In the oft-heard debate on freehold and leasehold tenure, such land rights are often discussed without reference to the fixtures on land, i.e. buildings, landscaping and finishings. While land is indestructible (as are land rights), buildings can become obsolete, expensive to maintain and a visual eyesore. The rationale for signature designs and placemaking for seamless integration to workplaces, retail and transportation nodes may be equally compelling to note in the physical longevity of the residential home.
Award-winning designs
The architectural style of a building plays a vital role in supporting its price and demand. In a study published in 2011, Fuerst, McAllister and Murray from University of Reading found buildings designed by winners of Pritzker Prize and the Gold Medal awarded by the American Institute of Architects have rents that are 5-7% higher and sell for prices 17% higher. In Singapore, Wallich Residence, at the top of Guoco Tower located in Tanjong Pagar, sold at a median price of $3,261 per sq ft in 2020, which is higher than the median unit price at S$2,459 per sq ft for non-landed homes at Core Central Region.
Developed by GuocoLand and part of the mixed-use development Guoco Tower, it is one of the 11 projects recognized at the 2019 Urban Land Institute Global Awards for excellence, and the only one from Singapore. And just recently, Guoco Tower was name a World Gold Winner at the FIABCI World Prix D’Excellence Awards 2020 in the Mixed-use Development Category. Guoco Tower has also been named as Singapore’s Best Green Development while Wallich Residence has been lauded as the Best Luxury Condo Development at PropertyGuru Asia Property Awards.
Standing at 290m, Guoco Tower is a mixed-use development designed by Skidmore, Owings & Merrill LLP, one of the most pre-eminent and influential architectural, interior design, engineering and urban planning practices in the world today. The design for Guoco Tower balances diverse functional requirements with a robust and unified building profile that adds an iconic presence to Singapore’s skyline. The residential units on the upper floors of the tower offers unparalleled views to the sea and the city. In contrast, a series of retail spaces at lower floors and landscaped public parks positions the development as a new urban destination.
Another notable example is Martin Modern, which features a timeless architectural design. The project was designed by four-time President’s Design Award-winning architect Yip Yuen Hong of ipli Architects. Recently named a 5-Star Best Residential Development in Singapore by the International Property Awards, Martin Modern is designed to offer the best river, city, and green views, with a timeless style crowned by architecturally bold rooftop designs revealing secret gardens. The distinctive façade design with innovative material reflects the warehouse heritage of the site.
Seamless integration
One other reason why the price gap of new leasehold projects and freehold projects has narrowed was the emergence of leasehold condominiums that are integrated as part of mixed-use developments within the Core Central Region. Integrated developments are well-sought after by homebuyers, as it represents convenience at the doorstep. The residents at integrated developments could save time from walking to the MRT stations and purchasing their necessities. More importantly, they can work, shop and play without getting wet on a rainy day. The residents also have less need for a car, given the accessibility and connectivity. Based on an analysis by OrangeTee & Tie in 2018, property buyers are prepared to pay between 7 per cent and 19 per cent more for homes in integrated projects compared to new sales of projects in the same district during the launch year.
Besides the convenience, a limited supply of integrated developments also contributed to the higher prices, according to the same report, especially so for developments that are integrated with MRT stations that serve multiple lines. As a result, luxury condominium projects such as Guocoland’s Wallich Residence fetched a healthy premium over leasehold properties in the district when it was officially launched after attaining TOP. Likewise, as at July 2020, the median price of Midtown Bay was about S$3037 per sq ft, higher than the median price of about S$2476 per sq ft in a recently launched project in the vicinity.
Yet the premium for integrated developments varies, with those that can be the social heart of the district commanding a higher premium, as is the case for GuocoLand’s Wallich Residence and Guoco Midtown. In the case of Guoco Midtown, the unique mixed-used development will act as the anchor for the rejuvenated Beach Road-Bugis Area. The development has more than 170,000 sq ft of landscape and public spaces, and the plazas and gardens provide spaces for exercise, special events and intimate areas for unhurried and meaningful human interaction.
Midtown Bay, like Wallich Residence, was able to retain its exclusivity despite its seamless connectivity through GuocoLand’s placemaking efforts. Placemaking is a people-centred approach in the process of planning and designing public spaces in cities. This approach pays attention to the opinions of the people living in a particular place and to discover their needs from the place and their aspirations towards it. In designing Guoco Midtown, GuocoLand carefully planned the integrated development based on its vision of how people will work, live and play in the future.
