Midtown Bay is the residential tower of Guoco Midtown, a S$2.4 billion mixed-use development that comprises a 30-storey office building, shops, food and beverage outlets for the public. One must gravitate towards the hustle and bustle of the city to proudly call this place their home. Developed by Guocoland, this 99-year leasehold condominium is located at the intersection of two key development corridors: Beach Road and Ophir-Rochor Road, where investment potential is high.
4 Reasons to Choose Midtown Bay for Your Next Property Investment:
1. Rental Price Increase
Singapore’s overall rents for condos in the Core Central Region (CCR) increased by 4% and the country’s rental prices increased on a year-on-year basis as of Q3 2019.
The expected date of legal completion for Midtown Bay is 2022. We can estimate its monthly rent by exploring nearby condominiums which are closeby. The monthly rental of a one-bedder in Duo Residences can go up to $4,900 while The Plaza is $3,500 for the same apartment type.
This is clearly good news for future landlords, considering its strategic location and the number of upcoming developments mentioned before.
2. Higher Tenant Demand
In 2019, there are 2% more foreigners which contributed to the private property rental market.
Based on an article in TODAY, “Guoco Midtown development, on a 163,000 sqf site between Beach Road and Nicoll Highway, is expected to bring in an additional 10,000 office workers, residents and visitors daily”.
3. Increase in Property Prices
What factors may contribute to these competitive rental and sales rates in and near Midtown Bay?
Transportation and Accessibility
There’s no hassle getting around anywhere from Midtown Bay. It’s a walking distance to four MRT stations; Bugis (two-minute walk), Esplanade (seven-minute walk), Promenade (eight-minute walk) and City Hall (11-minute walk). Three major expressways, East Coast Parkway (ECP), Marina Coastal Expressway (MCE) and Kallang-Paya Lebar Expressway (KPE), are located along the development, making it easily accessible to everywhere via your own vehicle.
It is also within a 10-minute drive to other key districts such as Raffles Place, Tanjong Pagar, Marina Bay and Orchard Shopping Belt. Changi Airport, on the other hand, takes about a 14-minute drive.
Future Developments within and near District 09
Next to Guoco Midtown (estimated date of completion is first half of 2022) is another development – the 42-year-old Shaw Tower (estimated date of completion is first half of 2023), which will be redeveloped and expanded from 260,000 sq ft to 400,000 sq ft, into a 35-storey Grade A office and retail building. Both buildings are set to jazz up Beach Road as a work-live-play hot spot near the Central Business District.
In addition to that, the 9.2 ha Kampong Bugis site, located at the mouth of the Kallang River, to be completed over nine to 11 years. The former Kallang Gasworks plant site is going through remediation works before it can be redeveloped (estimated date of completion is 2022). Kampong Bugis will be transformed into “a car-lite waterfront community with 4,000 private homes and 50,000 sq m of space for retail, offices, community uses, serviced apartments, sports and recreational facilities,” according to Straits Times.
Other developments include the CBD Incentive Scheme, a new Dover Knowledge District (a mixed-use site that is meant to be an extension to one-north suited to technology companies), and the old Pasir Panjang Power District will be turned into the Greater Southern Waterfront, a heritage and lifestyle hub. All these exciting destinations are less than 16 minutes away from Midtown Bay.
Healthcare
Raffles Hospital is a five-minute walk / a four-minute drive from Midtown Bay. Other healthcare institutions nearby include KK Women’s and Children’s Hospital (seven-minute drive), Mount Elizabeth Hospital (nine-minute drive), Tan Tock Seng Hospital (10-minute drive), and Parkway East Hospital (12-minute drive).
Education
Many reputable educational institutions are within the vicinity, such as Singapore Management University (SMU), Chatsworth International School, St Margaret’s Primary School, Stamford Primary School, Anglo-Chinese School (Junior) and more. A handful of art colleges can be found nearby too, such as SOTA School of the Arts, LASALLE College of the Arts and Nanyang Academy of Fine Arts.
