This new condo at Middle Road by Wing Tai Holdings looks set to position itself as one of the best selling condo projects in 2020.
In recent years, we’ve seen a couple of iconic and Instagram-worthy residential projects being developed within District 7 before the launch of The M.
They include the likes of South Beach Residences by City Developments Ltd, DUO Residences by M+S (a joint venture between Singapore’s Temasek Holdings and Malaysia’s Khazanah Nasional Berhad), and Concourse Skyline by Hong Fok Corporation Limited.
To date, most of the private homes within these developments have already been sold and they all come at a premium pricing.
In fact, the highest per square foot (psf) price recorded among these 3 newer projects was $3,950 by South Beach Residences. It was for a 4-bedroom unit (2,616 sq ft) on the 35th floor, facing Marina Bay.
Developer Wing Tai Holdings will certainly have market expectations to live up to. In addition, The M condo will also need to prove itself to be a serious competitor to some of the recent launches in the district.
These projects include Midtown Bay by GuocoLand (launched back in October 2018), and also the future new launch at Tan Quee Lan Street (expected to launch for sale in 2020 as well).
Now that The M condo has entered the fray, how will it line up against its neighboring new launch projects, and is it actually a good buy in 2020?
Let us dive into the details of The M condo. I’ll offer some of my personal thoughts and a review right at the end.
The M Condo Project Information
Before we talk about the specifics and details of the development, here’s a quick overview of The M Condo project information.
|Project Name||The M|
|Type||Residential and Commercial (on the ground floor)|
|Developer||Wing Tai Holdings|
|Site area||80,328.5 sq ft|
|Total number of units||522|
|Total number of carpark lots||261 (excluding 132 lots for bicycles)|
|Number of blocks||5|
|Number of storey||20-storey (3 blocks), 6-storey (1 block) and another single block for retail on ground floor|
|Expected TOP date||Est. Q1 2024|
The M Condo Developer
The M is being developed by Wing Tai Holdings Ltd.
Established since 1955, Its main business operations revolve around real estate development and the garment retail business; it’s headquartered in Singapore.
The firm operates through various business entities in a wide range of segments. They consist of Wing Tai Development Properties, Wing Tai Investment Properties, Wing Tai Retail, etc.
Over the last few decades, Wing Tai Holdings has developed numerous iconic real estate developments that include the likes of The Crest at Prince Charles Crescent, Le Nouvel Ardmore, and Belle Vue Residences, etc.
In addition, Wing Tai Holdings has also facilitated the entry of the renowned apparel brand, UNIQLO into the Singapore market under its retail arm.
Furthermore, Wing Tai Retail is also representing 18 essential brands that operate more than 180 retail outlets in both Singapore and Malaysia.
The M Condo Location
The M is located at 30 – 38 Middle Road and surrounded by prominent landmarks such as South Beach, the National Library building, Bugis Junction shopping mall, and the future Guoco Midtown.
It is situated within District 7 of Singapore, which is within the Downtown Core planning area.
Have a look around the precinct, you will notice that The M condo is located within an enclave which comprises mostly old commercial buildings, shophouses, and hotels.
This is partly due to the fact that the Bugis precinct used to be one of the most vibrant and lively economic zones of old Singapore. Hence, today you will still see a good mixture of historical culture and modern architecture within the area.
Walking distance to Bugis MRT station
This is possibly one of the biggest plus points of The M. As a matter of fact, having an MRT station nearby is probably the first thing that home buyers or investors look at when it comes to buying a property in Singapore.
Hence, you’ll be happy to know that the nearest MRT station to The M is Bugis MRT station. It is just a mere 5-minute walk away to the MRT station (via Exit D), which is located in between Tan Quee Lan Street and Rocher Road.
One thing to note is that the Bugis MRT station is also an interchange station for the East-West line and Downtown line.
This certainly offers better connectivity for commuters who are living in the area as it will significantly shorten their traveling time by reducing the need to switch trains or to other modes of transport.
For instance, residents at The M will enjoy seamless connectivity via Bugis MRT station to the financial centers located within the downtown core central of Singapore. These areas consist of the Central Business District (CBD) and Marina Bay Financial District, etc.
Near major shopping malls and other amenities
As mentioned earlier, at The M condo, you will be practically surrounded by a wide range of amenities.
The most noteworthy and closest shopping mall to The M is Bugis Junction, which just 3 minutes’ walk away.
Although there are also a few other shopping complexes or marketplaces within the area such as Bugis+, Bugis Village, and Bras Basah Complex, Bugis Junction is still the one that draws the most patrons almost every single day.
Within Bugis Junction, you will find various big-brand retail outlets, restaurants, F&B spots, and even a mega supermarket. Thus, fulfilling your daily necessities or grocery needs would be an absolute breeze.
In addition, if Bugis Junction isn’t enough, you can always take a 5-minute walk from The M to Suntec City mall. It is also one of the largest shopping malls that you can find in Singapore.
