MIDTOWN MODERN CONDOMINIUM
Here we Review the Midtown Modern Singapore. This is a new development offering residential apartments, with commercial retail space at ground level, at Tan Quee Lan Street in Singapore’s Bugis District.
It occupies a rather choice site among recent launches. Right beside Bugis MRT station and part of the regeneration of the South-Beach-Ophir-Rochor Corridor.
Note: This is NOT an advertisement for sale.
What makes the Midtown Modern condo even more interesting is that the developer is a joint venture of Guocoland Limited and subsidiaries of Hong Leong Holdings. Guocoland is currently building Guoco Midtown just across Beach Road here.
Hence this Midtown Modern site will complement Guoco Midtown, becoming a natural extension of it as Guoco Midtown II. Together with Midtown Bay, it offers a wider choice of accommodation to support the growth of the surrounding commercial enclave of South Beach, Duo, and Midtown itself.
About Guoco Midtown
Guoco Midtown is an upcoming SGD$2.4 billion mega mixed-use development with a total floor area of 950,500 square feet. It comprises retail, entertainment, and Grade-A office spaces, with large public squares, and Midtown Bay, the 219 unit residential component of Midtown.
Alongside other landmark developments like Duo and South Beach, it is part of the rejuvenation of the Beach Road precinct. These are turning the district into an increasing upmarket location, and extending the “downtown” boundaries.
In fact, if some property pundits are right, District 07, Bugis, could eventually overtake Orchard Road as the most prime residential district.
This could come about as the area is changing from a “history-rich, predominantly commercial precinct” into a “hip and vibrant civic district”.
Not least because District 7 has the essential ingredients for residential property investment – cultural richness, easy rentability, and potential for capital gains. Read the article here (opens in a new window).
According to GuocoLand, Guoco Midtown is the “…final critical piece of jigsaw that completes the transformation of the area”.
Midtown Modern will contribute 500 or so homes to this piece of the jigsaw, adding to the buzz of the ‘work-live-play’ lifestyle that is being promoted here.
Guocoland has succeeded in delivering transformative integrated developments before, such as at Tanjong Pagar Centre. They look to repeat that success at Guoco Midtown.
Guoco Midtown Modern Condo . Pricing
Only two bids were received for this site. Which was rather surprising, especially in light of the 10 bids received for the nearby Middle Road site, that recently launched as The M.
Nevertheless, the winning bid of SGD$800.19 million or SGD1,535 PSF PPR (per square foot per plot ratio), was still in line with market expectations, and a benchmark pricing for the area.
It was also 5.3% higher than the SGD$1,458 PSF top bid for the M site. According to Christine Li, Cushman & Wakefield’s head of research for South-East Asia, the slight premium could reflect the more favourable location of the Midtown Modern site, as it is right next to Bugis MRT station.
With established developers such as GuocoLand + Hong Leong and the 2nd bidder, a tie-up of CDL with MCL Land, demonstrating their confidence in the area, analysts have postulated that other developers could have been put off by the hype over this parcel, and expected aggressive bids for it.
Especially since, given the size and land cost of over $800 million, the total development cost is expected to be well in excess of SGD$1 billion. That is not something many developers have the capacity to take on.
At a land rate of $1,535 PSF PPR, analysts have suggested a break-even of around $2,200 PSF, and a selling rate of above $2,400 PSF.
As a basis for comparison, The M, in a slightly less favourable location, recently launched at an average $2,450 PSF. On its launch weekend alone, it sold out 70% of its entire stock. And this was amid the coronavirus scare.
Whether Guoco Midtown Modern can come close to that, will likely depend on its design concept and pricing strategy.
About the Midtown Modern Condo
URA has estimated that about 580 apartments can be built on the site, with a maximum of 2,000 square metres of commercial space at the first level.
It offers an opportunity to produce a signature project atop the Bugis MRT station.
This is an interchange station connecting two MRT lines: the East-West and Downtown lines.
Being connected directly to Bugis station means it will be linked by underpasses to Duo, Guoco Midtown, and Bugis Junction too.
