One-bedder at Midtown Bay sold for $3,492 psf, highest price since launch

By Atiqah Mokhtar / EdgeProp Singapore | April 29, 2022 6:00 AM SGT
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SINGAPORE (EDGEPROP) - In the week of April 5 to 16, the highest transaction recorded on a psf basis was for a one-bedroom unit at Midtown Bay, the luxury condominium at mixed-use project Guoco Midtown. The unit measures 409 sq ft and is located on the 16th floor of the 99-year leasehold tower.
GUOCO MIDTOWN BAY SCALE MODEL - EDGEPROP SINGAPORE
A 409 sq ft unit at Midtown Bay changed hands for $1.43 mil on April 10 (Photo: Samuel Isaac Chua/The Edge Singapore)
The unit was sold by developer GuocoLand for $1.43 mil ($3,492 psf) on April 10, marking a new psf price high for the development since its launch in October 2019. At the time, Midtown Bay recorded a psf price high of $3,804 when a 484 sq ft unit sold for $1.84 million on Oct 10, 2019.
Spanning 33 storeys, the 219 units at Midtown Bay comprise a mix of one-, two-, and three-bedroom apartments with sizes ranging between 409 to 1,324 sq ft. Since its launch, 85 units have been sold based on caveats lodged at an average price of $2,963 psf, translating to a take-up rate of 39%.
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Midtown Bay is one of two residential developments at the Guoco Midtown integrated development located in the Bugis-Beach Road district. The other residential development is the 558-unit Midtown Modern, which was launched in March 2021 with 74% of units sold to date at an average price of $2,740 psf. Other components at Guoco Midtown include 770,000 sq ft of Grade A office space, an 80,000 sq ft business and lifestyle hub, and over 30,000 sq ft in retail space. The development will be completed in phases from 4Q2022.
Guoco Midtown will have a direct underground link to Bugis MRT interchange station for the Downtown and East-West lines, while also being within close proximity to three other MRT stations — City Hall (interchange for East-West and North-South lines), Promenade (interchange for Circle and Downtown lines) and Esplanade (Circle line). Besides easy access to public transport, the project is within walking distance to establishments like Suntec City, Marina Square and Millenia Walk through a continuous sheltered link.
Leedon Green is another development that saw a psf price high, after a three-bedroom unit measuring 1,356 sq ft changed hands for $4.24 million or $3,128 psf on April 15. This marks a new all-time high for the freehold development.
LEEDON GREEN 3BDRM SHOWFLAT - EDGEPROP SINGAPORE
Leedon Green’s three-bedroom showflat (Photo: Samuel Isaac Chua/The Edge Singapore)
The unit is located on the 10th floor of one of the development’s seven towers. There are a total of 638 units available at Leedon Green, comprising a mix of one- to four-bedroom apartments. Unit sizes range between 474 and 2,680 sq ft.
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The development, located on Leedon Heights, off Farrer Road, is a redevelopment of the former Tulip Garden through a joint venture between MCL Land and Yanlord Land. The project launched in January 2020. To date, 58% of units at Leedon Green have been sold, with an average price of $2,687, based on caveats lodged.
Avenue South Residence also saw a new record high in terms of psf prices. On April 14, a two-bedroom, 657 sq ft unit changed hands for $1.72 million or $2,620 psf. The unit sold is located on the 55th floor of the 99-year leasehold apartment.
AVENUE SOUTH RESIDENCE SCALE MODEL - EDGEPROP SINGAPORE
A unit on the 55th floor at Avenue South Residence sold for $1.72 million on April 14 (Photo: Samuel Isaac Chua/The Edge Singapore)
Avenue South Residence is located at Silat Avenue off Kampong Bahru Road in District 3. Comprising 1,074 units across two towers, the project is developed by UOL Group. Each tower spans 56 storeys, offering the high floor units scenic views of the city and the Greater Southern Waterfront precinct. The project was topped out in February and is expected to achieve its temporary occupation permit in 2Q2023. It is the tallest residential tower built using prefabricated prefinished volumetric construction (PPVC). To date, 93% of the units at Avenue South Residence have been sold at an average price of $2,075 psf.
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No new psf price lows were recorded during the period.

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