Guoco Midtown set to transform Beach Road area

EdgeProp Singapore |

April 22, 2019 8:00 AM SGT

Guoco Midtown (Credit: GuocoLand)

GuocoLand is about to transform the Beach Road area with the unveiling of Guoco Midtown, a mixed-use development. Cheng Hsing Yao, group managing director of GuocoLand Singapore, has lauded it as the “last piece of the jigsaw puzzle” to connect all other major developments in the area.

Guoco Midtown, a 99-year leasehold site spanning 950,500 sq ft, will offer 30,000 sq ft of retail and entertainment space; 770,000 sq ft of Grade-A office space; and over 200 residences. The integrated development will have a direct link to Bugis MRT Station, and to neighbouring buildings like The South Beach. It will offer unblocked views of Marina Bay, Orchard Road, Kallang Basin, and the sea. It is scheduled to be completed in 1H2022.

In September 2017, GuocoLand purchased the Guoco Midtown site on Beach Road for $1.622 billion, or $1,706 psf per plot ratio. The landplot includes the former Beach Road Police Station, a three-storey, colonial-era building constructed in 1934, which is due to be conserved and restored.

Wallich Residences at Tanjong Pagar Centre

Tanjong Pagar Centre (Credit: Samuel Isaac Chua/ The Edge Singapore)

Another of GuocoLand’s premium developments is Tanjong Pagar Centre, linked directly to Tanjong Pagar MRT Station. It comprises 890,000 sq ft of Grade A offices at Guoco Tower; 100,000 sq ft of retail and F&B space; and 150,000 sq ft of community space, which features a green lawn and rooftop gardens, as well as an open space covered by a glass canopy. It also houses the five-star Sofitel hotel. This development is GuocoLand’s flagship property, and is where the group’s headquarters is located.

Guoco Tower spans 38 storeys, at 280m tall. It is to date the tallest skyscraper in Singapore. Wallich Residence occupies the 39th to 64th floors, with a total of 181 units, which range from 614 to 2,034 sq ft. Four penthouses take up the 58th to 61st floors, with sizes from 3,509 sq ft. Finally, a super penthouse takes up the last two floors – 63rd and 64th – spanning 21,108 sq ft.

On the 39th floor of Wallich Residence, there are facilities including a gym, a jacuzzi, an infinity pool with views of the CBD, landscaped gardens, al-fresco dining nooks, and entertainment rooms. There is also an observation deck on the 62nd floor of the residences, offering views of Singapore’s skyline at a height of 270 metres.

So far, prices fetched at Wallich Residences have averaged $3,328 psf, based on caveats lodged with URA. The highest psf price for a unit at the development has reached $4,560, with an absolute price of $16 million. This is for a four-bedroom, 3,509 sq ft unit on the 58th floor.

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Martin Modern

Martin Modern (Credit: GuocoLand)

Martin Modern, slated for completion in 3Q2021, is GuocoLand’s luxury condo in the Robertson Quay area, in prime District 9. The 99-year leasehold development comprises 450 units spread across two 30-storey towers. It was designed by four-time President Design Award winner, Yip Yuen Hong from ip:li architects. The residential blocks make up a footprint of just 20% of the land, with the remainder of the space freed up for greenery. Unit mix ranges from two-, threeto four-bedroom units, and they are between 764 and 1,798 sq ft in size.

GuocoLand intended to create a home within a botanic garden setting. To that end, the development will boast 15 distinct gardens, comprising over 200 species of tropical trees and plants. Native tree species like jelutong, meranti and chengal will be planted in the gardens. “We believe that Martin Modern will remain at the top of people’s mind,” says GuocoLand, as it is “rare” to find such a landscaped residential site in the Robertson Quay enclave. The groundand top-floor units reach up to 4.2 metres, so residents can have extensive views of the landscaped scenery.

The developer has so far sold 317 out of 450 units, or 70% of its offerings, based on caveats lodged with URA. What is left on the market is a mix of two- to four-bedroom units, which come with either a view of the gardens, the city or the Singapore River, says the developer.

Martin Modern is set on an undulating 171,535 sq ft of land. This means that the lawns, gardens and amenities will be constructed on three different levels, as the land-plot has a varying 10-metre slope difference. There are several themed features throughout the grounds: a forest trail and maze that open to a fitness court; a shallow bio pond, next to a lawn surrounded by trees; and an aquatic garden between the two residential blocks. There is an exclusive garden on the uppermost floor of each residential tower.

The luxury condo is an 11-minute walk to the upcoming Great World MRT Station – on the Thomson-East Coast Line – which is expected to be completed in 2021. Fort Canning MRT Station, on the Downtown Line, is a 13-minute walk away. It is also within walking distance to Robertson Quay, which boasts a stretch of eateries that are popular among tourists and the working crowd.

The units in Martin Modern are fitted with top-range fittings. These encompass Miele kitchen appliances, SMEG refrigerators, Laufen sanitary wares, and AXOR bathroom accessories. In addition, the bathrooms come with full-marble walls and flooring.

Even though the project is a 99-year leasehold development, it has set benchmark prices in a neighbourhood of freehold condos. In the first three months of its launch, from last July to September, the average selling price was $2,201 psf, based on URA caveats. In the first four months of 2019, the average price has risen to $2,677 psf, an increase of 21.6%.

To date, the highest psf price fetched – at $3,208 psf – was for a three-bedroom, 1,012 sq ft unit on the 29th floor. The unit cost $3.3 million and was transacted on Dec 16 last year.

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