Some higher floor units at the Midtown Modern condo may also obtain pocket views to the sea, or Marina Reservoir, or to the city skylines.
And in much the same way that Midtown Bay will tap upon Guoco Midtown and the amenities in the neighbourhood, so too will Midtown Modern residents be part of this community.
|Developer||GuocoLand Limited & Hong Leong Holdings|
|Status||Residential with Commercial at 1st Storey
(No restrictions on ownership)
|Address||Tan Quee Lan Street, Singapore|
|Site Area||11,530.8 m² (124,117 sq ft)|
|Floor Area||48,430 m² (521,293 sq ft)|
|Tenure||99 Years Leasehold|
|Description||Private residential development with communal facilities and with commercial retail space at ground level|
Midtown Modern Floor Plans
The Midtown Modern floor plan layouts are not available yet. Please drop your contact details in the Form below if you wish for the floor plans to be emailed to you once ready.
Midtown Modern Condo Site Plan
The land parcel is longish, almost rectangular in shape, and tilted in a south-easterly / north-westerly direction. This is an island plot bounded by major roads that makes for ease of access.
It borders Rochor Road on its north-east. This side is also where it abuts, and sits on, the Bugis MRT station underground serving the Downtown line. Exit D of the station leads out here.
To the north-west of the site is North Bridge Road, and Bugis Junction.
Tan Quee Lan Street hugs the site on its south-west, across which are a few rows of heritage shophouses, mainly three storeys high. Many of these have been rather nicely, even elegantly refurbished in some cases, housing an intriguing selection of shops and eateries.
They afford the Midtown Modern condo units overlooking the shophouses a more open view.
And on the south-east is Beach Road, with Guoco Midtown opposite the site. While this project blocks Midtown Modern @ Bugis from unhampered sea views, there is still room around it for pocket views out.
In fact looking out from the south-east corner, there is a fair bit of space between Gateway West and Guoco Midtown, with views towards Marina Reservoir.
So taking it all round, there should be a good amount of natural light, and fresh breezes.
Midtown Modern Showflat · Viewing
The Midtown Modern showroom is not available for viewing appointments yet. Please drop your contact details in the Form below if you wish to be alerted when the showflat is ready.
Midtown Modern Prices · Unit Types
UNIT TYPES . SIZES
|Unit Description||Type||No. of
|Total Number of Units||TBA|
Floor areas stated includes any Voids, Patios, Balconies, Terraces, A/C Ledges.
MIDTOWN MODERN PRICE RANGES
The Midtown Modern condo prices have not been finalised yet. Please let us know via the Contact Form if you wish to be updated on the pricing when available.
MIDTOWN MODERN PRICE BACKGROUND
The developer, a collaboration of GuocoLand and Hong Leong Holdings through their subsidiaries, paid SGD$800,190,000 for the 124,117 square foot site.
At a plot ratio of 4.2, equating to allowable gross floor space of 521,293 square feet, this works out to a land rate of SGD$1,535 PSF PPR.
Allowing for around $650 to $700 PSF to develop, finance, and market the project, the break even cost could be in the region of $2,200 PSF.
Hence analysts are expecting a selling price of above $2,4xx PSF.
However since Midtown Bay is averaging $2,950 PSF, there might be upward pressure on the Midtown Modern prices to avoid too big a disparity between them.
About the Developer
Midtown Modern Singapore is being developed by a partnership of two of the biggest and most established property players in Singapore.
GuocoLand and its sister company Hong Leong Investment Holdings, through their subsidiaries GLL D Pte Ltd, Intrepid Investments Pte Ltd and Hong Realty (Private) Limited, teamed up to bid for, and will build this mixed development.
GuocoLand Limited (“GuocoLand” or the “Group”)
GuocoLand is headquartered in Singapore, and has been listed on the SGX since 1978. It is a regional real estate player with projects in Singapore, China, Malaysia and Vietnam. Since 2017, it has ventured into the UK and Australian markets as well.
The Group’s primary business is in real estate development, management and investment, as well as hotel operations. Its portfolio also spans residential, hospitality, commercial and integrated developments.
Within Singapore, GuocoLand has completed more than 35 residential projects that have added over 10,000 homes to the local housing stock.
