Guoco Midtown

[snoopydog]

MIDTOWN MODERN

Midtown Modern presents a new mixed development at Tan Quee Lan Street, Bugis enclave in Singapore District 7.
The new Midtown Modern, a residential extension of Guoco Midtown, offers a collection of 580 units of luxury apartments in dual 30-storey glassy towers, as well as a retail podium on the first floor, with food and beverage establishments open to the public.

Guoco Midtown is a vision of an exciting live-work-play concept, heavily inspired by the exciting Midtown areas of the capital cities around the world, where shopping, arts, culture, entertainment, prime corporate grade A offices, and many amenities come together.
Poised to become the new social heart for the Beach Road and Bugis area, Guoco Midtown features community street life with the incorporation of adaptable community spaces that can cater to different public activities and events.
Situated on Tan Quee Lan Street, right above the Bugis MRT interchange station, Midtown Modern offers its residents unparalleled transport convenience. A seamless bridge between Bugis, DUO residences, and the rest of Guoco Midtown, this is the final piece of a jigsaw puzzle that completes the transformation of the Beach Road district. It’s served by Nicoll Highway and the upcoming North-South Expressway.

Midtown Modern, at the heart of Guoco Midtown, connects three office micro markets of City Hall, Marina Centre, and Bugis, introducing a new way of luxury city living in response to new urbanite lifestyle demands of an effortless transition between working, living, and entertaining.
Midtown Modern is a luxe new extension of the Guoco Midtown integrated development, Midtown Modern condo is a futuristic high-rise condominium that offers bigger units than its counterpart, Midtown Bay. Set to be a family-oriented home for the ultimate urban lifestyle close to the pulse of Singapore’s Central Business District.

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.

The tender for Urban Redevelopment Authority’s (URA) Midtown Modern site offered under the Government Land Sales (GLS) program has closed. The tender attracted two bidders. A partnership of three developers GuocoLand, and subsidiaries of Hong Leong Holdings, which are Hong Reality and Intrepid Investment submitted the highest bid of S$800.19 translating to S$1,535 psf ppr. The second bid was a tie-up between MCL Land and City Developments.

The site enjoys a maximum gross floor area of around 521,301 sq ft. The development is expected to house up to 580 private residential units and commercial spaces. The maximum GFA for the serviced apartments is 12,000 sq m, and the total GFA for the retail spaces at the first level shall not exceed 2,000 sq m. The estimated breakeven price for the Midtown Modern site is about S$2,200 psf and a selling price more than S$2,400 psf.

Midtown Modern site’s top bid is 5.3% higher than what the nearby Middle Road Site received at S$1,458 psf ppr. A possible explanation for the difference could be the suitable location of Midtown Modern site. It is close to Bugis MRT station that connects with the East-West and Downtown Lines.

GuocoLand is an award-winning real estate developer renowned for quality, innovative design and concepts. In Singapore, GuocoLand has successfully developed 36 residential projects, with an approximate yield of 11,000 apartments and homes. Its flagship integrated development, GuocoTower, is the tallest building in Singapore, reaching a height of 290 metres.

GuocoLand’s portfolio and established operations spans across Singapore, China, Malaysia, and Vietnam, and comprises residential, hospitality, commercial, retail, and integrated developments regionally. Some notable developments include Guoco Tower – Wallich Residence, Martin Modern, Midtown Bay, Meyer Mansion, Leedon Residence, and Goodwood Residence.

