Sales at Martin Modern, Queens Peak spike in reaction to sales of GLS sites

Three units at the 99-year leasehold Martin Modern, in prime district 9, were sold between Nov 21 and 28. One of them was a 1,798 sq ft, four-bedroom unit on the 17th floor that was sold for $4.51 million ($2,510 psf), according to a caveat lodged on Nov 26. The two other units sold, 872 sq ft, two-bedders on the 11th and 17th floors, fetched $2.05 million ($2,354 psf) and $2.07 million ($2,375 psf), respectively. According to GuocoLand, 211 units in the 450-unit high-end condominium had been sold as at Dec 5, bringing the take-up rate to 47%.

Buying interest in Martin Modern is likely to pick up further in light of the recent winning bid submitted for the Jiak Kim Street government land sale site tender that closed on Dec 5. The highest bid of $955.4 million ($1,733 psf ppr) from Frasers Centrepoint is 39.9% higher than the price GuocoLand paid for Martin Modern’s site

Forty-seven per cent of the 450 units at Martin Modern have already been snapped up
(Picture: Albert Chua/The Edge Singapore)

Tricia Song, head of research for Singapore at Colliers International, expects an average selling price of $2,600 to $2,700 psf for the future development. This is around 10% higher than the median price of $2,343 psf for 47 units at Martin Modern that were sold in October.

According to Christine Li, director of research at Cushman & Wakefield, this is in line with market expectations that new home prices will rise about 5% to 10% next year. After the launch of the Jiak Kim Street site in October, prices at Martin Modern rose from about $2,152 psf to $2,564 psf last month, notes Li.

Even resale prices and transaction volume at Martin Place Residences had risen in October and November, when four units changed hands. These ranged from $1.43 million for a 592 sq ft, one-bedroom unit on the 31st floor to $3.6 million for a 1,722 sq ft, three-bedroom-plusstudy unit on the 20th floor. In terms of price psf, the range was from $2,059 to $2,415 psf.

Queens Peak on Dundee Road saw 34 units sold in just one week, from Nov 21 to 28. Total sales for the month was 64 units at an average price of $1,685 psf, based on caveats lodged so far. This means the 736-unit project linked to the Queenstown MRT station is 76% sold.

About 34 units were sold at Queens Peak in the last week of Nov, bringing total sales to 76%
(Picture: Property agent)

Prices of units sold in the last week of November ranged from $1.25 million for a 1,055 sq ft, three-bedroom unit to $2.47 million for a 1,507 sq ft, four-bedroom unit on the 43rd level. Price psf ranged from $1,548 to $1,833 psf.

According to property consultants, the spike in transactions is also a reaction to GLS sites sold in the neighbourhood. For instance, the site at Stirling Road, which was purchased by the joint venture between Chinese developers Nanshan Group and Logan Property for $1 billion ($1,051 psf ppr). When the site was purchased in May, Nicholas Mak, executive director of ZACD Group, had estimated that the selling price of new project. This is already above the average transacted price at Queens Peak in November.

This article appeared in the EdgeProp Pullout, Issue 809 (Dec 11, 2017)

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