Project Name        Midtown Modern

Project Type           Condominium

Developer              Guocoland and Hong Leong Holdings Limited

Tenure                     99-year Leasehold

PSF                            S$ 2,158 – S$ 7,797

Completion Year 2024

# of Floors              N/A

Total Units             558


GuocoLand bids $800.2 mil for site on Tan Quee Lan Street

By Cecilia Chow

/ EdgeProp Singapore

| September 6, 2019 2:21 AM SGT

SINGAPORE (EDGEPROP) – The Government Land Sales (GLS) site at Tan Quee Lan Street attracted only two bids at the close of the tender on September 5. The top bid of $800.19 million was submitted by a joint venture between GuocoLand and subsidiaries of Hong Leong Holdings, namely Intrepid Investments and Hong Realty. The bid price translated to $1,535 psf per plot ratio (psf ppr). This is $4.2% higher than the second bid of $1,473 psf ppr submitted by City Developments Ltd (CDL) and MCL Land (a subsidiary of Hongkong Land), says Tricia Song, Colliers International head of research for Singapore.

Desmond Sim, CBRE head of research for Southeast Asia sees the bids as “a defensive move on the part of the developers”.

The bidders for the GLS site on Tan Quee Lan Street

Source: URA

“Both bidders are related parties,” says Nicholas Mak, ERA Realty head of research & consultancy. Both bids for the site on Tan Quee Lan Street are also above the top bid of $1,458 psf ppr for the Middle Road GLS residential site, he points out.


The tender for the GLS site on Middle Road had closed at the end of March, with 10 bids received. Wing Tai Holdings won the site with a top bid of $492 million ($1,458 psf ppr).

“We think some developers could have been put off by the hype over the site and expected aggressive bidding for it,” says Colliers’ Song. “In addition, there might be worries about competition from the Middle Road site and the Midtown Bay project.”

For price trends, recent transactions, other project info, check out the Midtown Bay project research page

The site on Tan Quee Lan Street saw two bids, with GuocoLand submitting the top bid of $1,535 psf ppr (Photo: Samuel Isaac Chua/EdgeProp Singapore)


The top bid of $1,535 psf ppr for the site on Tan Quee Lan Street is 5.3% higher than the $1,458 psf ppr paid for the Middle Road site. The slight premium could reflect the more favourable location of the former, as it’s adjacent to the Bugis MRT station, says Christine Li, Cushman & Wakefield (C&W) head of research for Singapore and Southeast Asia.

The maximum gross floor area (GFA) for this land parcel was 521,301 sq ft, which could yield about 580 private residential units with commercial space on the first level, estimates Ong Teck Hui, JLL senior director of research & consultancy.

Many developers may have been deterred by the very high capital outlay, adds Ong, as this “increases risks, given the oversupply in the market and an uncertain macroeconomic environment”. As the land price based on the top bid is already $800.2 million, the total development cost of the new project will exceed $1 billion, he adds.

On the other hand, the two bids received reflects the “strong confidence in the Beach Road real estate market” by the developers, says ERA’s Mak. GuocoLand is developing the $2.4 billion Guoco Midtown mixed-use development on Beach Road – which is just across the road from Tan Quee Lan Street. CDL is the developer of the South Beach mixed-use development, further down on Beach Road.

Midtown Modern Amenities & Facilities

Home extends beyond the apartment doorstep when you’re a Midtown Modern resident. Explore the development’s many common areas, and adapt it to suit your living, working, and entertainment needs. Use the plush, hotel-like lobby as a second workspace or meeting lounge, and read or meditate in the zen-like garden pavilions. Host your dinner party or wine tasting in the cooking pavilions of the Garden Deck and rooftops, assisted by the generous range of kitchen equipment there.

L30 – Roof Gardens

Enjoy breathtaking panoramic views of the city.

Four pavilions equipped with kitchen facilities make this an ideal place for entertainment.

L3 – Gardens in the Woods

A full suite of facilities amidst eight different garden landscapes awaits you.

L1 – Arrival Lounge,
Arrival Plaza and Retail

The hotel-like arrival lounge serves as a space for work and entertaining.

Located next to it are trendy restaurants, retail shops, and public plazas.

B1/B2 – Underground
Pedestrian Network

Make your way to other developments in the vicinity through the integrated underground pedestrian network.

B3 – Direct Access to Bugis
MRT Interchange

The East-West Line (EWL) and Downtown Line (DTL) provide seamless connection to attractions, prestigious schools and business districts.

Level 3

  1. Library
  2. Garden Lounge
  3. Water Garden
  4. Lawn Pavilion
  5. Grand Lawn
  6. Forest Walk
  7. Summer Swale
  8. Spring Creek
  9. Tea House
  10. Lily Pond
  11. Hot Spring
  12. Jacuzzi
  13. Estuary Pool
  14. Aqua Barre
  15. Pool Terrace
  16. Sun Deck
  17. 50m Lap Pool
  18. Courtyard
  19. Clubhouse
  20. The Gym
  21. Leisure Pool
  22. Rain Garden
  23. Pet Corner
  24. Tennis Court
  25. Play Pavilion
  26. Adventure Play
  27. Autumn Creek

Level 1

  1. North Garden
  2. Arrival Plaza
  3. South Garden
  4. South Plaza
  5. East Plaza
  6. City Room

MIDTOWN MODERN Location & Connectivity


Guoco Midtown is located at the intersection of two key development corridors: Beach Road and Ophir-Rochor Road, and it links up 3 micro-markets, namely City Hall, Marina Centre & Bugis. When it is completed, Guoco Midtown will be a premium, vibrant business and lifestyle desitination, attracting a dynamic community that will rejuvenate and reposition Beach Road.


Guoco Midtown will be the critical piece of jigsaw that connects the key developments in the area through the underground, ground level and elevated pedestrian network. Guoco Midtown will have a direct underground link to Bugis MRT interchange station. It will also be served by four MRT lines – the East-West, Downtown, North-South and Circle lines – and three major expressways.


Enjoy the buzz and soak up the energy around Guoco Midtown. This part of the CBD is alive 24/7, offering a range of exciting activities to do after work. Check out the hottest new restaurant in town, enjoy a fun night out at nearby Haji Lane or Tan Quee Lan Street, or venture to the latest exhibition opening at the museum district. Whether it’s entertainment, culture or recreation you want, it’s all at your doorstep.


#midtownmodern #midtownbay #guocomidtown  #guocoland #beachroad #tanqueelan  #singaporenewlaunch #singaporeluxuryresidence #luxecapitalgroup 

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