Project Name Midtown Modern
Description Luxury Mixed development with retail shops and residential units
District 07
Developer & Registered Address GLL D Pte. Ltd., Intrepid Investments Pte. Ltd. and Hong Realty (Private) Limited ( JV Between GuocoLand and subsidiaries of Hong Leong Holdings)
Address Tan Quee Lan, Bugis
Tenure 99 years leasehold from 2019
No of Units estimated 580 units ( 2 x 30-storey towers of ?1 to 4 bedrooms )
TOP 2024
Land Area 11,530.8 m2 (approx. 124,116.49 sq ft)
Maximum Permissible GFA 48,430 m2 (approx. 521,296.18 sq ft)
Lot Number TS12-01062X

 

[snoopydog]

Construction has already begun at the site....

https://www.skyscrapercity.com/thre...-station-30-32-floors-u-c-2022.2137672/page-2

 

[daheigou999]

Construction has already begun at the site....

https://www.skyscrapercity.com/thre...-station-30-32-floors-u-c-2022.2137672/page-2

This is Midtown Bay (Guoco Midtown), not Midtown Modern (TQL site)

But still excited nevertheless

 

[snoopydog]

This is Midtown Bay (Guoco Midtown), not Midtown Modern (TQL site)

But still excited nevertheless

Hopefully he will update with more photos when construction resume soon.

Eager for this new launch too

 

[snoopydog]

Beach Road site up for collective sale!

https://www.straitstimes.com/busine...up-for-collective-sale-with-90m-reserve-price

 

[sinequa88]

wah not enough supply meh this area. lol

The M, Midtown Modern, Duo, Midtown Bay.

 

[daheigou999]

wah not enough supply meh this area. lol

The M, Midtown Modern, Duo, Midtown Bay.

I’m predicting that average prices will stagnate in a similar fashion to CBD, although I know there are lots of Bugis bulls out there

 

[NiShiZhu]

I’m predicting that average prices will stagnate in a similar fashion to CBD, although I know there are lots of Bugis bulls out there

Hehe Siang Kar pager?
Bugis/Rochor D7 at 2.2-2.4kpsf units can still move, once reach 2.7kpsf-2.8kpsf onwards, can’t barely move much. So right now, I would pitch 2.7kpsf as the ceiling/stagnated price point for D7.

Pretty sharp observation, this is what happened to CBD right now.

 

[sinequa88]

wait no scared, scared no wait
buy no scared, scared no buy


- Property Guru

 

[Passerboy]

Actually since mid April, the M recorded no transactions already. Perhaps many are waiting for GuocoMidtown.

 

[NiShiZhu]

Tough for GuocoLand.
If launch too Low, sabo their own midtown Bay.
If launch too high, fate will end up like midtown Bay.

Think the Only sweet spot they should consider will be around 25xx-26xxpsf for midtown modern.

 

[daheigou999]

Hehe Siang Kar pager?
Bugis/Rochor D7 at 2.2-2.4kpsf units can still move, once reach 2.7kpsf-2.8kpsf onwards, can’t barely move much. So right now, I would pitch 2.7kpsf as the ceiling/stagnated price point for D7.

Pretty sharp observation, this is what happened to CBD right now.

Actually I think of it in terms of affordability/quantum (~$2m). Based on the average 750 sqft for new 2BRs, this works out to be about 2.7k psf which is the same as your conclusion.

Any further appreciation needs to be driven by real growth in wages, which is difficult in the near term (3-5 years)

 

[daheigou999]

wait no scared, scared no wait
buy no scared, scared no buy


- Property Guru

Scared what? Property sure make money

#AssetProgression

 

[snoopydog]

Actually since mid April, the M recorded no transactions already. Perhaps many are waiting for GuocoMidtown.

I dont think the developers of M Residences are going to be worried as they still have many more years to sell off their remaining inventory. Same for Guocoland...they are known not to be very generous with discounts.

wah not enough supply meh this area. lol

The M, Midtown Modern, Duo, Midtown Bay.

Hehe Siang Kar pager?
Bugis/Rochor D7 at 2.2-2.4kpsf units can still move, once reach 2.7kpsf-2.8kpsf onwards, can’t barely move much. So right now, I would pitch 2.7kpsf as the ceiling/stagnated price point for D7.

Pretty sharp observation, this is what happened to CBD right now.

