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GuocoLand to launch Martin Modern in second half of 2017

GuocoLand to launch Martin Modern in second half of 2017.

More than 80 percent of the Martin Modern site will be turned into a botanic garden. Image source: GuocoLand

Property developer GuocoLand is targeting to launch Martin Modern, a new luxury condominium in District 9, in the second half of this year.

Located at the corner of Martin Place and River Valley Close in prime Robertson Quay, the 450-unit project will comprise two 30-storey towers with two- to four-bedroom units from 800 sq ft to 1,800 sq ft.

According to marketing agent PropNex Realty, the 99-year leasehold project has an indicative average price of $2,300 psf. Actual prices of the units will only be released during the official launch, said GuocoLand.

The 171,535 sq ft Martin Modern site was acquired for $595.1 million in July 2016 through a government land sales tender. This works out to about $1,239 psf per plot ratio.

More than 80 percent of the site will be turned into a lush botanic garden containing more than 200 species of plants and over 50 species of trees and palms. All units come with views of the gardens, the city or the Singapore River.

“In land-scarce Singapore, space in a prime location is the ultimate luxury. It is extremely rare to find a large lush site in prime District 9,” said GuocoLand Singapore’s Group Managing Director, Cheng Hsing Yao.

Martin Modern is situated near the Great World MRT station along the Thomson-East Coast Line and the Fort Canning station along the Downtown Line, both of which will be up and running by the time the project is completed. Various schools, eateries, hotels and shopping malls are also located within the vicinity.

The project is expected to obtain its TOP in 2022.

Giving an update on its other luxury residential projects, GuocoLand revealed that Goodwood Residence along Bukit Timah Road is fully sold, while Leedon Residence at Leedon Heights is close to 90 percent sold.

Said Cheng: "Leedon Residence has seen a surge in interest among buyers since the beginning of 2017. The average price of the apartments there is around $6 million. We certainly experienced a growing sentiment that the luxury market seems to be offering great value now, especially since the supply of land in the prime districts is finite and new supply will be increasingly limited.”

References from: propertyguru.com.sg