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Thread: Martin Modern Phase 1 sold out, says GuocoLand

  1. #1
    Join Date
    Jun 2017
    Posts
    26

    Default Martin Modern Phase 1 sold out, says GuocoLand

    Some stats provided by Agent

    70% sold are 3 and 4 bed room units
    Highest psf achieved was $2,529 for a 4 bedder, quantum over $4.5mil
    Purchaser profile: 81% SCs, 13% SPRs and 6% Foreigners.
    Gucco management only wanted to sell 60 units, but sold close to 90 as demand was very strong
    Developer considering closing the slow flat in a few days time to wait for Jiak Kim's land bid

    While rental yield is weak, primary sales for both luxury and mass market (i.e. Thousand Palms EC) faring very well, along with active en-bloc activity, are these signs that the market has bottomed?

    https://www.theedgeproperty.com.sg/c...says-guocoland

    GuocoLand sold approximately 90 units for the first phase of Martin Modern for a total of more than $220 million, over the weekend from July 22 to 23. Each unit was sold at a price range of $1.75 million to $4.55 million ($2,009 psf to more than $2,500 psf). Units sold ranged from two- to four-bedroom units.

    “More than 70% of the units sold were larger units and 80% of buyers were high-income Singaporeans,” says Cheng Hsing Yao, Group Managing Director of GuocoLand Singapore. “This is a strong stamp of confidence in Martin Modern in terms of its quality and growth potential.” Cheng adds that many of the buyers are considering the units for their own use.

    According to GuocoLand, Martin Modern buyers were attracted to the ‘home within a botanic garden’ concept. The project is expected to receive its Temporary Occupation Permit (TOP) by end 2021.

  2. #2
    Join Date
    Mar 2012
    Posts
    495

    Default

    90 units are only 20% out of the total 450 units, still long way to go...

    Can't compare with 100% Pumps or even PPR (50% over 1 weekend).

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