the positive sales momentum” seen at Midtown Modern, such as Irwell Hill Residences, One Bernam and One-north Eden. “They each have their unique selling points catering to different target groups,” says Yip. For example, One Bernam, located within the CBD, will be attractive to investors, while Irwell Hill Residences is a luxury project within prime district 9 – the first new launch in District 9 in 15 months, and One-north Eden will be able to tap on “pent-up demand” in the one-north area, where there hasn’t been a new launch in 14 years, he adds.
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