Issue 349

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 CONTENTS FROM THE

p2 Unbiased New Launch Review – Martin Modern

EDITOR
Welcome to the 349th edition of the
Singapore Property Weekly.
p11 Resale Property Transactions
Hope you like it!
(February 15 – February 23) Mr. Propwise

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 SINGAPORE PROPERTY WEEKLY Issue 349

Unbiased New Launch Review – Martin Modern

By KK Tong (guest contributor) The unit types are:

A Core Central Region (CCR) project, the

450-unit Martin Modern is located at Martin
Place within the Robertson Quay area.
Situated in a central location near the city, will
this development be able to attract buyers? At
the launch at end July 2017, about 90 units
were sold. Prices ranged from $2,009 psf to
$2,500 psf. As of January 2018, a total of 210 Consisting of two 30-storey blocks, Martin
units have found buyers. Modern offers buyers 2, 3 or 4 bedroom units.
Developed by Guocoland, the development There are no 1-bedroom or studio units,
has a site area of 171,535 sq ft and TOP is which is rare in today’s quantum-play
expected in Dec 2021. property market.

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 SINGAPORE PROPERTY WEEKLY Issue 349
Both blocks are equipped with a roof garden, The facilities at Martin Modern include the
which offers reading and dining pavilions. usual swimming pools, tennis court,
These are accessible for all residents to use. gymnasium, barbeque areas, and a party
lawn where one can host a party on beautiful
Some of the 3 bedroom premium and all the 4
green grass! Pretty cool…
bedroom premium units come with private
lifts. Thoughts from Show Flat Visit

The car park has 450 parking lots.

The main entrance is at Martin Place, and a

side gate is located at River Valley Close.

Figure 2: Floor Plan of Type B4S(2

Bedroom + Study)
Figure 1: Site Plan
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 SINGAPORE PROPERTY WEEKLY Issue 349

Once you enter the unit, the study is on your conditioning system. The door provided is an
left, with the kitchen just behind it. Beyond are aluminium-framed glass sliding door.
the dining and living areas, and the balcony
right at the end. The two bedrooms are just
off the dining area. This type of layout seems
to be the norm for two bedroom units in new
launches.

Figure 4: Kitchen

The U-shaped kitchen is a break from the

Figure 3: Study usual L-shaped or I-shaped ones that are
The study seems to be a pretty good size, usually provided. Here, there is definitely
and can be used as a guest room as it comes sufficient kitchen top workspace as well as
with a window, as well as a wall-mounted air storage space.

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 SINGAPORE PROPERTY WEEKLY Issue 349
Thumbs up! The material used for the kitchen
top looks pretty luxurious. Appliances
included are a combi steam oven, Whirlpool
washer cum dryer, and an integrated Smeg
fridge.
Figure 5: Dining Area
Although the dining area is able to fit a table
for six, the area seems rather cramped and
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the table is in an awkward position. I fancy it
rather blocks the entrance to the bedrooms.
With a unit size of 872 sq ft, I guess there has
to be compromise somewhere, and this is it.
Figure 6: Living / Balcony Areas
The living area is a reasonable size, partly
due to the extended balcony. All balconies are
provided with a sliding screen as a shield
against the elements.
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 SINGAPORE PROPERTY WEEKLY Issue 349

Figure 7: Master Bedroom

The size of the master bedroom is pretty Figure 8: Area Map

decent, with space for a king-sized bed and
two small side tables, as well as sufficient
walking space.
Amenities around the area
Located smack in the city, Martin Modern is
surrounded with amenities within walking
distance.