Understanding that the new lifestyle of urbanites will demand seamless transition between living, working and entertaining, the developers took inspiration from the heritage buildings and conservation shophouses in the surroundings to create a "human-scale" street feel. There will be three distinct retail and F&B clusters, including al fresco dining at the 10,000 sq ft Midtown Garden and 10,900 sq ft Midtown Market. The building for the former Beach Road Police Station will also be transformed into F&B spaces on the first level and offices on the upper level, appealing especially to companies in the creative industry. Green corridors will connect the offices, retail clusters and residential blocks.
Through the thoughtful design of the whole development, the residents at Midtown Bay will be able to enjoy the convenience and buzz of city life right below them, and retreat to the quietness and exclusivity of their living spaces when they wish.
The concept of seamless transition also extends to the design of the residential units, offering residents the flexibility to live, work or entertain at home. Within the 219 units of Midtown Bay are 40 duplexes designed to let the owner keep the bedrooms on the upper level, and have the living, dining and kitchen area on the lower floor; as well as enabling owners to convert the lower floor into a home office with one or two staff, while retaining their personal areas on the upper level and maintaining their privacy.
Iconic Integrated Developments: Setting the gold standard for luxury homes
Beyond generating monetary value in terms of superior pricing performance and supporting the value of surrounding real estate, iconic developments, especially those in central historic and financial districts, appeal to high net worth individuals as they are interested in trophy assets. Panoramic views, world-class design and architecture and personalized services are all par for the course for iconic projects in Singapore that capture buyers’ imaginations. Iconic projects by GuocoLand such as Wallich Residence and Midtown Bay will set the benchmark for a luxury homes that transcends beyond the tenure of the property.
1https://www.businesstimes.com.sg/real-estate/buyers-willing-to-shell-out-extra-for-integrated-development-projects
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- Wallich Residence
- Martin Modern
- Meyer Mansion
- Midtown Bay
- Midtown Modern
SINGAPORE’S TALLEST ADDRESS
181 LUXURIOUS HOMES WITH UNPARALLELED VIEWS
Project Name:
Wallich Residence
Project Type:
Condominium
Project Address:
3 Wallich Street, Singapore (078882) / District 01.
Tenure:
Leasehold up to 99 years
Completion Year:
2017
KEY FEATURES
- Guoco Tower is a unique 5-in-1 integrated landmark development located in the heart of Singapore’s Central Business District, linked to and atop Tanjong Pagar MRT station.
- It integrates Grade A office space, 181 prestigious homes at Wallich Residence, dedicated retail and F&B space, a five-star business hotel designed for privileged experiences, and Singapore’s first double storey urban park.
- Inspired by Mr. Nathaniel Wallich, whose passion for botany led to the creation of Singapore’s first-ever Botanical and Experimental Garden at Fort Canning
- Wallich Residence is situated at the top of Singapore’s tallest building, starting from level 39 / 180m above sea level to level 64 / 290m above sea level
- Four levels of generous recreational facilities – including glass observation AirDecks at the Apex located on level 62 which offer a sweeping view from the city’s highest point
- Unit ranges from 1, 2, 3, 4 Bedroom, penthouses and one and only Super Penthouse
- Concierge services designed for privileged luxury
- A 150,000 sq ft Urban Park and a unique 30,000 sq ft City Room A vibrant hub for events and activities
LUXE BOTANICAL GARDEN HOME IN DISTRICT 9
Project Name:
Martin Modern
Project Type:
Condominium
Project Address:
8 Martin Place, Singapore (237992) / District 09 Junction Of Martin Place And River Valley Close, Orchard / River Valley,
Tenure:
Leasehold up to 99 years
Completion Year:
2022
KEY FEATURES
- 99 Years, District 9, A Home within a Botanical Garden
- Sprawling 1.6-ha land
- Luxurious amenities including a Secret Garden
- Walking Distance to Great World, Somerset and Fort Canning MRT
- Within close proximity to lifestyle amenities such as Robertson Quay, Orchard Road and Clarke Quay
- Within close proximity to established schools such as River Valley Primary School, School of the Arts and Singapore Management University
- Attractively priced 2, 3 and 4 bedroom units
THE FUTURE OF CITY LIVING
A collection of luxury homes at Guoco Midtown
Project Name:
Midtown Bay
Project Type:
Condominium
Project Address:
122 Beach Road, Singapore (189768) / District 07
Tenure:
Leasehold up to 99 years
Completion Year:
2022
KEY FEATURES
- Part of a mixed-use development Guoco Midtown that comprises premium Grade A office space, exclusive residences, public and retail spaces and the former Beach Road Police Station, a conserved building.
- Located within Central Business District, at the intersection of two key development corridors along Beach Road and Ophir-Rochor Road.