4. Perks for Own Stay
Midtown Bay has a range of amazing facilities, peppered/scattered across different levels of the building. For example, you can find the four types of garden (pool garden, garden court, wellness garden, foliage garden and lawn garden) at the seventh level and three types of terraces (skyline terrace, bayview terrace and garden terrace) at the 25th level.
Food options are unlimited – you can choose between dining at nearby malls or cafes and restaurants found along the streets of Bugis. Shopping spots are near and abundant, with Bugis + and Bugis Junction being a stone’s throw away, and not forgetting the rest of the other malls in Orchard Road like The Centrepoint, 313 Somerset, Cineleisure Orchard, Ngee Ann City, The Paragon and ION Orchard which are within 1-4 kilometres of the vicinity.
Feeling inspired? Cultural institutions such as the National Museum of Singapore, Singapore Art Museum and National Library Board are less than two kilometres away too.
Midtown Bay units range from one to two-bedroom units and duplexes, making it an ideal choice for expats, individuals or couples working in the area. Located conveniently near four MRT stations, it is perfect for those who embrace a care-less lifestyle. Overall, it’s a home worth investing in, for city lovers.
Have we captured your attention yet? Make Midtown Bay your investment today!
Best Mortgage Rate Across All Banks for Midtown Bay
Talk to our mortgage brokers with over 30 years of experience and get the lowest mortgage rate at 1.95%. Our home loan specialists will assist you with everything you need to know from Total Debt Servicing Ratio (TDSR), Loan to Value (LTV) Limits and Legal Conveyancing.
Buyer’s Stamp Duty for Midtown Bay
Buyer’s Stamp Duty (BSD) is tax paid on documents signed when you buy or acquire property located in Singapore.
If you opt to buy a one-bedroom unit at Midtown Bay to comfortably fit individuals working in the city or planning to rent it out expats in the future and the price is at $1,500,000 which is reflective of the market value, your Buyer’s Stamp Duty (BSD) is $44,600.
| Market Value of the Property | BSD Rate | Calculation |
|---|---|---|
| On the first $180k | 1% | $1,800 |
| On the second $180k | 2% | $3,600 |
| Next $640,000 | 3% | $19,200 |
| Remaining $1,840,000 | 4% | $20,000 |
| BSD Payable | $44,600 | |
Source: IRAS
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Additional Buyer’s Stamp Duty for Midtown Bay
Liable property buyers in Singapore are required to pay Additional Buyer’s Stamp Duty (ABSD) on top of the existing BSD. ABSD and BSD are computed on the purchase price as stated in the dutiable document or the market value of the property (whichever is the higher amount).
Who is liable to pay ABSD:
- Singapore Citizen (SC) buying second, third and subsequent residential property
- Singapore Permanent Resident (SPR) buying first, second and subsequent residential property
- Foreigners or entities buying any residential property
ABSD for Singapore Citizens when Buying Midtown Bay
Here’s the ABSD amount you are required to pay if you are an SC:
| Property Ownership | ABSD Rate | ABSD Amount from Price $1,500,000 |
|---|---|---|
| If Midtown Bay is your second residential property | 12% | $180,000 |
| If Midtown Bay is your third or subsequent residential property | 15% | $225,000 |
ABSD for Singapore Permanent Resident when Buying Midtown Bay
Here’s the ABSD amount you are required to pay if you are an SPR:
| Property Ownership | ABSD Rate | ABSD Amount from Price $1,500,000 |
|---|---|---|
| If Midtown Bay is your first property | 5% | $75,000 |
| If Midtown Bay is your second or subsequent residential property | 15% | $225,000 |
ABSD for Foreigners when Buying Midtown Bay
Here’s the ABSD amount you are required to pay if you are a foreigner:
| Property Ownership | ABSD Rate | ABSD Amount from Price $1,500,000 |
|---|---|---|
| Foreigners buying any property | 20% | $300,000 |
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