Midtown Modern is conveniently located in District 7 of Singapore which is just a stone’s throw away from Bugis MRT Station. With its launch tentatively scheduled for March 2021, Midtown Modern is a 99-year leasehold development and is expected to obtain its Temporary Occupation Permit (TOP) 2024 or later.
Comprising 580 units, its substantial size and will boast adequate facilities to serve residents’ needs. This development is a joint venture between GuocoLand and Hong Leong Holdings.
GuocoLand acquired the site for Midtown Modern through the Government Land Sales (GLS) programme in 2019. Its winning bid of S$800.2 mil was only 4.2% higher than the next bidder, according to the Urban Redevelopment Authority’s (URA) website. This indicates that GuocoLand did not overbid for the land as the second-highest bidder also valued the land at a similar price. Hence, we believe that GuocoLand will likely be able to price Midtown Modern competitively as they did not overpay for the plot of land.
The site area for Midtown Modern is 11,530.80 sqm and it has a maximum permissible Gross Floor Area (GFA) of 48,430 sqm. Under the URA’s Bonus GFA Incentive Scheme, developers can enjoy an additional 7% bonus GFA for building balconies and other open spaces. Using the land bid price and the total allowable GFA, we are able to determine the PSF Per Plot Ratio (PSF PPR), which is at S$1,435.