- Served by four MRT lines and Nicoll Highway, as well as the North-South Expressway in the future.
- It will rejuvenate the Beach Road by being the final critical piece of jigsaw that completes the transformation of the precinct.
- It will introduce a new way of luxury city living in response to the growing trend of live, work and socializing.
- Residents will have direct access to Midtown Hub -an exclusive urban social club that incorporates the best of business and leisure, it is a place to connect like-minded people to create opportunities for collaboration, and ideas to thrive.
THE SEASIDE ADDRESS FOR THE DISCERNING
Project Name:
Meyer Mansion
Project Type:
Condominium
Project Address:
79 Meyer Rd, Singapore (437906) / District 15
Tenure:
Freehold
Completion Year:
2024
KEY FEATURES
- The esteemed name of Meyer Road carries the prestige of a prime seafront residential district, where many affluent businessmen once built their holiday mansions along the coast in the 1800s. Today the Meyer Road address represents the most prime and coveted estate in the East Coast of Singapore and new freehold projects here are extremely rare.
- Inspired by the seafront mansions, 80% of the entire development will be devoted to landscaping and amenities.
- Through deliberate and careful design, Meyer Mansion’s vantage is elevated with floor to ceiling windows to maximise the stunning unblocked views of the sea and the surrounding landed enclave.
- There are 8 unique layout types, designed to capture the best views and to suit different demographic and lifestyle needs. Each layout has only 25 units.
- All units are thoughtfully designed to be efficient, functional and provide flexibility for adapting one of the bedrooms into multiple functions.
- About 80% of the entire development will be devoted to landscaping and amenities.
- Its strategic location gives you quick and easy access to major expressways such as ECP and MCE, which can get you to the city or the airport in less than 10 minutes.
- When the Thomson-East Coast MRT line’s target completion in 2023, the Katong Park MRT station will be just 6 minutes’ walk away, which will be directly connected to the Gardens By The Bay, Marina Bay and Orchard MRT stations.
NATURE IN THE CITY
Project Name:
Midtown Modern
Project Type:
Condominium
Project Address:
16, 18 and 20 Tan Quee Lan Street
Tenure:
Leasehold up to 99 years
Completion Year:
2026
KEY FEATURES
- A luxury residential project at the mega integrated development Guoco Midtown, a world class integrated development in the heart of CBD.
- Located directly above the Bugis MRT interchange station, Midtown Modern offers residents super-connectivity at their doorstep. They will enjoy the convenience of having direct access to both the East-West and Downtown Lines.
- Through Guoco Midtown’s network of underpasses and sheltered walkways, residents can have uninterrupted access to many shopping malls, offices, and two other MRT lines, namely the North-South and Circle Lines.
- Midtown Modern's twin towers are strategically orientated to maximise the views towards the magnificent scenery all around, including Marina Bay, Raffles Place, Orchard Road and Kallang Basin.
- With 558 units, full condo facilities amidst a lush natural setting, as well as concierge and networking amenities, Midtown Modern is perfect for family living in the city.
- Crafted by the same team that created Martin Modern, including four-time President's Design Award winner master architect Yip Yuen Hong of ipli Architects and project architect ADDP Architects; and landscape architect Chia Jui Siang, now a Partner of Ortus Design.
SINGAPORE’S TALLEST ADDRESS
181 LUXURIOUS HOMES WITH UNPARALLELED VIEWS
Project Name:
Wallich Residence
Project Type:
Condominium
Project Address:
