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Singapore Urban Redevelopment Authority (URA) has sold a residential site in Martin Place, off River Valley Road, as part of Government Land Sales (GLS), in 3rd quarter of 2016. This land parcel is bounded by Martin Place, River Valley Close and Kim Yam Road, is within the Core Central Region of Singapore. It is under River Valley Planning area and listed under the confirmed list of sites and is allocated to be developed into a residential condominium. It has a land site area of 171,535 square feet of land and is expected to house approximately 450 units.

Other developments nearby New Condo include Martin Place Residences, Aspen Heights, Rivergate, Espada, Twin Peaks and New Futura.


Martin Modern- Connectivity
New and Upcoming Condo in Martin Modern is near to Somerset Mrt Station serving the North South Line. It is 1 station to Dolby Gaut where residents can transit to the Circle Line where they can have more options of destinations. Residents of Martin Place New Condo will have greater accessibility when Great World MRT Station, serving the Thomson East-Coast Line, which is located approximately 500 m away starts its operation in 2021. This station will bring residents directly to:

Orchard Station
Shenton Way Station
Marina Bay Station
Marina South Station
Garden by the Bay Station and towards the
East Coast Parkway 

For drivers, New Launch Condo in Martin Place is approximately 4 minutes’ drive away to the downtown financial district and Marina Bay Financial District. Martin Place is easily connected to the Central Expressway (CTE) which links to various major Expressways. East Coast Parkway (ECP), Marina Coastal Expressway (MCE). This allow easy island wide driving to many parts of Singapore.


Martin Modern- Amentities
New and upcoming Condo in Martin Modern is a short stroll, approximately 600 m away, to the Great World City where its future residents can access to various retail, eating, leisure and entertainment facilities. It is also less than 1 km away walk to Orchard Road where major shopping malls are plenty such as TripleOne Somerset, Orchard Central, The Heeren, Mandarin Gallery Ngee Ann City and The Centrepoint .


Martin Modern- Educations
Local schools which are located within 2 km from New Martin Modern include River Valley Primary School, St. Margaret Primary School, Anglo Chinese Junior School (ACJC), Zhangde Primary School, Outram Secondary School and Gan Eng Seng School. There are tertiary and postgraduate institutions within the vicinity of New Martin Place Condo an
d they include The University of Chicago Booth School of Business, Nanyang Academy Of Fine Arts and also the Singapore Management University (SMU). International schools which are near to New and upcoming Condo in Martin Place also include The Swedish Supplementary School, The Finnish Supplementary School, The Chatsworth International School (Orchard Campus), Overseas Family School, The ISS International School (Elementary), The Eton House International School and The Insworld Institute.


It is a short distance to Robertson Quay, Clarke Quay and Singapore River where there are many bistros and cuisines, which residents of  Martin Modern will be able to chill out and enjoy. In terms of lifestyle, residents will have choices to many parks and recreation clubs such as Fort Canning Park, Pearl’s Hill City Park, The American Club and Tanglin Club.

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Other Developments in
Core Central Region

Heart of New
Central Financial District
Marina One Residences
Heart of Tanjong Pagar
Financial District
Wallich Residence with
181 Limited Collection,
Super Penthouse at 21,108sqft

Project  Martin Modern
Developer  GuocoLand
Location  Martin Place, River Valley Close
District  09
Tenure  99 years lease
Site Area  15,936.1 sqm/ 171,537 sqft
GFA:  44,622sqm
Plot Ratio
Expected TOP:
Total Units  Approximately 490 residential apartments
Total Carpark
Development  Condo comprising of 
Unit Type:
Eligibility SC/ SC, SC/SPR and Foreigner


