Midtown Bay Review

Overview

Historical Overview:

• Developer’s Track Record: GuocoLand, known for projects like Wallich Residences, has a positive track record.

• Midtown Bay’s Uniqueness: Distinctive features, such as live-work environment and integration of heritage site, set Midtown Bay apart.

Potential Demand:

• Live-Work Trend: Rising demand for live-work environments due to changing work dynamics.

• Rare Residential in D7: Limited residential options in District 7 enhance appeal.

Personal Observation of Price Trends:

• Competitive Pricing: Developer aims for a more competitive pricing strategy, starting at $1.38m for a one-bedder.

• Comparative Analysis: Comparison with previous developments like Wallich Residences.

Developer’s Pricing Strategy:

• Competitive Edge: GuocoLand intends to position Midtown Bay competitively in the market.

• Affordability Consideration: Offering a range of units to cater to diverse buyer segments.

Prediction for Unit Pricing:

• Short-Term Uptake: Predicted strong short-term uptake due to unique offerings and competitive pricing.

• Market Trends: Consideration of broader market trends influencing unit pricing.

Comparison with Previous Peaks:

• Learning from Wallich Residences: Understanding lessons from previous pricing strategies and market responses.

Market Caution and Consideration:

• Completion Date: Caution about potential market fluctuations until the completion in the first half of 2022.

• Sustainability of Demand: Considering the sustainability of demand for live-work environments.

Excitement Features:

• Live-Work Concept: Appeal of the live-work environment.

• Amenities and Heritage Integration: Exciting features like bamboo garden, business & social club, skyline terrace, and heritage site integration.

INSIDE TOUR

1. Overview:

• Location: Midtown Bay occupies the same site as Meyer Mansion, with a distinct focus on singles or young couples in the CBD.

• Target Audience: Geared towards individuals without children, emphasizing a modern city lifestyle.

2. Development Context:

• Unique Setting: Despite sharing a site, Midtown Bay stands out from Meyer Mansion, which targets a different demographic.

• Homely Design: Residential block design offers a softer, homely feel while maintaining a modern aesthetic.

3. Differentiation and Features:

• Diverse Clientele: Different target clientele compared to Meyer Mansion, catering to singles and young couples.

• Distinct Residential Block: Design differentiation from the office tower contributes to a unique visual identity.

4. Design and Facilities:

• Pools: Two pools for 219 residential units, enhancing the sense of exclusivity.

• Pool Garden: Level 7 pool garden provides a resplendent escape from the city’s hustle and bustle.

5. North Site Facilities:

• Preservation of Beach Road Police Station: Midtown House, preserving the historic police station, to house retail and F&B outlets.

• Market Place: Large sheltered space for al fresco dining and amenities with proposed high ceilings.

6. South Site Facilities:

• Office Tower: Taller, sleeker office tower for a dual-use development.

• Differentiated Design: Thoughtful design to differentiate residential and office components.

7. Additional Amenities:

• Point of Differentiation: Distinct from Wallich Residence, with no rooftop infinity pool, offering a unique selling point.

• Integration of Heritage: Restoration of Beach Road Police Station adds historical and architectural value to the development.

1 bedroom

Unit Details:

Living Room:

• Size: Efficiently laid out 484 square feet.

• Design: Darker tones reflect modern city vibes.

• Perception: Despite the size, the unit feels spacious due to smart layout and design.

• Features: Inclusion of a ceiling fan, an unusual but practical addition.

Bedrooms:

• Size: The bedroom is on the smaller side.

• Accommodation: Can fit a queen-size bed but leaves little space for additional furniture.

• Open Design: Sliding door option opens up the bedroom, creating a more spacious feel.

Dining Area:

• Size: Adequate space for a dining area for 6, but the table is narrow.

• Practicality: Given the unit’s size and the availability of outdoor dining options, a large dining table might not be essential.

• Mirror Placement: ID treatment with a mirror to create an illusion of a larger space.

Kitchen:

• Size: Compact kitchen area at the entrance of the unit.

• Usage: Suited for simple cooking, considering the lifestyle of the targeted clientele.

• Adequacy: Provides enough space for basic kitchen needs.

Bathrooms:

• Size: Standard-sized bathroom as expected for a 1-bedroom unit.

• Entrance: Single entrance, simplifying the layout.

Overall Design:

• Efficiency: Little to no wasted space, emphasizing functionality.

• Perception: Despite the unit’s small size, thoughtful design elements create a comfortable living space.

• Balcony: Modest-sized balcony, sufficient for a few seats to enjoy the view.

Storage:

• Challenge: Limited storage space, especially with a queen-size bed in the bedroom.

• Creative Solutions: Residents may need to be creative in finding storage solutions.

2 bedroom 

Unit Details:

Living Area:

• Size: Efficiently laid out 732 square feet.

• Balcony: Spacious balcony, ideal for outdoor enthusiasts.

• Sun Protection: Features a sliding screen to block out the sun.

• Layout Efficiency: Mirrors used strategically to enhance the sense of space.

• Flexibility: Living area takes up what could be the dining area, offering flexibility in usage.

Dining Area:

• Compact: If the dining area is moved indoors, it may appear on the smaller side.

