Between March 19 and 21, 340 apartments were sold at the opening of Midtown Modern, GuocoLand’s 558-unit condominium. This represents 61% of the total number of units in Tan Quee Lan Street’s 99-year leasehold condo.
Over the course of the opening weekend, over 90% of one- and two-bedroom apartments were sold, while nearly half of the three-bedroom units were sold. Additionally, the developer sold eight four-bedroom apartments including the development’s bigger penthouse.
Midtown Modern’s apartments range in size from 409 to 474 square feet, to 592 to 721 square feet for two-bedroom homes, and 904 to 1,066 square feet for three-bedroom condos. Apartments with four bedrooms vary in size from 1,432 to 1,464 square feet, while premium units with four bedrooms range in size from 1,733 to 1,808 square feet.
Low Per Square Feet compared to surrounding condos
The average price per square foot was $2,800, with the largest penthouse fetching $4,213 per square foot.
The average price obtained, according to GuocoLand, was about $2,800 per square foot.
Prices range from $1.17 million for a one-bedroom apartment to $5.63 million for a four-bedroom residence. The 3,520 square foot penthouse with five bedrooms sold for $14.83 million ($4,213 per square foot).
Owner occupiers and investors made up the majority of purchasers, with Singaporeans accounting for 85% of the total and foreigners accounting for 15%. According to GuocoLand, the majority of owner occupiers were singles, couples, or individuals with smaller families.
“A number of investor-buyers have also expressed an intention to relocate to Midtown Modern as they age, owing to the extensive range of amenities and direct connection to the Bugis MRT interchange station, which simplifies their hectic lifestyles,” says Dora Chng, general manager of residential at GuocoLand Singapore.
“As residents get more familiar with the development, we anticipate bigger families to arrive.”
Chng credits Midtown Modern’s “overwhelming demand” to its distinctive features, easy proximity to the Bugis MRT interchange station, and inclusion in the transformational Guoco Midtown development, in addition to complete condo amenities.
“With almost 300 units sold by Saturday, this is the greatest first-day sales for a CCR [Core Central Region] property since the circuit breaker,” says Lee Sze Teck, director of research at Huttons Asia.
He is one of the project’s collaborative marketing agencies with ERA, OrangeTee & Tie, PropNex, and SRI. “Buyers were drawn in by the central location, superior connectivity, beautiful landscaping, and integrated development,” Lee continues.
The most common kind of accommodations are one- and two-bedroom apartments.
According to Ismail Gafoor, CEO of PropNex Realty, the two-bedroom apartments sold the fastest over the weekend, followed by the one-bedroom units.
“These were a huge hit and were nearly completely sold out. The purchasers were mostly investors seeking their second or third property,” he explains.
The high demand for three-bedroom apartments ranging in size from 904 to 1,066 square feet, as noted by Huttons’ Lee, “reflects the strong desire among families for a city lifestyle.”
The luxury four- and four-bedroom buildings, each with 55 units, attracted buyers as well, with eight units sold over the weekend. According to reports, prices will vary from $3.7 million to $5.7 million, or $3,159 per square foot.
“Midtown Modern’s overall sales were very positive,” Gafoor adds. Apart from the overall idea and its inclusion in the Guoco Midtown integrated development, the project benefits from easy access to the Bugis MRT interchange station and is located in the revitalized Beach Road-Bras Basah-Bugis region.
“On their own, these characteristics persuaded investors and purchasers of the project’s future rental income and capital appreciation potential,” he continues.
‘Premiums that are reasonable’
Attractive pricing was also a component in Midtown Modern’s impressive sales performance. While there was a premium on higher-floor apartments, with prices exceeding $3,000 per square foot and the largest penthouse selling for $4,277 per square foot, the majority of lower-floor units were priced between $2,500 and $2,500 per square foot, Gafoor says.
Nicholas Mak, ERA Realty’s head of research and consulting, concurs. According to him, the area’s “sweet spot” for new residential units seems to be “between $1.2 million and $2 million.”
The fact that Midtown Modern is an integrated development also contributed to the increase in buyer interest, according to Mak. “Integrated projects benefit people, particularly those who work in the Central Business District,” he continues. “Buyers appreciate the ease of quick access to everyday needs such as grocery shopping, food and beverage choices, and entertainment venues.”
According to Han Huan Mei, head of research at List Sotheby’s International Realty, based on transactions from 2017 to 2020, the median price of new developments in the city region — Districts 1 and 7 — hovered at $2,400 to $2,500 per square foot. “This is about 10% less than the prices of new developments in the typical prime districts of 9, 10, and 11.”
“Developments with outstanding or extremely favorable characteristics will have a launch weekend with 60% or more of total units sold, and Midtown Modern is unquestionably a magnificent project,” Gafoor adds.
Mark Yip, CEO of Huttons Asia, anticipates that the forthcoming launches will “ride the wave of strong sales momentum” witnessed at Midtown Modern properties like as Irwell Hill Residences, One Bernam, and One-north Eden.
“Each of them has a distinct selling feature that appeals to a different demographic,” Yip explains. Developer Roxy Pacific for MORI Condo agrees that the types of units appeals to different property buyer
For example, One Bernam, located within the CBD, will appeal to investors, while Irwell Hill Residences, a luxury project in prime District 9 – the first new launch in the district in 15 months – and One-north Eden will be able to tap into “pent-up demand” in the one-north area, where there has been no new launch in 14 years, will appeal to investors, he adds.