90% of all one- and two-bedroom units and close to 50% of all three-bedroom units were sold.
Midtown Modern saw an overwhelming demand during its launch, with 340 units or 61% of the development’s 558 units sold over the weekend launch.
Specifically, around 90% of all one- and two-bedroom units and close to 50% of all three-bedroom units were shifted during the launch.
Eight four-bedroom units were also sold as well as one of the two penthouses.
“The price per sq ft (psf) achieved by Midtown Modern ranged from $2,401 psf to $3,501 psf, with units sold at an average price close to $2,800 psf,” said GuocoLand.
With this, a one-bedroom unit fetched $1.17 million and $5.63 million for a four-bedroom unit.
The five-bedroom penthouse, which spans 3,520 sq ft, went for $14.83 million or $4,213 psf.
“The overwhelming demand for Midtown Modern can be attributed to the development’s unique features which are unreplicable – direct access to Bugis MRT interchange station, being part of the transformative Guoco Midtown, and full condo facilities with more than one hectare of gardens and forest right in the heart of the city,” said Dora Chng, General Manager, Residential at GuocoLand Singapore.
Singaporeans accounted for 85% of the total buyers, while permanent residents and foreigners made up the remaining 15%.
GuocoLand noted that the buyers profile include “a mix of owner-occupiers and investors across different demographics, from singles or couples who favoured the one-bedroom and smaller two-bedroom units, to families who were impressed with the highly efficient and liveable larger two-bedroom (that comes with two bedrooms, two baths and a utility room) and three-bedroom units”.
Most of the owner-occupier buyers come from smaller household sizes or are of younger age groups, who found the two-bedroom and three-bedroom unit layouts “very thoughtfully designed for liveability”, said Chng.
In fact, some of the investor-buyers also expressed their intention to eventually move into Midtown Modern when they get older.
“We are expecting larger families to come as they get better acquainted with the development,” added Chng.
Set to be completed in 2024, Midtown Modern is a joint venture between GuocoLand, Hong Leong Holdings Limited and Hong Realty (Private) Limited.
It opened for preview on 6 March, with the show gallery situated at Kallang Airport Way.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: firstname.lastname@example.org