3 Wallich Street, Singapore (078882) / District 01.
Tenure:
Leasehold up to 99 years
Completion Year:
2017
KEY FEATURES
- Located at the heart of Tanjong Pagar district and close proximity to the future Greater Southern Waterfront
- Within minutes to prominent cultural and lifestyle areas
- Inspired by Mr. Nathaniel Wallich, whose passion for botany led to the creation of Singapore’s first-ever Botanical and Experimental Garden at Fort Canning
- Wallich Residence sits at the pinnacle of Singapore tallest building, Tanjong Pagar Centre which is designed by world-renowned architects - Skidmore, Owings & Merrill
- Located from 39th to 64th floor, Wallich Residence is Singapore’s tallest residential development
- 181 exclusive residences consisting of 1 – 4 bedroom, units, four Penthouses and one Super Penthouse
- Four levels of generous recreational facilities – including a stunning infinity pool at level 39 / 180m and a glass observation AirDeck at Apex which offers a sweeping view from the city’s highest point
- Signature Wallich Concierge Service catered to the needs of residents
- A 150,000 sq ft Urban Park and a unique 32,000 sq ft City Room, a vibrant hub for events and activities
LUXE BOTANICAL GARDEN HOME IN DISTRICT 9
Project Name:
Martin Modern
Project Type:
Condominium
Project Address:
8 Martin Place, Singapore (237992) / District 09 Junction Of Martin Place And River Valley Close, Orchard / River Valley,
Tenure:
Leasehold up to 99 years
Completion Year:
2022
KEY FEATURES
- 99 Years, District 9, A Home within a Botanical Garden
- Sprawling 1.6-ha land
- Luxurious amenities including a Secret Garden
- Walking Distance to Great World, Somerset and Fort Canning MRT
- Within close proximity to lifestyle amenities such as Robertson Quay, Orchard Road and Clarke Quay
- Within close proximity to established schools such as River Valley Primary School, School of the Arts and Singapore Management University
- Attractively priced 2, 3 and 4 bedroom units
THE SEASIDE ADDRESS FOR THE DISCERNING
Project Name:
Meyer Mansion
Project Type:
Condominium
Project Address:
79 Meyer Rd, Singapore (437906) / District 15
Tenure:
Freehold
Completion Year:
2024
KEY FEATURES
- The esteemed name of Meyer Road carries the prestige of a prime seafront residential district, where many affluent businessmen once built their holiday mansions along the coast in the 1800s. Today the Meyer Road address represents the most prime and coveted estate in the East Coast of Singapore and new freehold projects here are extremely rare.
- Inspired by the seafront mansions, 80% of the entire development will be devoted to landscaping and amenities.
- Through deliberate and careful design, Meyer Mansion’s vantage is elevated with floor to ceiling windows to maximise the stunning unblocked views of the sea and the surrounding landed enclave.
- There are 8 unique layout types, designed to capture the best views and to suit different demographic and lifestyle needs. Each layout has only 25 units.
- All units are thoughtfully designed to be efficient, functional and provide flexibility for adapting one of the bedrooms into multiple functions.
- About 80% of the entire development will be devoted to landscaping and amenities.
- Its strategic location gives you quick and easy access to major expressways such as ECP and MCE, which can get you to the city or the airport in less than 10 minutes.
- When the Thomson-East Coast MRT line’s target completion in 2023, the Katong Park MRT station will be just 6 minutes’ walk away, which will be directly connected to the Gardens By The Bay, Marina Bay and Orchard MRT stations.
THE FUTURE OF CITY LIVING
A collection of luxury homes at Guoco Midtown
Project Name:
Midtown Bay
Project Type:
Condominium
Project Address:
122 Beach Road, Singapore (189768) / District 07
Tenure:
Leasehold up to 99 years
Completion Year:
2022
KEY FEATURES
- Part of a mixed-use development Guoco Midtown that comprises premium Grade A office space, exclusive residences, public and retail spaces and the former Beach Road Police Station, a conserved building.
- Located within Central Business District, at the intersection of two key development corridors along Beach Road and Ophir-Rochor Road.
- Served by four MRT lines and Nicoll Highway, as well as the North-South Expressway in the future.
- It will rejuvenate the Beach Road by being the final critical piece of jigsaw that completes the transformation of the precinct.
- It will introduce a new way of luxury city living in response to the growing trend of live, work and socializing.
- Residents will have direct access to Midtown Hub -an exclusive urban social club that incorporates the best of business and leisure, it is a place to connect like-minded people to create opportunities for collaboration, and ideas to thrive.
NATURE IN THE CITY
Project Name:
Midtown Modern
Project Type:
Condominium
Project Address:
16, 18 and 20 Tan Quee Lan Street
Tenure:
Leasehold up to 99 years
Completion Year:
2026
KEY FEATURES
- A luxury residential project at the mega integrated development Guoco Midtown, a world class integrated development in the heart of CBD.
- Located directly above the Bugis MRT interchange station, Midtown Modern offers residents super-connectivity at their doorstep. They will enjoy the convenience of having direct access to both the East-West and Downtown Lines.
- Through Guoco Midtown’s network of underpasses and sheltered walkways, residents can have uninterrupted access to many shopping malls, offices, and two other MRT lines, namely the North-South and Circle Lines.
- Midtown Modern's twin towers are strategically orientated to maximise the views towards the magnificent scenery all around, including Marina Bay, Raffles Place, Orchard Road and Kallang Basin.
- With 558 units, full condo facilities amidst a lush natural setting, as well as concierge and networking amenities, Midtown Modern is perfect for family living in the city.
- Crafted by the same team that created Martin Modern, including four-time President's Design Award winner master architect Yip Yuen Hong of ipli Architects and project architect ADDP Architects; and landscape architect Chia Jui Siang, now a Partner of Ortus Design.
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