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 SINGAPORE PROPERTY WEEKLY Issue 349
UE Shopping Mall and Great World City are
less than 700 metres away. Food shopping
can be done at Cold Storage at both these
malls. GWC also offers shoe and clothes
boutiques, and movie buffs can catch the
latest blockbusters at Golden Village GWC.
The distance to Orchard Road is slightly less
than 1 km. Shopping options are endless!
Book lovers can immerse themselves in the
quiet of the library@Orchard located in
Orchard Gateway.
Around Robertson Quay, the eating options
are endless. Clark Quay, just across the
Singapore River, is filled with restaurants and
cafes offering all kinds of cuisine.
Nature lovers can either stroll along the
Singapore River, or take a trek up to Fort
Canning Hill.
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However, being in the city centre, schools are
limited. River Valley Primary and Outram
Secondary are two schools in that area. The
Singapore Management University (SMU) is
about 1.5 km away.
Nearby medical facilities are available at
Singapore General Hospital and Mount
Elizabeth Hospital.
Transport links are pretty comprehensive.
Public connection to the rest of Singapore is
via Fort Canning MRT Station (Downtown
Line) and the future Great World City MRT
Station (Thomson-East Coast Line).
Numerous buses also ply along River Valley
Road. Residents who drive can access the
other parts of the island via the Central
Expressway (CTE).
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 SINGAPORE PROPERTY WEEKLY Issue 349
Positive Aspects of the Development
1. The condo is located around the
Robertson Quay area, with the Singapore
River just nearby and Orchard Road within
walking distance. This scores an A for
location. Surrounding developments are all
private, so exclusivity is a given.
2. Ceiling heights are 3.2m, higher than the
usual 2.8m found in other developments.
3. Fittings and materials used are decent.
Marble flooring is used for the living and
bathrooms areas. Timber flooring is used in
the bedrooms.
4. The sliding screen provided in
balconies is a nice touch.
Negative Aspects of the Development
1. Many developments in that area are
freehold, but Martin Modern is a 99-year
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leasehold, so this can be unfavourable for
buyers.
2. The roads surrounding the development
are mostly single lane roads, so there will be
traffic congestion, especially during peak
hours.
3. The views afforded by the units are
minimal as the development is surrounded by
many tall developments.
Some Thoughts on Units
1. Stacks #1, #2, #3, #11 and #12 will have
the most direct afternoon sun.
2. Stacks #10 and #11 are closest to the
all
substation and refuse room.
If I had to choose a unit, I will probably go for
a high level on Stack #7 facing Martin Place
to avoid the afternoon sun.
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 SINGAPORE PROPERTY WEEKLY Issue 349

Price Comparison Price Comparison Table (2 bedrooms)

Price Comparison Table (3 bedrooms)

Figure 9: Location of Martin Modernand

Surrounding Areas

Martin Modern is located at Martin Place in

District 9, and we will be comparing it with
Martin Place Residences and Starlight Suites,
completed in 2011 and 2014 respectively.

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 SINGAPORE PROPERTY WEEKLY Issue 349

Prices for Martin Modern
For the 2-bedroom units, the clear winner is
Starlight Suites. The size for the 2-bedroom
unit is the biggest among the 3
developments, and its PSF price is also the
most attractive. Moreover, the condo is
freehold, and it’s only 3+ years old.
Martin Modern average PSF prices are in the
range of $500 to $700 higher than Starlight
Suites. Quite a large chunk of cash!
leasehold status loses out to its rival’s
freehold status.
For these 3 developments, price and land
status are the main comparables as they are
located almost side by side. Although Martin
Modern offers a touch of luxury in its fittings
and material, its higher prices are rather
difficult to justify.

For the 3-bedroom units, we are comparing

only two developments as there is insufficient
data for Starlight Suites in the past 3 years. In
this sector, Martin Modern loses out to Martin
Place Residences. First, the average PSF
differential for Martin Modern is higher than its
competitor by about $400. Secondly, its

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 SINGAPORE PROPERTY WEEKLY Issue 349

Non-Landed Residential Resale Property Transactions for the Week of Feb 15 – Feb 23

