A 5-bedroom Singapore penthouse sold for S$14.83m over the weekend
Midtown Modern, GuocoLand’s 558-unit condominium in Bugis, sold 61 per cent of units during its launch weekend, including a 3,520 sq ft, five-bedroom penthouse.
With its Nature in the City concept, Midtown Modern, a 558-unit condominium in Bugis, has attracted fervent buyers. During the property's launch weekend that started on Mar 19, a total of 340 units were sold.
This included a 5-bedroom, 3,520 sq ft penthouse that sold for a whopping S$14.83 million.
READ> What does US$1m buy you in Singapore? 36 sq m of prime property
In total, around 90 per cent of all 1- and 2-bedroom units at Midtown Modern, and close to 50 per cent of all 3-bedroom units were sold. In addition, eight 4-bedroom units were also snapped up.
Prices ranged from S$1.17 million for a one-bedroom unit, to S$5.63 million for a 4-bedroom unit.
WATCH> Inside Sheng Siong co-founder Lim Hock Leng’s 33,700 sq ft family home
The price per square foot (psf) achieved by Midtown Modern ranged from S$2,401 psf to S$3,501 psf, with units sold at an average price of close to S$2,800 psf. The 5-bedroom penthouse was sold for S$4,213 psf.
Buyers were mostly Singaporeans, with a mix of owner-occupiers and investors, developer Guocoland said in a press release.
"Many of the owner-occupier buyers are of younger age groups or from smaller household sizes who found the 2-bedroom and 3-bedroom unit layouts very thoughtfully designed for livability. In fact, a number of investor-buyers also gave feedback that they intend to move into Midtown Modern when they get older because the extensive range of amenities and direct connection to the Bugis MRT interchange station makes their busy lifestyles easier," said Dora Chng, general manager, residential at GuocoLand Singapore.
Midtown Modern, located in Tan Quee Lan Street, is the second condominium in GuocoLand's Guoco Midtown, a 3.2 ha mixed-use mega development in Beach Road due to be completed in phases starting from 2022. It follows Midtown Bay, a 219-unit condominium that was launched in October 2019.
Midtown Modern, a 99-year leasehold condominium, comprises two 30-storey towers and a retail podium. Facilities include 10 thematic gardens and landscaped areas, a 50m swimming pool, clubhouse, tennis court, hot spring and tea house. It is expected to be completed by 2024.
Midtown Modern’s enthusiastic response from buyers during its launch weekend comes amid increasing interest in the residential property market. In January this year, Normanton Park sold close to one third of units during its launch weekend. The units sold at an average price of S$1,750 psf on the first day of sales.
The Reef at King’s Dock sold 65 per cent of units during its launch weekend. The units were sold at an average price of S$2,330 psf. This makes Midtown Modern the most expensive residential project launched in 2021 so far.