GuocoLand was awarded with a 99-year leasehold private housing site, situated at the corner of Martin Place and River Valley Close. The site was offered by Urban Redevelopment Authority (URA) in 2016. GuocoLand, the developer of Martin Modern, which offered the highest bid out of 13 total bids, bought the private housing site for S$595.1m. The development of approximately 480,306.75sqft translates to about S$1,239 psf ppr. The original site measures around 1.6 hectares.
A development could potentially turn the plot of land into a residential condominium with a total of 450 residential apartment units, within 2 blocks with 30 storeys each. Furthermore, with an estimated number of 450 carpark lots, this means that there are enough parking lots even if every family were to have their own car. This new project is expected to be very popular due to one of the blocks being able to enjoy a north-south facing orientation, and that the units will enjoy unobstructed panoramic views of the townscape.
Many homeowners tend to look for north-south facing units as this would mean the sun would not be too strong and thus heating up the apartment, be it in the morning or afternoon. The other block, however, would have an east-west facing orientation. That being said, GuocoLand would definitely be coming up with a solution to deal with the afternoon sun and the heat that it would bring.
The new development project site is situated in the heart of the city, being in the middle of tourist attractions and other local hotspots such as Chinatown, Marina Bay, Harbourfront, Orchard Road, and Clarke Quay. These factors, including the ease of transport and taking into account the abundance of amenities in the vicinity, Martin Modern is sure to be popular and highly sought after, and will definitely prove to be the next exciting launch of a new leasehold condo in December 2021.
As more upgrading works are carried out in the area, the new condo would be expected to be sold higher than the purchase price of S$1,239 psf ppr, once the development of the surrounding amenities is completed in the future.
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