Penthouse at Midtown Modern sets new price high in development of $4,278 psf

Midtown Modern, developed by Singapore-listed property group GuocoLand, has achieved a new price high of $4,278 psf. The new record price was set for a 3,272 sq ft penthouse unit that was sold by the developer for $14 million on March 27.

This is the second of two penthouses in the 558-unit development. The first penthouse unit was sold during the project’s initial launch in March last year. That 3,520 sq ft unit was sold for $14.83 million ($4,213 psf) on March 19, 2021.

Based on the latest URA caveats, 412 units at Midtown Modern has been sold, translated to a take-up rate of 74% to date. Midtown Modern has a mix of one- to four-bedroom layouts available. Typical units range from 409 sq ft to 1,808 sq ft.

During its launch, the project attracted strong buying interest and the developer sold 340 units over the launch weekend from March 19 to 21, 2021. This is 61% of the total number of units in the 99-year leasehold development.

Midtown Modern is the second residential development within Guoco Midtown, a mixed-use project by GuocoLand in District 7. The other residential development is the 219-unit Midtown Bay which was launched in 2019.

Another launched project also recorded a new price high during the week in review. A 775 sq ft unit at the 285-unit Royalgreen in prime District 10 was sold by the developer, Allgreen Properties, for about $2.30 million ($2,965 psf) on March 23. The previous record price in the development involved the sale of a 721 sq ft unit that was sold by the developer for about $2.13 million ($2,948 psf) just last month, on March 8.

Royalgreen is the third and final project in Allgreen’s Bukit Timah Collection. The other two are the 476-unit Fourth Avenue Residences and the 115-unit Juniper Hill.

Allgreen released 108 Royalgreen units for sale during the initial sales phase in October 2019 and the developer was able to sell 33 units at an average price of about $2,750 psf. Based on the latest caveats, Royalgreen is about 70% sold at an average selling price of $2,733 psf.

On the other hand, the 13-year-old One Robin at Robin Road in prime District 10 touched a new low of $1,155 psf on March 22. It was for the sale of a 1,906 sq ft four-bedroom unit that was transacted for $2.2 million. The seller made a $537,900 loss on the transaction as the property had been bought for $2.74 million ($1,437 psf) in June 2009.

One Robin is a freehold development with 10 apartment units. There are nine four-bedroom units that range from 1,905 sq ft to 1,948 sq ft and two five-bedroom penthouses that are both 3,498 sq ft.