FRASERS Centrepoint Ltd’s (FCL’s) winning bid for the Jiak Kim Street plot has been deemed to be bullish.
The S$1,732.55 per square foot per plot ratio (psf ppr) is some 40 per cent higher than the S$1,239 psf ppr that GuocoLand paid in June 2016 for a nearby site which it is developing into the Martin Modern condo.
FCL’s bid set a new high for a 99-year leasehold pure private residential site or residential site with first storey commercial use sold at a state tender.
A seasoned property consultant estimates that GuocoLand’s breakeven cost for the Martin Modern project is about S$1,900 psf.
The consultant estimates Frasers Centrepoint’s breakeven cost for the Jiak Kim project at around S$2,450 psf. Assuming FCL needs a profit margin of, say, 10 per cent, it would be eyeing an average selling price of around S$2,700 psf.
There are, in earnest, numerous benefits for Martin Modern in the central area as afforded by and laid out in the government master plan. Additional features attractive to those residing in the area include:
● More eco-friendly buildings
● The incorporation of innovative principles of airflow into the area’s urban design to make the streets cooler
● Recreational attractions such as the Marina Barrage for recreational aquatic activities
● More car-free zones that will promote alternative forms of transportation such as walking and cycling
● Expansion of green spaces with increased skyline greenery
● The PubliCity initiative as proposed by the URA, which aims to further develop quality public spaces for central area residents through enhancements that incorporate more innovative design and programming specifically to benefit the community.
Those interested in exploring current Martin Modern sales, as prospective residents of the upcoming high-end condominium, will also have the privilege of residing in an area that is supporting goals for furthering environmental sustainability, as well as social and economic sustainability.
Project Name Martin Modern
Street Name Martin Place
Property Type Condominium
Tenure 99 Years Leasehold
District / Planning Area D9 / River Valley
Number of Units 450
Indicative Price Range / Average S$2,072 - S2,842 PSF / S$2,350
Historical High S$2,842 PSF In Jan 2018 For a 1,087 SQF
Indicative Average Price From Historical High -17.3%
Historical Low S$2,009 PSF in Jul 2017 For A 1,1012 SQF Unit
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