Artist’s impression of jacuzzi pool with city view at The M (Picture: Wing Tai)
SINGAPORE (EDGEPROP) - Based on caveats lodged with URA as at July 18, 484 units of The M were sold; indicating a take-up rate of 92.7%. The popularity of this leasehold development is due to its relatively reasonable pricing and convenient location.
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Transacted prices ranged from $962,000 for a 409 sq ft studio on the third level to $2.5 million for a 1,012 sq ft three-bedroom dual-key unit on the top floor and four 904 sq ft, three-bedroom dual-key units from levels 16 to 19. Many of the top floor units have a strata void above the living and dining areas which gives these areas floor-to-ceiling heights of 5m. The other units also have a higher than usual ceiling height of 3.5m which makes the units at The M feel bright and spacious.
On a unit price basis, the lowest transacted price was $2,127 psf for a 667 sq ft two-bedder on the fourth level. A 614 sq ft two-bedder on the 19th level fetched the highest price of $3,035 psf.
In 2022, The M is transacting at $2,778 psf which is lower than new sales of leasehold condominiums in District 7 ($2,833 psf) and merely $106 psf higher than those in the Downtown Core planning area ($2,672 psf). The M is a reasonably priced option for buyers who wish to live in the heart of the city or investors looking to add a city home to their portfolio.
All studios and one-bedders at The M are sold out. This is proof that The M is a very compelling investment buy due to its palatable price level and convenient location.
In addition, Wing Tai will provide flexible furniture that allows residents to work comfortably at home as part of their Home/Work concept. Studio units will have movable countertops that can be used as a dining or study table but will slide over the entire kitchen top when not in use. Studio units will also have movable cupboards while one-bedroom plus study units will have a hidden storage space by the entrance. These innovative features help to maximise the square footage of the smaller units.
Showflat of studio unit with movable cupboards and counter-top (Picture: Samuel Isaac Chua/EdgeProp Singapore)
All 17 three-bedroom dual-key units are sold out at prices ranging from $2.058 million to $2.5 million ($2,276 to $2,765 psf).
The demand for dual-key units could be due to their ability to function as two separate apartments although it is considered only one unit because it has a single property title. As such, buyers can rent out the unit to two different tenants or stay in the larger apartment while renting out the studio. Multi-generation families would also appreciate the additional space and privacy.
The location of The M in the heart of Bugis plays a large part in its popularity. Bugis is a vibrant area with lots of malls, eateries, offices and cultural activities. The M is also located within walking distance of Bugis, City Hall and Esplanade MRT Stations; collectively providing access to four MRT lines. Nicoll Highway and East Coast Expressway are a short drive away.
The many nearby office towers provide a ready pool of tenants. Surrounding offices include Suntec City Towers, Raffles City Tower, Bugis Junction Tower, South Beach Tower and the upcoming Shaw Tower. The nearby schools (Singapore Management University, School of the Arts, Nanyang Academy of Fine Arts and LaSalle College of the Arts) also provide a pool of international students as possible tenants.
The M has numerous facilities including the 50m Starlight Pool, jacuzzi pool, gym, cafes on ground level as well as Club M with five flexible function rooms.
The top-of-line fittings provided by Wing Tai persuaded many buyers to sign on the dotted line. The M will have smart home systems such as a heat recovery solution, face recognition security access, touchless scanners for access to communal facilities and QR readers for the visitor management system. Lush landscaping that complements the façade will be planted around the development to provide additional privacy and buffers against traffic noise.
The B5 (stacks 3 and 4) and B6 (stack 44) series have all been sold out. The popularity of the B5 series could be attributed to its lower total price due to its smaller size while stack 44 is expected to have limited traffic noise due to its inner facing.
Stacks 5 and 32 have the most available stock among two-bedroom units. The poorer performance of Stack 5 could be because it faces busy Beach Road while stack 32 faces North Bridge Road. Both stacks also have a long foyer corridor which could be deemed as space inefficiency by some buyers.
Stack 43 is the only stack of two-bedroom plus study units that is fully sold. Factors in its favour include a smaller size which translates to a lower total price. The stack will also have minimum exposure to the afternoon sun. Stack 30 has the most available units as it faces the west.
Interested buyers will be pleased to know that there are unsold two-bedroom and two-bedroom plus study units on the high floors. There are also eight unsold one-bedroom plus study units.
For two-bedroom units, buyers should consider the B2 (stacks 36 and 37) and B3 (stacks 38 and 46) series. Type B3 (624 sq ft) units are slightly larger than type B2 units (592 sq ft) because both types have different floor layouts.
Showflat of two-bedroom unit (Picture: Samuel Isaac Chua/EdgeProp Singapore)
Type B3 may be more suitable for families with young children because the bedrooms are clustered together which makes it easier for parents to check on their children at night. The dumbbell layout for type B2 means that the bedrooms are separated by the living, dining and kitchen areas. Both types have only one bathroom so the occupant of bedroom 2 for type B2 will have to walk further to use the bathroom located beside the master bedroom. Type B2 is also expected to experience more afternoon sun than type B3.
Stacks 38 and 46 share the same layout (type B3). However, stack 46 is preferable as it does not face any roads unlike stack 38 which faces North Bridge Road. Interested buyers will have to hurry as both stacks only have one available unit each.
Buyers who want more space can consider two-bedroom plus study units especially units in stacks 1 and 35. Both stacks have a similar layout and size (743 sq ft) but stack 1 has a slight edge because it has less exposure to the afternoon sun. Stack 1 also has direct views of the Starlight Pool while stack 35 is expected to have only pocket views.
Check out the latest listings near The M, Bugis, Suntec City Tower, Raffles City Tower, Bugis Junction Tower, South Beach Tower, Shaw Tower, City Hall MRT Station, Esplanade MRT Station, School of the Arts, Nanyang Academy of Fine Arts, LaSalle College of the Arts