The M @ Middle Road offers a timely opportunity for discerning buyers looking for a home in the Core Central Region (Pictures: The M @ Middle Road)
Singapore’s private residential market has seen a strong rebound in the last quarter. According to URA data, transaction volumes for private homes surged over 25% q-o-q in 2Q2022, while prices grew by 3.5% q-o-q, underpinned by strong demand and new launches.
At the same time, the gap between housing prices in the Rest of Central Region (RCR) and the Outside Central Region (OCR), compared to the Core Central Region (CCR), has continued to narrow. In 2Q2022, non-landed residential prices in the CCR grew by 1.9% q-o-q — the smallest amount compared to the RCR (6.2%) and the OCR (2.2%).
This comes as new pricing benchmarks are being set for launches in the RCR and OCR. In the RCR, new launches in 2Q2022 such as Piccadilly Grand in Farrer Park and Liv@MB in Mountbatten have seen average prices of around $2,100 psf and $2,400 psf respectively. In the OCR, prices at Amo Residences in Ang Mo Kio, which was launched in July, have also averaged around $2,100 psf.
In contrast, average prices of new home sales in the CCR have grown at a more sedate pace, hovering in the $2,700–$2,800 psf region. Nonetheless, while prices in the CCR have grown at a more muted pace, they are expected to pick up in the future as the reopening of travel borders and the buoyant property market augur a more bullish outlook.
To that end, the current environment provides a compelling reason to purchase properties in the CCR.
One such property is The M, a mixed-use development by Wing Tai Asia, located in the vibrant Bugis area in District 7. The 99-year leasehold project, which is already 94% sold, has a limited number of units left for sale, including two-bedroom and two-bedroomplus-study apartments that offer a timely opportunity for discerning buyers.
A key facet of The M’s popularity is its location and surroundings. “The M is in a prime city locale where everything is within reach, from the ground-floor commercial component where you will find stylish cafes and restaurants, to its immediate vicinity where there are ample shopping and dining options. Staying here, you’ll have convenience right at your doorstep!” says Tristan Soh, senior marketing director at Huttons Asia, one of the marketing agents for the development.
Tucked in the heart of the Bugis district, the project is close to several major commercial developments such as Suntec City, Bugis Junction, Plaza Singapura and Raffles City, which provide convenient access to amenities and retail offerings. In addition, the development itself will feature a curation of shops and F&B outlets on the ground floor, further maximising residents’ convenience.
Soh also highlights that The M’s central location is amplified by excellent connectivity. It is within walking distance of a number of MRT stations and interchanges, notably Bugis, Esplanade and City Hall, which collectively provide access to four MRT lines — Downtown, East-West, Circle and NorthSouth. The ample transport options mean that residents are just a short trip away from key areas such as the CBD, the Marina Bay financial district, and Orchard Road.
In addition to its prime location and connectivity, The M is poised to benefit from the ongoing rejuvenation happening in Bugis. A wave of transformation has taken place in the district following a concerted effort by the government to make Bugis an extension of the CBD. The completion of mixed-use developments such as South Beach and Duo has revitalised the area with new office, retail and residential offerings.
“Over the years, Bugis has transformed from being a tourist attraction mostly concentrated on Kampong Glam into a shopping and dining haven spanning the entire district. Many tall office buildings have been built too, bringing in a wave of new tenants who desire to live, work and play within the same vicinity,” observes Aaron Wan, senior associate group district director at PropNex Realty, which is also marketing The M.
The rejuvenation of Bugis bodes well for long-term capital appreciation of residential properties in the area. EdgeProp Research data shows that non-landed private residential transactions in District 7 reflect an increase in average sales price by a compound annual growth rate of around 6% from 2012 ($1,332 psf) to today ($2,473 psf). This trend of consistent growth is expected to continue as more projects and rejuvenation works are slated for completion within the next few of years.
Aaron Wan (left), senior associate group district director at Propnex Realty, and Tristan Soh, senior marketing director at Huttons Asia, at the two-bedroom-plus-study show unit at The M
Among the residential offerings in the Bugis district, The M stands out for its pricing that offers an appealing entry point for developments within the CCR. Two-bedroom units at The M, which are sized from 592 to 667 sq ft, and two-bedroom-plus-study units of 721 to 764 sq ft have relatively low starting prices of $2,460 psf. “You might not be able to find this pricing anywhere else within the CBD,” remarks PropNex’s Wan.
He adds that The M is unique as it is one of the few developments in Bugis offering two-bedders unit types, which are ideal not just for owner-occupiers but also investors seeking a property that is suitable for renting out.
The latter factor is especially relevant in light of the encouraging rental market. Rentals for private properties rose by 6.7% q-o-q in 2Q2022, faster than the 4.2% growth recorded the previous quarter, underpinned by demand and tight supply in the market. Huttons’ Soh also notes that the post-pandemic reopening of Singapore’s borders will further support demand for rental properties island-wide.
The strong rental market will benefit units at The M, which is poised to enjoy a ready pool of tenants, given the number of offices in the vicinity as well as its proximity to the core CBD area. In addition, the development’s suite of 35 different facilities, including a 50m swimming pool, a clubhouse, a sky terrace and a jacuzzi pool with views overlooking the city, will offer a myriad of lifestyle amenities that will further attract buyers and tenants to The M.
Another attractive feature at The M is the intelligent technologies incorporated in the development. These include smart systems such as touchless wave sensors to access lift lobbies, intercoms with facial recognition technology, smart locks, energy-efficient heat recovery solutions and QR code readers for visitor management.
For more information, please contact:
Tristan Soh | 8100 0611
CEA no. R051299D
Huttons Asia Pte Ltd
Aaron Wan | 8488 6648
CEA no. R051812G
PropNex Realty Pte Ltd