Unbiased New Launch Review – Martin Modern

March 8, 2018

Unbiased New Launch Review – Martin Modern

By KK Tong (guest contributor)

A Core Central Region (CCR) project, the 450-unit Martin Modern is located at Martin Place within the Robertson Quay area. Situated in a central location near the city, will this development be able to attract buyers? At the launch at end July 2017, about 90 units were sold. Prices ranged from $2,009 psfto $2,500 psf. As of January 2018, a total of 210 units have found buyers.

Developed by Guocoland, the development has a sitearea of 171,535 sq ft and TOP is expected in Dec 2021.

The unit types are:

Consisting of two 30-storey blocks, Martin Modern offers buyers 2, 3 or 4 bedroom units. There are no 1-bedroom or studio units, which is rare in today’s quantum-play property market.

Both blocks are equipped with a roof garden, which offers reading and dining pavilions. These are accessible for all residents to use.

Some of the 3 bedroom premium and all the 4 bedroom premium units come with private lifts.

The car park has 450 parking lots.

The main entrance is at Martin Place, and a side gateis located at River Valley Close.

Figure 1: Site Plan

The facilities at Martin Modern include the usual swimming pools, tennis court, gymnasium, barbeque areas, and a party lawn where one can host a party on beautiful green grass! Pretty cool…

Thoughts from Show Flat Visit

Figure 2: Floor Plan of Type B4S(2 Bedroom + Study)

Once you enter the unit, the study is on your left, with the kitchen just behind it. Beyond are the dining and living areas, and the balcony right at the end. The two bedrooms are just off the dining area. This type of layout seems to be the norm for two bedroom units in new launches.

Figure 3: Study

The study seems to be a pretty good size, and can be used as a guest room as it comes with a window, as well as a wall-mounted air conditioning system. The door provided is an aluminium-framed glass sliding door.

Figure 4: Kitchen

The U-shaped kitchen is a break from the usual L-shaped or I-shaped ones that are usually provided. Here, there is definitely sufficient kitchen top workspace as well as storage space. Thumbs up! The material used for the kitchen top looks pretty luxurious. Appliances included are a combi steam oven, Whirlpool washer cum dryer, and an integrated Smeg fridge.

Figure 5: Dining Area

Although the dining area is able to fit a table for six, the area seems rather cramped and the table is in an awkward position. I fancy it rather blocks the entrance to the bedrooms. With a unit size of 872 sq ft, I guess there has to be compromise somewhere, and this is it.

Figure 6: Living / Balcony Areas

The living area is a reasonable size, partly due to the extended balcony. All balconies are provided with a sliding screen as a shield against the elements. 

Figure 7: Master Bedroom

The size of the master bedroom is pretty decent, with space for a king-sized bed and two small side tables, as well assufficient walking space.

Figure 8: Area Map

Amenities around the area

Located smack in the city, Martin Modern is surrounded with amenities within walking distance. UE Shopping Mall and Great World City are less than 700 metres away. Food shopping can be done at Cold Storage at both these malls. GWC also offers shoe and clothes boutiques, and movie buffs can catch the latest blockbusters at Golden Village GWC. The distance to Orchard Road is slightly less than 1 km. Shopping options are endless! Book lovers can immerse themselves in the quiet of the library@Orchard located in Orchard Gateway.

Around Robertson Quay, the eating options are endless. Clark Quay, just across the Singapore River, is filled with restaurants and cafes offering all kinds of cuisine.

Nature lovers can either stroll along the Singapore River, or take a trek up to Fort Canning Hill.

However, being in the city centre, schools are limited. River Valley Primary and Outram Secondary are two schools in that area. The Singapore Management University (SMU) is about 1.5 km away.

Nearby medical facilities are available at Singapore General Hospital and Mount Elizabeth Hospital.

Transport links are pretty comprehensive. Public connection to the rest of Singapore is via Fort Canning MRT Station (Downtown Line) and the future Great World City MRT Station (Thomson-East Coast Line). Numerous buses also ply along River Valley Road. Residents who drive can access the other parts of the island via the Central Expressway (CTE).

Positive Aspects of the Development

  1. The condo is located around the Robertson Quay area, with the Singapore River just nearby and Orchard Road within walking distance. This scores an A for location. Surrounding developments are all private, so exclusivity is a given.
  2. Ceiling heights are 3.2m, higher than the usual 2.8m found in other developments.
  3. Fittings and materials used are decent. Marble flooring is used for the living and bathrooms areas. Timber flooring is used in the bedrooms.
  4. The sliding screen provided in all balconies is a nice touch.

Negative Aspects of the Development

  1. Many developments in that area are freehold, but Martin Modern is a 99-year leasehold, so this can be unfavourable for buyers.
  2. The roads surrounding the development are mostly single lane roads, so there will be traffic congestion, especially during peak hours.
  3. The views afforded by the units are minimal as the development is surrounded by many tall developments.

Some Thoughts on Units

  1. Stacks #1, #2, #3, #11 and #12 will have the most direct afternoon sun.
  2. Stacks #10 and #11 are closest to the substation and refuse room.

If I had to choose a unit, I will probably go for a high level on Stack #7 facing Martin Place to avoid the afternoon sun.

Price Comparison

Figure 9: Location of Martin Modernand Surrounding Areas

Martin Modern is located at Martin Place in District 9, and we will be comparing it with Martin Place Residences and Starlight Suites, completed in 2011 and 2014 respectively.

Price Comparison Table (2 bedrooms)

Price Comparison Table (3 bedrooms)

Prices for Martin Modern

For the 2-bedroom units, the clear winner is Starlight Suites. The size for the 2-bedroom unit is the biggest among the 3 developments, and its PSF price is also the most attractive. Moreover, the condo is freehold, and it’s only 3+ years old.

Martin Modern average PSF prices arein the range of $500 to $700 higher than Starlight Suites. Quite a large chunk of cash!

For the 3-bedroom units, we are comparing only two developments as there is insufficient data for Starlight Suites in the past 3 years. In this sector, Martin Modern loses out to Martin Place Residences. First, the average PSF differential for Martin Modern is higher than its competitor byabout $400. Secondly, its leasehold status loses out to its rival’s freehold status.

For these 3 developments, price and land status are the main comparables as they are located almost side by side. Although Martin Modern offers a touch of luxury in its fittings and material, its higher prices are rather difficult to justify.

by Propwise.sg on March 8, 2018 · 0 comments

Posted in Singapore Property Market

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