First phase of Martin Modern condo sold out. (Photo: GuocoLand Singapore)
The official launch of Martin Modern last weekend (22-23 July) saw close to 90 units sold at a total value of more than $220 million, said developer GuocoLand.
Although more than 2,000 people visited the luxury condominium’s showflat during its first weekend preview on 8 and 9 July, the sales result was still better than expected with the first phase snapped up.
In fact, the initial plan was to launch between 50 to 60 apartments, but more units were subsequently released due to high demand.
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The 450-unit project comprises a range of two- to four-bedroom units from 764 sq ft to 1,798 sq ft.
According to GuocoLand, the units sold were priced from $1.75 million to $4.55 million, or $2,009 psf to over $2,500 psf.
“The response is fantastic as this is a high-end project and each unit is relatively big-ticket,” said Cheng Hsing Yao, Group Managing Director at GuocoLand Singapore.
“What is more encouraging is that more than 70 percent of the units sold were the larger units and 80 percent of the buyers are high-income Singaporeans. We also understand that many of the buyers are considering the units for their own use,” he noted.
Located at Robertson Quay in District 9, more than 80 percent of the 171,535 sq ft residential site will be turned into a botanic garden.
The area is undergoing a major transformation with two new MRT lines and upcoming stations at Great World and Fort Canning, as well as redevelopment of the Kim Seng Road corridor.
Martin Modern is expected to receive its temporary occupation permit by end 2021.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email email@example.com