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
1 THE CLIFT 506 1,065,000 2,105 99 9 RIVERGATE 1,798 3,850,000 2,142 FH
1 ONE SHENTON 1,141 1,802,780 1,580 99 9 1919 635 1,315,000 2,071 FH
3 ASCENTIA SKY 1,970 3,000,000 1,523 99 9 RIVERIA GARDENS 969 1,960,000 2,023 FH
3 THE REGENCY AT TIONG BAHRU 1,636 2,475,000 1,513 FH 9 VIDA 861 1,720,000 1,997 FH
3 ASCENTIA SKY 1,475 1,875,000 1,271 99 9 PARC CENTENNIAL 1,098 1,628,000 1,483 FH
4 REFLECTIONS AT KEPPEL BAY 2,626 5,500,000 2,094 99 9 SOPHIA RESIDENCE 2,939 3,808,000 1,296 FH
4 THE OCEANFRONT @ SENTOSA COVE 1,711 3,100,000 1,811 99 10 8 NAPIER 2,013 6,336,400 3,148 FH
4 CARIBBEAN AT KEPPEL BAY 1,356 2,250,000 1,659 99 10 ARDMORE PARK 2,885 8,400,000 2,912 FH
4 THE INTERLACE 1,905 2,350,000 1,233 99 10 ARDMORE II 2,024 5,850,000 2,891 FH
4 THE INTERLACE 3,380 2,800,000 828 99 10 BEAUFORT ON NASSIM 2,002 4,900,000 2,447 FH
5 ONE-NORTH RESIDENCES 1,109 1,640,000 1,479 99 10 CYAN 1,023 2,230,000 2,181 FH
5 LANDRIDGE CONDOMINIUM 1,948 2,500,000 1,283 FH 10 LATITUDE 1,690 3,500,000 2,071 FH
5 DOVER PARKVIEW 969 1,150,000 1,187 99 10 BALMORAL HILLS 1,841 3,800,000 2,064 FH
5 ISLAND VIEW 3,541 4,200,000 1,186 FH 10 MADISON RESIDENCES 1,464 3,000,000 2,049 FH
5 VARSITY PARK CONDOMINIUM 1,292 1,367,777 1,059 99 10 HOLLAND RESIDENCES 603 1,220,000 2,024 FH
7 SOUTHBANK 1,313 2,020,000 1,538 99 10 THE SIXTH AVENUE RESIDENCES 969 1,730,000 1,786 FH
8 CITYLIGHTS 872 1,360,000 1,560 99 10 PALM SPRING 1,496 2,428,000 1,623 FH
8 CITYLIGHTS 893 1,390,000 1,556 99 10 THE SIXTH AVENUE RESIDENCES 1,582 2,358,000 1,490 FH
8 THE URBANITE 657 930,000 1,416 FH 10 D'LEEDON 1,216 1,800,000 1,480 99
8 URBAN LOFTS 775 800,000 1,032 FH 10 GALLOP GABLES 3,401 5,000,000 1,470 FH
9 NEW FUTURA 1,830 5,707,200 3,119 FH 10 WATERFALL GARDENS 1,830 2,680,000 1,465 FH
9 SCOTTS SQUARE 947 2,900,000 3,062 FH 10 VIZ AT HOLLAND 1,259 1,840,000 1,461 FH
9 NEW FUTURA 1,367 4,184,000 3,061 FH 10 ALLSWORTH PARK 1,033 1,500,000 1,452 999
9 ONE DEVONSHIRE 1,550 3,550,000 2,290 FH 10 DUCHESS CREST 936 1,350,000 1,442 99
9 ONE DEVONSHIRE 1,410 3,200,000 2,269 FH 10 ASTRID MEADOWS 2,357 3,228,000 1,369 FH

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 SINGAPORE PROPERTY WEEKLY Issue 349