Among its commercial projects is its flagship Tanjong Pagar Centre, a $3.2 billion integrated development above Tanjong Pagar MRT station. This is a vertical city that comprises retail and F&B space, luxury apartments at Wallich Residence, the 5-star hotel Sofitel Singapore City Centre, and the Guoco Tower Grade A offices, fronted by a landscaped urban park.
The Group has also undertaken several commercial and integrated developments as well as townships in Malaysia. In addition it has amassed a portfolio of properties from top-tier cities in China, like Beijing, Shanghai, Tianjin and Nanjing.
GuocoLand is known for the quality of its work and designs, having won several awards and accolades, both local and international.
It prioritises eco-friendly features too, with its recent projects being conferred environmental sustainability awards. Such as at Martin Modern, Goodwood Residence, Wallich Residence, Leedon Residence, Sophia Residence, Waterline, Elliot at East Coast, Sims Urban Oasis.
Hong Leong Investment Holdings (“Hong Leong” or the “Group”)
Hong Realty and Intrepid Investments are both units of Hong Leong Investment Holdings.
The Group’s push into real estate development began as far back as the late 1960s. That was when it consolidated its property investments and interests into Hong Leong Holdings Limited.
It is now one of the largest property players in Singapore, particularly in residential real estate.
Since its inception, Hong Leong has built many of the projects dotting the Singapore skyline today. It is recognised as a market leader with over 130 residential, and 100 commercial and mixed-used projects under its belt.
In the process, the Group has earned a reputation for quality work and dependability. It has also amassed a portfolio of over 8 million square feet of lettable office, retail, residential and industrial space.
Examples of its projects are the Avenir, One Balmoral, The Tate Residences, One Shenton, Atria, Sage, The Residences at W Singapore, The St. Regis Hotel and Residences, Grange Heights, The MeyeRise, and Aalto at Meyer Road, and Watermark at Robertson Quay.
Midtown Modern Location · Features
Location. The Midtown Modern condo occupies a prime site within the extended Singapore Downtown. This is the Ophir-Rochor-Beach Road rejuvenation precinct, that will extend the financial & business district of Raffles Place and Marina Bay eastwards.
The location itself is along Rochor Road, between Beach Road and North Bridge Road, and close to the civic and cultural district of Bras Basah. This is an increasingly popular address, joining neighbours such as Duo, South Beach Tower, The Gateway, and the upcoming Guoco Midtown.
F&B, Shops, Supermarkets, Banks. The Midtown Modern location is close to a selection of these amenities. Besides Bugis Junction across North Bridge Road, there are Guoco Midtown over at Beach Road, and Duo across Rochor Road.
As well as the mega Suntec City Mall & Marina Centre, with its fast food chains, food courts, cafes and restaurants, numerous lifestyle outlets and shops, and banking facilities.
Other attractive options are the old-time hawker fare in run-down shophouses nearby, along Middle Road, Beach Road, Liang Seah Street, and Victoria Street. Or the quirky cafes that have sprung up at the refurbished heritage shophouses around Tan Quee Lan Street.
There is also the main National Library Building within a short walk away. Lots of stuff there besides books. Enjoy a quiet hour browsing its shelves or lounging in its reading spaces.
Nearest MRT Station. The Midtown Modern condo location is just adjacent to, and in fact, on top of part of the Bugis interchange station, with direct access to it. This section of the station serves the Downtown Line, under Rochor Road.
But it is also connected underground to the part of the station serving the East-West line, as well as the surrounding developments like Duo and Bugis Junction.
Accessibility. To access the Midtown Modern location from the expressway network is pretty direct. Swoop down from the East Coast Parkway (ECP) to Rochor Road, and you arrive almost immediately at the site. To get to its Tan Quee Lan Street entrance, just take a left turn onto Beach Road, and a right straight after that.
Rejoining the ECP is a bit less straightforward. You need to loop around North Bridge Road and Middle Road, to get back onto Beach Road, and from there the exit onto the expressway. All in, it should take about 20 minutes drive off-peak to get to Changi Airport.