Condo- Martin Place site locationCondo- Martin Place location1

Amenities Near New Martin Modern

Category Important Amenities near Martin Modern Approximate Distance
Train Stations Great World (TS15) Thomson Line Due 2021
Somerset (NS23)
Bus Stop Airview Towers (Bus: 32, 54, 139, 195, 530, NR6, NR7)
The Morningside (Bus: 32, 54, 139, 195, 530, NR6, NR7)
Supermarkets Cold Storage (Great World City)
Fairprice (TripleOne Somerset)
Sheng Siong (Chin Swee Road)
Giant (Redhill Blk 86)
Shopping Malls Great World City
UE Square Shopping Mall
TripleOne Somerset
Orchard Central
313@Somerset Scape
Liang Court
The Heeren
Mandarin Gallery
The Centrepoint
Education Institutions Preschool
Chinese Kindergarten
YWCA Kindergarten (Outram)
Kay Poh Road Baptist Kindergarten
PCF Kreta Ayer-Kim Seng Blk 79
JHS Montessori Kindergarten
Artskidz Preschool
Little Hands Montessori Kindergarten
Little Raindrops Montessori Pre-School
PCF Tanjong Pagar-Tiong Bahru Blk 6
Fairfield Methodist Church Kindergarten
River Valley Primary School
Saint Margaret’s Primary School
Zhangde Primary School
Anglo-Chinese School (Junior)
Outram Secondary School
Gan Eng Seng Secondary School
Junior College
Catholic Junior College 3.5km
The University of Chicago Booth School of Business
Singapore Management University
Nanyang Academy Of Fine Arts
Swedish Supplementary School
Etonhouse International Pre-school
Chatsworth International School (Orchard Campus)
Finnish Supplementary School
Overseas Family School
International School Singapore
Food Centre Zion Riverside Food Centre
Havelock Road Block 22A Food Centre
Tiong Bahru Market
Beo Crescent Block 38A Market and Food Centre
Hong Lim Market & Food Centre
Chinatown Complex Market and Food Centre
People’s Park Complex Food Center
Maxwell Market
Golden Shoe Food Centre
Lau Pa Sat
Amoy Street Food Centre
Bukit Merah View Block 115 Market And Food Centre
Jalan Bukit Merah Block 112 Market And Food Centre
Lifestyle HomeTeamNS @ UE Shopping Mall
Fort Canning Park
The Legends
Istana Park
Pearl’s Hill City Park
Hong Lim Park
HomeTeamNS @ Chinatown
Tiong Bahru Park
The American Club
People’s Association Staff Club
Singapore Cricket Club
Singapore Recreation Club
Esplanade Park
Tanglin Club
War Memorial Park


The Facilities and site plan of new and upcoming Martin Modern, off River Valley Road, are currently seeking approval from relevant authorities. If you would like to be updated on first hand information for Martin Modern, Please
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If you’re looking to buy Martin Modern or District 09 area, it is important to understand the sub-market there. Property seekers should not only look at the big quarterly headlines for overall real estate prices, but also at the trends in the area, and even the project itself, if only to get a better idea of what is a fair sale or rental price to pay, or potential windows of investment returns.

For here, we will be delving into overall price trends in District 09 for the past four years, and comparing it with the overall movements in real estate industry.

Overall price trends in District 09

Good time to buy in District 09?

Marin Place Residences  Rivergate price quantum



Martin Place Residences  Rivergate monthly rental



Martin Place Condo


The 302-unit freehold Martin Place Residences is located just off Kim Yam Road in River Valley in prime District 9. The 33-storey twin tower development by Frasers Centrepoint was fully sold and completed in 2011.

A one-bedroom unit at Martin Place Residences was recently sold for $1.32 million.

Condo- Martin Place Residences

About 80% of the owners at Martin Place Residences are investors, and only 20% are owner-occupiers. Landlords can still find tenants easily. It is very popular with the expatriates.

A 592 sq ft, one-bedroom unit located on the 17th storey of one of the blocks changed hands for$1.32 million ($2,230 psf), according to a caveat lodged on Dec 28. 2015. The price translates into a capital gain of 47.8%, as the seller purchased the unit in June 2009 for $893,000 ($1,508 psf).

The unit is currently leased at $4,000 a month for two years until September 2017, which translates to a gross rental yield 3.6%.


