Midtown Modern – Hot selling despite the pandemic
When Midtown Modern, a condo consisting of 558 residential units, closes about 60% of its units recently as of 22 March 2021, some netizens from various forums and social media express hope about the increasing interest in the property market, amidst a devastating pandemic situation.
The condo landscaping concept known as the ‘Nature in the City’ concept is a magnet for fervent buyers. With its location at Bugis, it is without doubt and question a great and a highly unchallengeable location. There is great accessibility to not only at least 3 MRT stations within stones’ throw, it is also located at the heart of the heavy tourist district. Throngs of travelers can be seen at nearby Fortune Centre temples at Waterloo Street, Bugis Junction mall, Arts museum and the ever popular electronics hub of Sim Lim Square.
GuocoLand is the developer of this project. Highly successful in its condo projects for decades, the developer follows Midtown Bay, which was launched in October 2019. Midtown Bay is a 219-unit condominium located nearby. A 99-year leasehold project, this condo is comprised of 2 30-storey towers and a retail podium. Midtown Modern follows the steps of Midtown Bay, which is also GuocoLand’s project. But this time in Midtown Modern, a 5-bedroom unit measuring 3,520 sqft was snapped up at nearly $15 million. Even for the smaller 1- to 2-bedroom units had been snapped up at levels nearing 90%. For medium sized 3-bedroom units, about half were sold. A 100% of 4-bedroom units were also snapped up.
Perhaps the reason for the overwhelming demand for the residential units can be due to demographical interests. Most buyers come from younger age groups or from smaller family sizes. They found the 2- and 3-bedroom units very livable. Some investor-buyers also said that as they age, they intend to move into Midtown Modern for its close proximity to the huge range of amenities and public transportation around the area. These places give the prospective residents great convenience to travel around, creating greater ease to their busy lifestyles. It would be great benefits of living which residents would be appreciative about.
Apart from the many good surroundings the condo is blessed with, Midtown Modern also has many good condo facilities within the premises. There are 10 landscaped gardens, each with different theme, clubhouse, a 50-metre swimming pool, adventure play playground corner, gymnasium, hot spring, tennis court and tea house. Parents with young children can expect to utilise the swimming pool or playground during evening sunsets or weekends or school holidays when leisure time is more freed up. Fitness buffs can make use of the tennis court or the usual gym to shed their calories or reduce their stress after a day at work.
Slated to be completed by 2024, already more than half of the available residential units have been snapped up by prospective buyers and investors. This comes as a surprise, given the tough economic conditions facing Singapore at a time when unemployment is high. Perhaps, the richer people are taking advantage of the perceived low prices of the condo with the belief that prices would ascend in the next coming years when the market situation is expected to pick up better. Also, the coronavirus pandemic could have badly battered the property industry and that attracts many longer term investors seeking better opportunities in the property investment area of interest. Midtown Modern as an asset to consider would not be an exception. During its launch weekend, Midtown Modern had sold off many of its units.
Many condos in Singapore have also been in heavy demand during this difficult economic period. Amidst higher interest in the property market, the Normanton Park and The Reef At King’s Dock have also seen heavy sales during their launch weekend. The former had sold nearly one-third of its units, while the latter sold 65% of its units. Both did it during their launch weekend.
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