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Martin Place Residences’ resale prices continue to soften

In District 9 alone, there were 22 transactions held from June 12 to 21. Apart from the new OUE Twin Peaks, Martin Place Residences that was officially completed last 2011 also saw a heightened activity.

This residence is located at Martin Place in River Valley Road. Recent series of resale didn’t come as a surprise to some real estate agents marketing units of this property. They attribute it to a site next door which URA had launched for sale last April.

According to an anonymous agent, some of the owners of this residence do not relish living next to a construction site for the next three to five years.

The tender of that site has closed last June 28 and has attracted 13 bids. The highest bid came from the GuocoLand.

There weren’t also new launches within the vicinity. The only residential place in the vicinity is the Martin Place Residences that was fully sold five years ago. Some of the units sold recently in resale are three 3-bedroom units; one is 1,722 sq ft for $3.42 million ($3.44 million before), a 1,421 sq ft for $2.92 million ($3 million before), and a 1,421 sq ft for $2.925 million ($2.11 million before). This translates into a capital upside of 28.4% for over the past 7 years.

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