• Balcony Dining: Outdoor dining on the balcony could be a preferred option.

Bedrooms:

• Common Room: In this unit, the common bedroom walls have been removed to create a large study room.

• Common Bathroom: Spacious common bathroom.

• Master Bedroom: Moderately sized with room for small side tables and a possible dresser.

• Master Bathroom: Slightly smaller for a master bathroom, but adequate.

Kitchen:

• Size: Relatively large kitchen with a long counter for stove, sink, and food prep.

• Entrance Integration: Forms part of the entranceway, making efficient use of space.

Overall Design:

• Efficient Layout: Minimal wasted space, emphasizing practicality.

• Study Room Conversion: Flexibility in converting the common bedroom into a study room.

• Storage: Adequate storage options for a 2-bedroom unit.

Location review

• Central City Hub: Positioned in the heart of Singapore’s bustling city center, Midtown Bay enjoys proximity to various amenities and attractions.

• Unique Dining Experiences: With MarketPlace, City Room, and Midtown House within the development, residents have convenient access to diverse dining options without leaving the premises.

• Grade A Office and Retail Hub: The adjacent Shaw Tower, currently undergoing refurbishment into a 35-storey Grade A office tower and retail building, adds a touch of classic architecture and business convenience.

• Green Spaces: Despite its city-center location, GuocoLand has incorporated 200,000 square feet of greenery, featuring 10 gardens at different levels, providing a refreshing environment for residents.

• Excellent Public Transport Connectivity: The development is within walking distance to Bugis MRT (Exit D), offering seamless connectivity to multiple MRT lines and convenient access to various parts of the city.

Location Overview:

Transport

Public Transport

Closest MRT: Bugis MRT (Exit D) – 150m, 2-min walk

Midtown Bay’s public transport options are extremely convenient. Bugis MRT, situated on both the Downtown and East-West Line, is a stop away from the Circle and North-South Line and 2 stops from the North-East line. The proposed underground Condo-MRT linkway enhances resident convenience.

Private Transport Accessibility

To be frank, a car is not a necessity given the convenience of public transport. However, private drivers enjoy very good access to major roads and highways in the city center, though congestion during peak hours and ERP gantries may be considerations.

Groceries

Grocery options are abundant, with Cold Storage at Bugis Junction (7-min walk) and various FairPrice alternatives within a short drive.

Shopping Malls

Located close to a well-connected MRT station, residents enjoy easy access to numerous shopping malls, each within a 10-min drive radius.

Schools

Midtown Bay’s Pricing Analysis:

Midtown Bay stands out with a higher price tag, justified by several factors. Its novelty, well-designed facilities, proposed ‘all-in-one’ hub, and proximity to Bugis MRT contribute to its premium pricing. The absence of freehold options in the area further accentuates the demand for leasehold properties.

Comparison with Counterparts:

• Duo Residences and Concourse Skyline: Midtown Bay commands a higher average price compared to Duo Residences and Concourse Skyline. This can be attributed to its modern features, strategic location, and unique offerings.
• South Beach Residences: While South Beach Residences is older, it still holds the highest quantum. Its status as a true luxury development, coupled with its prime location near Esplanade MRT and Suntec City, contributes to its premium pricing.

Future Considerations:

Upcoming residential developments in Middle Road and Tan Quee Lan Street may introduce various factors influencing price movements among these developments. Staying informed about developments in these areas will be crucial for prospective buyers and investors

Developers Review.

With a sprawling land area of approximately 226,300 square feet and a favorable plot ratio of 4.2, Midtown Bay makes a strategic decision to incorporate two separate entrances/exits, despite the accessibility of public transport in the vicinity. The development’s composition reveals a thoughtful allocation, with the residential section covering around 38,888 square feet, while the Grade A office tower, Retail, and F&B sectors, including the City Room and Market Place, command approximately 183,333 sq ft and 7,688 sq ft, respectively. The expansive public green spaces add to the vibrancy, making it a bustling hub. Although the impending noise from Shaw Tower’s renovation and upcoming construction in the adjacent Middle Road and Tan Quee Lan St. sites may impact early residential life, the residential tower itself appears well-placed for seclusion. The unit mix, with a focus on 1 and 2-bedders, aligns with the target audience of bachelors and young working couples, offering efficient layouts and promising views, especially for the exclusive units on higher floors. The 33-storey residential tower, in contrast to Shaw Tower’s 35 storeys, presents an opportunity for unblocked views and exclusivity for those seeking a premium living experience.

Appreciation Analysis

Midtown Bay stands out as a promising development in Singapore’s District 7, strategically positioned for both residents and investors. Boasting excellent transport links, unique amenities, and competitive pricing, it offers a vibrant mixed-use community with diverse offerings, including residential units, office spaces, and retail/F&B outlets. The efficient design of 1-bedroom and 2-bedroom units caters to the target audience of singles and young couples. Proximity to Bugis MRT, educational institutions, and healthcare facilities enhances its appeal. However, potential noise concerns and upcoming developments in the vicinity warrant attention. With a premium average price per square foot, Midtown Bay signals potential for long-term appreciation in a dynamic urban landscape.