Condo- Martin Place Vicinity

Condo- Martin Place Singapore River Art 3

Condo- Martin Place Singapore River Art 2

Condo- Martin Place Singapore River art

Condo- Martin Place Singapore River Art 4

Courtesy of LiFineArt/ Hakaren


City Central Region, Singapore URA Master Plan 2014

Singapore Urban Redevelopment Authority URA Master Plan 2014 envisions some exciting developments for the whole of Singapore's central area including Tanjong Pagar, The Greater Southern Waterfront District,  City Hall, Marina Bay, Suntec and Bugis-Rochor area. The new prime City Central area will be a place for the people to engage community and arts, showcase Singapore's creative and artistic expression and links to Singapore's past and future aspirations. There will be more pedestrian- friendly precincts, public spaces and parks, night lightings and trees.

City Centre at Marina Bay is a unique and dynamic waterfront district, Garden City by the Bay, extending seamlessly from the CBD and it is zoned to be

  • the next CBD, focusing on financial and business related activities
  • More Commercial, residential buildings, hotel and entertainment spots are to be built.
  • It will be a lifesytle destination for variety of water-based activities and events.
  • Exensive road and rail network in the pipeline and 
  • Padestrain bridges that loops attractions and open spaces around the Bay.

Marina South will have

  • a new population catchment as it will have a residential district of 9,000 new homes, with mix-development plan of hotels, offices and entertainment
  • elevated landscape walkway that links the Bay South Garden to Marina South seafront
  • 800 metres padestrain walkway beween the upcoming Marina South and Gardens by the Bay MRT Station
  • underground carpark that allows motorists to drive between buildings that reduce ground level traffic
  • feaures that can collect rain water and harness wind energy
  • continuous waterfront promenade will be creaed from Marina South to Labrador for joggers and cyclists.

Beach Road/ Ophir- Rochor will have abundant conveniences being in the heart of City.

  • It will be further of the CBD with extension of convention, offices and hotel hub of Marina Centre
  • There will be more developments of office cluster for financial business institutions.
  • It will be turned into an exciting Commercial hub, blending with entertainment, cultural and lifestyle.
  • It will be turned into a strategic transport hub, the area will be well connected by rail and road network to many parts of Singapore.

Capitalising on Bugis and Bras Basah rich architectural and cultural heritage, URA is embarking on urban renewal efforts to transform it dramatically into Singapore's art, culture. learning and entertainment district.

From the cultural enclave of Kampong Glam to National Arts Gallery in the Civic and Cultural District to high skyscappers in Marina Bay, this growth area in Sturdee Road Condo promises residents a 24/7 city lifestyle. New major landmark developments will transform the city skyline, offering prestigious address locations and spectacular views out across the city. Strategic developments with conservation buildings will continue to inject vibracy, turning it into a lively art and education place, as an emerging commercial hub that will complement Singapore financial district. 


The Martin Place new site in District 9 drew 13 bidders, 10 of them local developers - a clear vote of confidence for the Singapore property market.

GuocoLand, which is controlled by Malaysian Quek Leng Chan, submitted the top bid of $595.1 million or $1,239 per sq ft per plot ratio (psf ppr). This was just above the next bid of $588 million or $1,224 psf ppr by companies also under the Kwek family - City Developments unit Verwood Holdings, Hong Leong Holdings unit Intrepid Investments, TID Residential, and Hong Realty unit Garden Estates.

Condo- Martin Place land sales bids

The offer price for Martin Place site of $1,239 psf ppr would be a record for a pure GLS residential site and exceeds the $1,163 psf ppr cost for the Highline Residences site in April 2013. The last time a site was made available in the vicinity was back in March 2011 at Robertson Quay ($938 psf ppr) and the last site awarded in District 9 was at Mount Sophia back in September 2013 ($1,157 psf ppr)

The Urban Redevelopment Authority has stipulated a maximum 450 units for the Martin Place condo site, probably because of traffic conditions in the area, which means the average unit size in GuocoLand's project will be 1,076 sq ft. This is smaller than the average size of units that have changed hands in Rivergate and Martin Place Residences this year but bigger than that for Cairnhill Nine.

