340 units were sold during the preview of Midtown Moden, GuocoLand’s 558-unit condominium, between March 19 and 21. This represents 61% of the total amount of units in the Tan Quee Lan Street 99-year leasehold condo in District 7.
Over the course of the launch weekend, almost all of the 1 and 2 bedroom units, as well as nearly half of the 3 bedroom units, were sold. The developer also sold eight 4 bedroom apartments and the greater of the two penthouses in the project.
Midtown Modern has one-bedroom units ranging from 409 to 474 square feet, two-bedroom units ranging from 592 to 721 square feet, and three-bedroom units ranging from 904 to 1,066 square feet. Four-bedroom units range in size from 1,432 to 1,464 square feet, while four-bedroom luxury units range in size from 1,733 to 1,808 square feet.
At the 558-unit Midtown Modern, some 340 units were sold at an average price of $2,800 per square foot.
Average Price of $28xxpsf
According to GuocoLand, the average price per square foot reached was approximately $2,800. A one-bedroom unit costs $1.17 million, and a four-bedroom unit costs $5.63 million. The five-bedroom penthouse of 3,520 square feet went for $14.83 million ($4,213 per square foot).
Owner occupiers and developers made up the majority of the owners, with Singaporeans accounting for 85% of the sum and foreigners accounting for 15%. According to GuocoLand, the owner occupiers were often singles, partners, or families of smaller residences.
“A host of investor-buyers have expressed an interest in moving to Midtown Modern as they grow older because the comprehensive selection of facilities and direct access to the Bugis MRT interchange station make their busy lives easier,” says Dora Chng, general manager of residential at GuocoLand Singapore. “As people become more familiar with the growth, we expect larger families to arrive.”
Midtown Modern’s “overwhelming demand” is attributed to its specific features, such as direct connection to the Bugis MRT interchange station and being part of the groundbreaking Guoco Midtown growth, as well as complete condo facilities, according to Chng.
“With over 300 units sold by Saturday alone, this is the strongest first-day sales for a condo in the CCR [Core Central Region] project from the start the circuit breaker,” says Lee Sze Teck, which, along with ERA, OrangeTee & Tie, PropNex, and SRI, is one of the joint marketing agencies for the project. “Buyers were drawn in by the central position, excellent connectivity, lush landscaping, and integrated development,” Lee continues.
Nearly all of the 1 and 2 bedroom units in the development, which number 307 units, were occupied.
Smaller units 1-2 bedrooms more popular
Two-bedroom apartments, according to Ismail Gafoor, CEO of PropNex Realty, were the first to “jump off the shelf” over the weekend, accompanied by one-bedroom units. “These were a big success and almost sold out. “Most of the buyers were developers searching for their second or third home,” he notes.
The high demand for three-bedroom apartments, which vary in size from 904 to 1,066 square feet, “reflects the heavy demand by families for a city lifestyle,” according to Huttons’ Lee.
The luxury four- and four-bedroom apartments, each with 55 units, find customers as well, with eight units sold over the weekend. Prices were said to vary from $3.7 million and $5.7 million, or $3,159 per square foot.
Gafoor adds, “Overall revenues at Midtown Modern were really positive.” Aside from the overall concept and the fact that it is part of the Guoco Midtown integrated construction, the project has direct access to the Bugis MRT interchange station and is located in the revitalized Beach Road-Bras Basah-Bugis district. “On the basis of the development future capital appreciation and rental yield prospects, these considerations alone persuaded developers and homebuyers,” he continues.
Attractive Entry Price at Midtown Modern
One of the leading factors to Midtown Modern’s good revenue was its competitive pricing. While high-floor units command a premium, with prices above $3,000 psf and the largest penthouse fetching $4,277 psf, most lower-floor units start at $2,500 psf, according to Gafoor.
Nicholas Mak, ERA Realty’s head of consulting and consultancy, agrees. According to him, the “sweet spot” for new construction units in the city seems to be “between $1.2 million and $2 million.”
According to Mak, the fact that Midtown Modern is an integrated architecture boosted buyer curiosity. He continues, “Integrated developments provide comfort, especially for residents who work in the Central Business District.” “Buyers enjoy the simplicity of entry to everyday needs like grocery shopping, food and beverage choices, and entertainment venues.”
According to Han Huan Mei, director of analysis at List Sotheby’s International Realty, the median prices of new developments in the city area — Districts 1 and 7 — hovered about $2,400 to $2,500 psf over the three years from 2017 to 2020. “This is around 10% less than what current developments in the conventional prime districts of 9, 10, and 11 are charging.”
“Those projects with outstanding or quite promising qualities would have a launch weekend of 60% or more of overall units sales, and Midtown Modern is surely a glorious project,” says Gafoor.
The forthcoming releases, such as Irwell Hill Residences, One Bernam, and One-north Eden, are projected to “ride on the positive sales traction” seen at Midtown Modern, according to Mark Yip, CEO of Huttons Asia. Yip explains, “They each have their own special selling points appealing to various customer audiences.” One Bernam, for example, would cater to developers since it is situated in the CBD, while Irwell Hill Residences is a luxury project in prime District 9 – the first new launch in the district in 15 months – and One-north Eden would be able to tap into “pent-up interest” in the one-north region, where there hasn’t been a new launch in 14 years, he adds.