Postal Area Transacted Price Postal Area Transacted Price

Project Name Tenure Project Name Tenure
District (sqft) Price ($) ($ psf) District (sqft) Price ($) ($ psf)
10 JERVOIS LODGE 1,927 2,550,000 1,323 FH 15 COSTA RHU 1,012 1,250,000 1,235 99
10 GARDENVILLE 2,874 3,600,000 1,253 FH 15 11 AMBER ROAD 1,905 2,250,000 1,181 FH
11 BUCKLEY CLASSIQUE 1,410 2,850,000 2,021 FH 15 EASTWIND MANSIONS 1,270 1,098,000 864 FH
11 THE GLYNDEBOURNE 1,055 2,130,000 2,019 FH 16 BEDOK RESIDENCES 850 1,350,000 1,588 99
11 ADRIA 657 1,280,000 1,949 FH 16 COSTA DEL SOL 1,227 1,450,000 1,182 99
11 LINCOLN SUITES 1,033 1,960,000 1,897 FH 16 THE BAYSHORE 1,012 970,000 959 99
11 8 BASSEIN 452 820,888 1,816 FH 16 CASAFINA 1,206 1,140,000 946 99
11 NOVENA SUITES 947 1,708,000 1,803 FH 16 AQUARIUS BY THE PARK 893 840,000 940 99
11 SKY@ELEVEN 2,271 3,765,000 1,658 FH 16 THE BAYSHORE 1,012 900,000 889 99
11 APLETON VIEW 1,055 1,735,000 1,645 FH 16 STRATFORD COURT 1,733 1,298,000 749 99
11 THE LINCOLN MODERN 1,410 2,200,000 1,560 FH 18 RIPPLE BAY 1,281 1,278,000 998 99
11 THE LINCOLN MODERN 1,378 2,000,000 1,452 FH 18 THE TROPICA 1,518 1,280,000 843 99
11 LA SUISSE 1,679 2,050,000 1,221 999 18 CHANGI RISE CONDOMINIUM 1,658 1,150,000 694 99
12 THE CITRINE 958 1,250,000 1,305 FH 18 MELVILLE PARK 1,087 720,000 662 99
12 CASA FORTUNA 1,044 1,260,000 1,207 FH 19 CASA CAMBIO 431 651,000 1,512 FH
13 WOODSVILLE 28 829 1,100,000 1,327 99 19 BARTLEY RESIDENCES 904 1,180,000 1,305 99
13 INTERO 1,733 1,770,000 1,021 FH 19 KOVAN MELODY 1,421 1,650,000 1,161 99
14 THE LENOX 431 610,000 1,417 FH 19 LA FIESTA 753 865,000 1,148 99
14 ESCADA VIEW 753 730,000 969 FH 19 KOVAN RESIDENCES 1,798 2,050,000 1,140 99
14 THE WATER EDGE 936 888,000 948 FH 19 A TREASURE TROVE 775 865,000 1,116 99
14 STARVILLE 2,239 1,850,000 826 FH 19 A TREASURE TROVE 1,335 1,450,000 1,086 99
15 THE SEAFRONT ON MEYER 2,314 4,050,000 1,750 FH 19 PARC CENTROS 1,378 1,480,000 1,074 99
15 THE ESTA 1,130 1,900,000 1,681 FH 19 RIVERSAILS 1,421 1,370,000 964 99
15 THE SHORE RESIDENCES 592 938,000 1,584 103 19 PARC VERA 1,410 1,350,000 957 99
15 PEBBLE BAY 1,894 2,881,888 1,521 99 19 PRIMO RESIDENCES 1,539 1,420,000 923 FH
15 THE SHORE RESIDENCES 1,292 1,938,000 1,500 103 19 LA DOLCE VITA 2,303 1,868,000 811 FH
15 PARC ELEGANCE 441 600,000 1,360 FH 19 RIVERVALE CREST 1,389 1,050,000 756 99
15 THE AMBROSIA 1,475 1,870,300 1,268 FH 19 EVERGREEN PARK 1,076 760,000 706 99

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 SINGAPORE PROPERTY WEEKLY Issue 349

Postal Area Transacted Price

Project Name Tenure
District (sqft) Price ($) ($ psf)
20 THOMSON THREE 1,033 1,670,000 1,616 99
20 SKY VUE 678 1,050,000 1,548 99
20 SKY HABITAT 1,292 1,875,000 1,452 99
20 THE GARDENS AT BISHAN 883 938,000 1,063 99
21 SIGNATURE PARK 1,701 2,075,000 1,220 FH
21 TERRENE AT BUKIT TIMAH 1,894 2,200,000 1,161 999
21 SPRINGDALE CONDOMINIUM 1,130 1,250,000 1,106 999
21 SIGNATURE PARK 1,023 1,128,888 1,104 FH
21 CLEMENTI PARK 1,873 1,970,000 1,052 FH
21 HUME PARK I 904 888,888 983 FH
22 PARC OASIS 1,378 1,200,000 871 99
23 HILLINGTON GREEN 1,776 1,680,000 946 999
23 PARK NATURA 2,863 2,628,000 918 FH
23 MAYSPRINGS 904 805,000 890 99
23 REGENT GROVE 1,259 800,000 635 99
26 FOREST HILLS CONDOMINIUM 1,044 823,888 789 99
27 YISHUN SAPPHIRE 1,163 875,000 753 99
27 YISHUN EMERALD 1,399 960,000 686 99
27 ORCHID PARK CONDOMINIUM 1,249 820,000 657 99
28 SELETAR SPRINGS CONDOMINIUM 1,335 940,000 704 99

NOTE: This data only covers non-landed residential resale property

transactions with caveats lodged with the Singapore Land Authority.
Typically, caveats are lodged at least 2-3 weeks after a purchaser
signs an OTP, hence the lagged nature of the data.

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