PROJECT DETAILS

LOCATION and AMENITIES

Amenities Near New Condo at Martin Place/ River Valley Road

FACILITIES and SITE PLAN

The Facilities and site plan of new and upcoming condo in Martin Place, off River Valley Road, are currently seeking approval from relevant authorities. If you would like to be updated on first hand information for New Martin Place Condo, Please
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RESIDENTIAL FLOOR PLANS

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PRICE TRENDS FOR DEVELOPMENTS IN DISTRICT 09

If you’re looking to buy New condo in Martin Place 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

TRANSACTION PRICES OF MARTIN PLACE RESIDENCNCES

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.

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%.

VICINITY

Courtesy of LiFineArt/ Hakaren

LOCATED SHORT DISTANCE TO KEY GROWTH DISTRICT

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.

GUOCOLAND WON TOP BID FOR LAND PARCEL SITE IN MARTIN PLACE RIVER VALLEY FOR CONDO DEVELOPMENT

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.

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.

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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