SINGAPORE - GuocoLand will launch its new luxury condominium project, Martin Modern, on July 22, in what will be the first large-scale launch in the Robertson Quay neighbourhood in eight years, it said on Thursday (July 6).
The plum site at the corner of Martin Place and River Valley Close, which will yield 450 apartments, was one of the most highly-contested land plots last year.
The units will be released in phases. Pricing has not been determined but will start from S$1.8 million for the smallest units, which are two-bedders.
ERA key executive officer Eugene Lim, who is marketing the project, expects units to be priced around S$2,300 per square foot (psf), based on the prices of neighbouring projects like Rivergate.
Property consultants reportedly estimated GuocoLand's breakeven cost to be between S$1,800 psf and S$1,910 psf. It paid S$1,239 per sqft per plot ratio for the site last year.
Martin Modern's two 30-storey towers will house 450 apartments.
These comprise 150 units of two bedrooms at 764 sqft each, and 90 units of two-bedders plus a study which range in size from 850-883 sqft.
There are 90 three-bedroom units ranging from 1,012-1,087 sqft, and another 60 premium three-bedders ranging from 1,324-1,421 sqft.
The largest units are the four-bedders, which range in size from 1,701 sqft to 1,798 sqft. There are 60 of these four-bedroom units.
GuocoLand group managing director Cheng Hsing Yao said he expects half the buyers to be owner-occupiers, and the other half investors.
Martin Modern, which has a leasehold of 99 years that commenced last September, expects to get its Temporary Occupation Permit (TOP) on Dec 31, 2021.
By then, the new condo would be a five-minute walk from the Great World MRT Station on the Thomson-East Coast Line, which will be ready by 2021.
The sales gallery and show suites will be open for private previews from Saturday (July 8).