Scared what? Property sure make money

#AssetProgression

Actually I think of it in terms of affordability/quantum (~$2m). Based on the average 750 sqft for new 2BRs, this works out to be about 2.7k psf which is the same as your conclusion.

Any further appreciation needs to be driven by real growth in wages, which is difficult in the near term (3-5 years)

I see this D7 Downtown Core district differently from CBD.
IMO, I see it as more prime than CBD. Land supply in D7 is pretty scarce and limited. Its arguable there lies the possibility of SERS potential for the last few remaining old HDB flats in this CCR prime location at Selegie House and Waterloo Street??
The next GLS site nearby will probably be The Rochor Residences/Offices before completion of the North South Corridor in 2026.
These days, local property investing is about holding power, with a view to a mid to long term payoff.
There is a strong link between GDP growth and real estate price progression.... its therefore crucial how the world economy recovers post Covid.

 

[snoopydog]

Midtown Modern - City of the Future

Expected Launch Date: Q4 2020

Comprising of 580 units of 1 to 4 BR and PH units in 2 towers, perched above Bugis MRT

 

[daheigou999]

Midtown Modern - City of the Future

Expected Launch Date: Q4 2020

Comprising of 580 units of 1 to 4 BR and PH units in 2 towers, perched above Bugis MRT

Nice!!

 

[snoopydog]

https://www.sgx.com/research-educat...0-guocoland-enhances-transformation-blueprint


Extract :

Slated for completion in 2022 is its next flagship project – Guoco Midtown – situated in the Beach Road area, which will be another development that will transform its location.

Guoco Midtown comprises premium Grade A offices, public and retail spaces, an exclusive 33-storey residential tower Midtown Bay, and the conserved Beach Road Police Station building.

Located at the intersection of two key development corridors along Beach Road and the Ophir-Rochor Road area, Guoco Midtown will connect the three office micromarkets of City Hall, Marina Centre and Bugis. It also has an increased footprint via the Tan Quee Lan Street site.

Guoco Midtown is poised to become the new social heart for the Beach Road area. It will boost the district's identity and vibrancy by providing a series of public spaces that can cater to different public activities and events.

"This is a follow-up to what we have done in Tanjong Pagar, where we have focused on building a place that the community can feel connected to,” Cheng said.

“By introducing new concepts based on live-work-play trends, this development will attract a whole new community of businesses, talents, residents and visitors. We believe it will redefine the area, and possibly create a new district identity."

In the meantime, COVID-19 has been a major disruption to economies and lifestyles. Cheng sees the effects more in terms of an acceleration of trends.

For example, many companies have started to adopt work-from-home as an integral part of their work space strategy. The hectic lifestyle also means wellness will be an important consideration for home owners as well as office workers.

"Over the last few years, we’ve seen more and more black swan events – ranging from geopolitical to climate, economic, and now, health issues. I can't remember a point in time over the past few years where we ever had a true Goldilocks environment."

In fact, it is this phenomena of constant change that underscores the importance of being at the cutting edge of developments.

"Are we staying ahead of developing trends? Where are things heading? How do we remain at the forefront of such changes, and be relevant to our customers and users over the long term? These questions are perpetually in the back of my mind," Cheng said.

There are no easy answers, and he is wary of latching onto what appears to be a quick fix. "It’s important to consider things holistically. It's not just about resolving the problem at hand, but also coming up with an elegant solution that’s also adaptable through time."

 

[snoopydog]

Update: Midtown Bay...no price increase but wef from 1 Aug, discounts will be reduced from 20+2% to 20%

 

[daheigou999]

Update: Midtown Bay...no price increase but wef from 1 Aug, discounts will be reduced from 20+2% to 20%

Was there ever a discount? Or is it against their theoretical, unrealistic list price?

 

[NiShiZhu]

Was there ever a discount? Or is it against their theoretical, unrealistic list price?

I’ve checked, small units still transact at 3kpsf.
Simi 20+2% discount? How come I smell nothing?