GuocoLand to launch luxury condo in Robertson Quay

[reporter2]

GuocoLand to launch luxury condo in Robertson Quay

JUL 7, 2017

Martin Modern to be released on July 22; prices to start from $1.8m for smallest units

Marissa Lee


GuocoLand will release its new luxury Martin Modern condominium project on July 22 - the first large-scale launch in the Robertson Quay neighbourhood in eight years.

The plum site at the corner of Martin Place and River Valley Close, which will yield 450 apartments, was one of the most highly contested land plots last year.

The units will be released in phases. Pricing has not been fixed yet but will start from $1.8 million for the smallest apartments, which are two-bedders. Marketing agents expect pricing to be around $2,300 per square foot (psf).

The nearby 302-unit Martin Place Residences has had an average transacted price of $1,969 psf over the last 12 months, according to ZACD Group. Average prices for Martin 38 were $2,305 psf and $1,949 psf for the 545-unit Rivergate. Starlight Suites, completed in 2014, has averaged $1,812 psf in the past 12 months.

Mr Nicholas Mak, head of research and consultancy at ZACD Group, estimates Guocoland's breakeven price will be around $1,900 psf. The firm raised eyebrows when it paid $1,239 psf per plot ratio for the site last year.

Mr Mak said: "You've got to give credit to them. What some developers would do is to carve out many small shoebox units to squeeze a higher psf price, but they didn't."

Martin Modern's two 30-storey towers will house 450 apartments.

These will comprise 150 units of two bedrooms at 764 sq ft each, 90 units of two-bedders plus a study, 90 three-bedroom units, and 60 premium three-bedders.

The largest units will be the 60 four-bedders, ranging from 1,701 sq ft to 1,798 sq ft.

GuocoLand group managing director Cheng Hsing Yao expects half the buyers to be owner-occupiers, and the other half investors.

Martin Modern, which has a leasehold of 99 years, should be completed by 2022.

By then, it would be a five-minute walk from the Great World MRT Station on the Thomson-East Coast Line, which will be ready by 2021.

Also nearby is a Jiak Kim Street land parcel that used to house nightclub Zouk, which is now on the Government's Reserved List and could yield 525 housing units.

"If sales of Martin Modern go well, there's a possibility some developers might trigger that tender," Mr Mak said.

[reporter2]

GuocoLand sets July launch date for Robertson Quay condo

July 7, 2017

CHIN YONG CHANG


GUOCOLAND announced on Thursday that its latest development in the Robertson Quay area in District 9, Martin Modern, will be launched on July 22.

Although the developer did not confirm prices, PropNex CEO Ismail Gafoor, who worked with GuocoLand on this project, said the estimated average price is S$2,300 per sq ft.

While GuocoLand Singapore's group managing director Cheng Hsing Yao said that not all 450 units will be immediately available, he did not say how many units will be launched initially.

When asked about his expectations for the project, Mr Cheng told The Business Times that he expects "a very strong demand" and is "very confident" about the project.

Construction of the project will be completed by 2021, and the project will offer a range of two, two plus study, three, and four-bedroom apartments spanning sizes from 764 sq ft to 1,798 sq ft.

Prices for the 99-year leasehold units start from S$1.8 million.

Mr Cheng said: "We want to redefine the current conventions of luxury living. We draw inspiration from the experiences of living in a GCB (Good Class Bungalow) and translate that into a modern condominium in an upmarket riverside neighbourhood."

To this end, the condominium's design emphasises high levels of privacy, and it has a lush garden and large spaces for entertaining large numbers of guests.

When asked about the rationale behind the pricing, Mr Gafoor said: "For prices of about S$2,300 per sq ft, there is still a positive interest based on our feel of the ground.

"Even for properties in the outlying areas meant for the mass market, prices are rising to about S$1,400 to S$1,500 per sq ft. So for a location like this, the S$2,300 price will be attractive for many people."

He said this applies to those looking to live in the condominium, as well as those who are looking to use it as an investment.

"If you want to stay, then you'll be looking at the convenience and the lifestyle options. If you want to invest, then you'll look at the rental yield and the capital appreciation. In both attributes, Martin Modern stands out."

Mr Gafoor said he expects most of the demand to be fuelled by domestic rather than foreign sources.

Head of research and consultancy at ZACD Group, Nicholas Mak, said that the S$2,300 per sq ft price for Martin Modern is "good" as it is not the most expensive property in the area, despite being pitched to the high-end luxury market.

Last year, GuocoLand was awarded the tender for the site at a bid price of S$595.1 million.

Mr Mak said this works out to GuocoLand paying S$1,239 per sq ft of development area. This is the highest price per sq ft paid for a purely residential site in a government auction since 2009. He estimates the breakeven price for this development will be above S$1,900 per sq ft.

He said: "When people heard that GuocoLand paid this much for the bid, they thought that this development would either have to be very expensive, or that the units would be very small.

"However, this is not the case - their units are relatively spacious, and they did not develop any one-bedroom units, so I have to give them credit for that."

Bloomberg News reported that Mr Cheng believes Singapore's luxury home prices are showing signs of improvement as high-end home sales were on an upswing even before the government eased some of its cooling measures in March.

He told Bloomberg: "Demand is there, with lots of people waiting on the sidelines. Prices have bottomed, and we can see a slight firming up already."

He said the changes in March may have added more fuel to the buying sentiment.

"The change in sentiment wasn't caused by the tweaking alone," Mr Cheng told Bloomberg. "The tweaking has contributed but sales for our projects started picking up towards the end of last year."

[handsometeck]

they seems to launch at a right time when there's pickup in transaction especially in core central region... but the prices seems more expensive than a nearby freehold condo though. heard its going for average $22xxpsf. Will this be a good buy?

[anythingwhatever]

they seems to launch at a right time when there's pickup in transaction especially in core central region... but the prices seems more expensive than a nearby freehold condo though. heard its going for average $22xxpsf. Will this be a good buy?

Teddy will suggest to skip this...

[PropVestor]

Spent an hour at Martin Modern showroom 2 weekends ago at the preview.
If you are buying for home stay and you love the location, high ceiling and appreciate the greenery, why not?
However if you are buying for investment, you got to look harder around the same area for better deals.

2 cents,
PropVestor

[tonymontana]

Spent an hour at Martin Modern showroom 2 weekends ago at the preview.
If you are buying for home stay and you love the location, high ceiling and appreciate the greenery, why not?
However if you are buying for investment, you got to look harder around the same area for better deals.

2 cents,
PropVestor

what do you think of their tagline USP - "live in a botanic garden"? Did what you see live up to it?