For foodies, there are plenty of restaurants, pubs, and F&B outlets situated along Liang Seah Street. It is literally right next to The M. Hence, there’s no need for you to travel out too far in order to satisfy your hunger.
The M Condo Facilities
If you’ve seen any of Wing Tai’s condo projects in recent years, they were all very beautifully crafted with lush greens and landscapes being their main theme. Some projects which I’ve personally seen were The Tembusu (at Kovan), Belle Vue Residences (at Oxley), and Le Nouvel Ardmore.
However, it’s rather different this time around as the developer adopts a more modern and contemporary design for The M.
Based on the site attributes, the technical specification of The M is of an apartment status, and not a condominium. Therefore, if you are hoping for a massive communal swimming pool or even a tennis court, honestly this may not be the development for you.
But with that said, it doesn’t mean that home buyers or investors will be shortchanged on the facilities within The M.
The Club M encompasses a total of 5 function rooms that are configurable with “The Boardroom”.
Basically, as a resident of The M, you are entitled to use these exclusive spaces to host various personal or work events such as meetings and discussions.
Even more, residents can also test out their baking skills in the Bakerzone, have a good workout stay at Fitness X, or simply have fun over a game of Snooker Golf within the clubhouse.
The Pool Deck
At The M condo, you will find a 50-meter communal swimming pool. A fancy name has been given to it, called the “Starlight Pool”.
On top of that, you are able to chill and relax over at the Jacuzzi Lounge and Hydro Pod after a rough day at work
Exclusive Smart Home Features
Frankly, having smart home features being integrated into a residential development isn’t something new. Smart digital locks, smoke detectors, video surveillance cameras, and even seamless parcel collection systems are very common these days.
In fact, quite a few new launch condo projects are already offering these as well.
And in order to take it to another level, the smart home features within The M condominium will also include the likes of face recognition and heat control solutions for both air-conditioners and water heaters (helps in saving energy consumption).
In general, the entire smart home ecosystem and framework at The M adopt the promising technology of artificial intelligence.
As a result, it’s not just a simple smart home system at The M that allows you to do things remotely via your mobile device.
The M Condo Floor Plans and Unit Types
The M condo has a total of 522 residential units in total. It has 4 residential blocks – with 3 high-rise blocks of 20-storey each and a single low-rise 6-storey block.
There is a variety of unit types to choose from – studio to 3-Bedroom dual key. This new condo at Middle Road is expected to TOP by the end of March 2024.
Here are The M floor plans for each unit type:
- Studio (409 to 420 sq ft)
- 1-Bedroom (409 to 484 sq ft)
- 1-Bedroom + Study (527 sq ft)
- 2-Bedroom (592 to 667 sq ft)
- 2-Bedroom + Study (721 to 764 sq ft)
- 3-Bedroom Dual Key (904 sq ft)
The M Condo Showflat Location
The M condo showflat is located along Prinsep Street, right opposite Sunshine Plaza.
According to the latest update from the developer’s marketing agencies, the opening hours are from 11 am to 6 pm daily. However, it may be subjected to changes.
And due to the current COVID-19 outbreak, the opening of The M showflat hours may be adjusted. If you’re keen to view, do drop me a note using the contact form below or reach me directly at (+65) 9786-3707 to get the latest update.
The M Condo Price Guide
The following table shows an estimate of The M condo price indication for each unit type (as of 23 February 2020).
|Unit Type||Size||Starting Pricing||PSF Price|
|Studio||409 sq ft||$982,000||$2,400|
|1-Bedroom||431 sq ft||$1,013,000||$2,350|
|1-Bedroom + Study||527 sq ft||$1,238,000||$2,350|
|2-Bedroom||592 sq ft||$1,362,000||$2,300|
|2-Bedroom + Study||721 sq ft||$1,658,000||$2,300|
|3-Bedroom Dual Key||904 sq ft||$2,034,000||$2,250|
However, do note that the price guide shown above was based on the initial launch price and is subjected to changes and any possible further discounts.
Therefore, if you’re interested, you can simply give me a call or text at (+65) 9786-3707 for updates on The M price and unit availability.
The M Condo Review
When the Middle Road government land sale (GLS) site launched for sale back in December 2018, the tender drew a total of 10 bids from various property developers amid concerns that the market may be experiencing an oversupply.
During that time period, many would think that developers were going nuts and it will be another new launch that will start hearing crickets at its showflat.
However, on the contrary, the situation was completely opposite.
Over The M’s launch weekend (22 and 23 February 2020), home buyers and investors were practically queuing and flocking into the showflat in order to book their desired unit of choice.
This is true and happened. I am not making things up.
By Sunday, Wing Tai Holdings has sold 70 percent of its units at The M. We are talking about more than 360 units over just 2 days.
