Business

Martin Modern condo in Robertson Quay to be launched on July 22

GuocoLand will release its new luxury Martin Modern condominium project on July 22 - the first large-scale launch in the Robertson Quay neighbourhood in eight years.

The site at the corner of Martin Place and River Valley Close, which will yield 450 apartments, was one of the most hotly contested land plots last year.

The units will be released in phases. Pricing has not been fixed yet but will start from $1.8 million for the smallest apartments, which are two-bedders. Marketing agents expect pricing to be around $2,300 per square foot (psf).

The nearby 302-unit Martin Place Residences has had an average transacted price of $1,969 psf over the last 12 months, according to ZACD Group.

Average prices for Martin 38 were $2,305 psf and $1,949 psf for the 545-unit Rivergate.

Mr Nicholas Mak, head of research and consultancy at ZACD Group, estimated GuocoLand's break-even price will be around $1,900 psf.

The firm raised eyebrows when it paid $1,239 psf per plot ratio for the site last year.

Mr Mak said: "You've got to give credit to them. What some developers would do is carve out many small shoebox units to squeeze a higher psf price, but they didn't."

Martin Modern's two 30-storey towers will house 150 units of two bedroom flats at 764 sq ft each, 90 units of two-bedders plus a study, 90 three-bedroom units, 60 premium three-bedders and 60 four-bedders.

GuocoLand expects half the buyers to be owner-occupiers and the other half investors.

Martin Modern, which has a leasehold of 99 years, should be completed by 2022.

By then, it will be a five-minute walk from the Great World MRT Station on the Thomson-East Coast Line, which will be ready by 2021. - THE STRAITS TIMES

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