Property consultants have estimated GuocoLand's breakeven cost at between S$1,800 psf and S$1,910 psf. This seems to leave a fairly thin profit margin as property consultants expect a new 99-year leasehold project on the site to fetch around S$2,000-2,300 psf on average if it were to be launched today.

They based their estimates using sale evidence this year at Rivergate and Martin Place Residences (two freehold projects nearby, completed in 2009 and 2011 respectively) and Cairnhill Nine, a 99-year leasehold project off the Orchard Road shopping belt that sold like hot cakes when released in March this year (2016). The consultants factored in differences in age, tenure, location and average unit sizes.

GuocoLand will be able to take advantage of launching a product that suits the market, at an opportune time when the market recovers, either because of a tweak in measures or when the market recovers.

"The Martin Place site is large and we will be creating and launching a beautiful development. Part of the site has a 20 storey heigh restriction, while the rest of the plot can be built up to 30 storeys." said GuocoLand Singapore managing director Cheng Hsing Yao.

Condo- Martin Place location1

The site in new condo at Martin Place will be a short walk from the future Great World MRT Station on the Thomson-East Coast Line; this station will be just one stop from the Orchard Station and five stops from Marina Bay Station.

The Martin Place site is near the Robertson Quay F&B belt and GuocoLand's future condo project will also appeal to families seeking places for their children at the popular River Valley Primary School nearby.

In practical terms, the earliest that GuocoLand is likely to be able to launch Martin Place Condo would be late next year given the time required for the design phase of what is expected to be a high-end product; GuocoLand has said that thanks to the substantial land area of the District 9 site, the project will feature some of the group's "trademark luxurious living and lush amenities" as seen at its Goodwood Residence and Leedon Residence condos.

However, GuocoLand could also bide its time and roll out its projectin Martin Place later, say in 2018 or even 2019; this would sync with a view gaining currency that the outlook for high-end homes in Singapore's Core Central Region (CCR) is set to improve over the next few years.

Brighter outlook

For one, the supply picture is likely to brighten in the CCR. Developers affected by sales deadlines under Qualifying Certificate (QC) conditions are generally expected to be done selling a chunk of new units in their completed projects in the CCR in the next couple of years - to avoid or at least minimise payment of extension charges to the state.

There is also a limited fresh supply of new condo projects in Singapore's prime districts; collective sales - the traditional land source for a residential project in these locations - are hard to buy. And as for Government Land Sales tenders, residential land parcels in Singapore's prime districts - such as the Martin Place plot that GuocoLand has bagged - are relatively rare offerings.

Already, prices of high-end condos seem to be bottoming out, after having corrected more substantially than their suburban counterparts during the initial stages of the current downcycle. When demand in the prime market recovers, there could be a shortage and prices could shoot up again.

GuocoLand has five years, till June 30, 2021, to complete the project and sell all the units - as part of the conditions for upfront remission of the 15 per cent additional buyer's stamp duty (ABSD) on the purchase price of the residential site.

So from all accounts, GuocoLand stands to reap a small profit if it were to launch its Martin Place Condo in the near future, and probably a more lucrative return if it launches later.

That said, adopting a longer-term strategy is not without risks. There may be external events that could trigger another property downturn. Or what if institutional and other investors who have made bulk purchases in Singapore high-end condo developments start offloading their units to cash in on a price recovery in the CCR?

This may limit the price upside in this segment, including GuocoLand's project. In any case, any potential price recovery in the CCR would be limited unless the cooling measures, especially the prohibitive 15 per cent ABSD on foreign buyers, are removed.

GuocoLand was not alone in placing what seems to be a bullish bid for the Martin Place tender. Its bid was just 1.2 per cent more than the second highest bid of S$1,224 psf ppr from the Singapore Hong Leong Group, headed by Mr Quek's cousin Kwek Leng Beng.

Both bids were above the top end of market expectations. The remaining 11 bids in the tender came in below S$1,200 psf ppr.

We can't be entirely sure what went into their calculations but perhaps the two men with a strong track record in property development are able to envisage something that others find it hard to fathom at this stage.

Source: Straits Times AsiaOne


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