SC Global to launch Martin No38

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Published August 13, 2008

SC Global to launch Martin No38

By ARTHUR SIM


SC GLOBAL will launch Martin No 38 next month at an average price close to $2,000 per square foot.

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Sleek beauty: Artist's impression of the development, designed by award-winning architect Kerry Hill. It will launch at an average price close to $2,000 psf.

The company said in a statement yesterday that the 91-unit development in Martin Road, near Mohammed Sultan Road and Clarke Quay, will mostly comprise one-plus-one bedroom and two-bedroom apartments ranging from 969-1,130 sq ft. There will be a limited number of larger two-plus-one and three-bedroom apartments, ranging from 1,335-1,485 sq ft.

Knight Frank director (research and consultancy) Nicholas Mak said the pricing appears a little 'bullish' but the developer may feel the project's 'design' merits this.

A unit in nearby Robertson Blue sold recently for around $1,800 psf, he said.

And in March, it was reported that about 30 units at Martin Place Residences in Kim Yam Road sold for an average price of of about $1,800 psf after discounts.

SC Global is best known for developing high-end niche projects. And according to its chairman and chief executive officer Simon Cheong: 'There is always room for the right product. Martin No 38, with the SC Global reputation for quality, will be unique and original. We are confident it will be well received.'

The development is designed by award-winning architect Kerry Hill. It is based on warehouse lofts in New York and London and features high ceilings and seamless interior spaces.

SC Global says: 'An austere and beguiling industrial aestheticism pervades the details of this development, from the blackened tap fittings to the sheet-metal panels in the bathrooms, with their exposed bolt heads, unplastered interior concrete walls, exposed plywood edges of the cabinetry and acres of unvarnished timber.'

SC Global bought the site in 1999 but deferred development until the area had 'rejuvenated itself and the context for this housing concept became ripe'.

SC Global projects under construction include The Marq on Paterson Hill and Hilltops at Cairnhill. The group has a landbank of more than 1.1 million sq ft of gross floor area in the Orchard Road and at Sentosa Cove.

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August 13, 2008 Wednesday

SC Global offers NY-warehouse living at Martin Rd

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The warehouse flats will boast a more rugged design. -- SC GLOBAL

SC GLOBAL is introducing New York-style warehouse living to Martin Road - a first for Singapore - with prices that will be set above the market average.

Like warehouse lofts in Lower Manhattan, the flats will feature high ceilings and seamless interior spaces that can be separated at will, using walls that slide and hide away.

And unlike traditional high-end developments here, Martin No. 38, as the project is called, will have a more rugged design of raw concrete, base metal finishes and unvarnished timbers.

Australian architect Kerry Hill is designing the project, which is on the site of a former warehouse near the Singapore River.

The freehold development, which will be launched later this year, will be 15 storeys high with 91 units, including four penthouses with pools.

Most of the units will be small - from 969 to 1,130 sq ft each - but there will be some larger ones of 1,335 to 1,495 sq ft each.

SC Global is aiming to sell the units at an average of $2,000 per sq ft (psf).

Prices of projects in the same area are around $1,200 to $1,850 psf, according to Knight Frank. Newer projects like 8 Rodyk cost more - a 721 sq ft apartment sold at $1,800 psf last month.

But market sentiment remains weak, with buyers staying away, especially from the high-end sector, which surged dramatically last year.

Prices have since slipped while activity has slowed considerably. But there is always room for the right product, said SC Global chairman and chief executive Simon Cheong, who is confident Martin No. 38 will be well-received.

SC Global bought the site in 1999 but said it deferred development until the area was rejuvenated and the concept of warehouse lofts became viable.

JOYCE TEO