Seriously, when was the last time you saw a scene like this happening for a property launch in Singapore – especially for something that’s averagely priced at more than $1 million (or at an average of $2,450 psf)?
Just when you thought the COVID-19 outbreak is going to deter buyers, here are some photos to show the hype during The M condo launch day.
So, is The M condo really a good buy? Or is it just a one-off hype that’s going wane eventually?
If you believe in facts and figures, then you’re going to like what I am about to show you.
An attractive and advantageous price point
As mentioned at the very beginning of this post, there haven’t been many new projects being launched or completed in District 7 over the last decade.
Thus, the amazing sales response at The M could be well due to the pent-up demand for housing in this precinct.
Being the newest project in District 7, how does The M pricing compare with the rest? Let’s have a look at those which are relatively nearer to The M (based on transactions concluded within the last 6 months).
|Project Name||Tenure||Type||Total No. of Units||Completion||Average PSF|
|Concourse Skyline||99-Year from 2008||Apartment||360||2014||$2,318|
|City Gate||99-Year from 2014||Apartment||311||2018||$1,858|
|Duo Residences||99-Year from 2011||Apartment||660||2017||$2,154|
|South Beach Residences||99-Year from 2007||Apartment||190||2016||$3,275|
|Midtown Bay||99-Year from 2017||Apartment||219||2022||$2,898|
|The M||99-Year from 2018||Apartment||522||2024||$2,450|
In terms of PSF, the price point of The M is significantly more affordable than the newly launched Midtown Bay – which is just less than 5 minutes’ walk away.
As a result, by buying a unit at The M, you will technically have at least a $300 – 400 psf price advantage over Midtown Bay on paper.
From the above table, you will see that The M price point is even more attractive than the nearby South Beach Residences – at least $800 psf lower.
Firstly, do note that South Beach Residences is an entirely different product and is targetted more towards the high net worth individuals (HNWIs). And secondly, it doesn’t even have small 400-ish square feet units.
So, it’s not exactly a fair comparison.
Relatively strong rental demand
The M condo consists of mainly small unit types, and even a 3-Bedroom unit is a dual-key.
Hence, this project is targetted more towards investors who are looking for bite-sized quantum and rental income. In other words, The M isn’t really the most ideal development for one to start or raise a family.
As an investor, It’s definitely important to find out what’s the rental demand in the area. It’s just simple economics of demand versus supply.
Since most of the units at The M are below 800 square feet, let’s look at each of the projects listed earlier and see how many units (the supply) is and will be available within the precinct.
|Project Name||Est. number of units under 800 sqft|
To sum up, there will be a total of 1,206 units (below 800 sq ft) within the area. Honestly, this is not a huge number if you were to compare to other districts within the Core Central Region (CCR).
Also, let’s look at the average rental amount for a 1-bedroom within each of the projects (completed ones) listed above.
|Project Name||Size range of 1-Bedroom||Average Rental/Month||Average Transaction/Month|
|Concourse Skyline||700 – 900 sq ft||$3,758 – $3,947||6.83|
|City Gate||400 – 600 sq ft||$2,800 – $3,300||2|
|Duo Residences||400 – 700 sq ft||$3,050 – $3,624||12.67|
From the above table, it gives you a better idea of the rental amount that you can potentially fetch for a 1-bedroom unit at The M.
I would say getting a rent of $3,000 per month would be the base you can look at. And you may be able to get even more if your unit has a beautiful facing, well-furnished, etc.
And if you look at Duo Residences, which is the closest to The M, the demand is pretty healthy at more than 12 rental contracts per month.
Is The M condo the perfect development for investment?
It’s pretty obvious that there’s no such thing as a perfect development or property to buy. I won’t even say my own property is perfect.
If I really want to pick on The M condo, it would only be the traffic noise coming from Middle Road or Liang Seah Street (especially during Friday nights).
Looking at the price point and ongoing demand for rental, it’s definitely a wise move to invest in The M.
However, my little concern would be the rentability when you first get your keys.
Once The M condo attains TOP in Q1 2024, there is a good chance that all 505 units (or at least 70 – 70 percent) will be up for rental at the same time.
This is the time when you will face tremendous competition as a landlord and may be engaged in a price war.
But then again, if you are willing to take in a rental amount based on $3,000 per month- which I feel is the lowest amount you should consider, then I don’t think your unit will be in the market for long.
You may have noticed that I am not emphasizing a lot of the cliche benefits such as the project’s location being close to an MRT or a shopping mall, or situated in the core central of Singapore, etc.
Yes, these are the selling points of The M. But in my opinion, the numbers and level of risk must make sense to me first before these attributes.
In conclusion, It doesn’t take you to be a genius in order to figure out why The M is so popular among property buyers. I bet most of the buyers didn’t really analyze the property the way I did – but I guess it doesn’t matter at the end of the day.
Hence, if the price range fits your budget, I would say The M condo is almost a no-brainer.