The M by Wingtai Asia was launched just before the outbreak of COVID-19 worsened globally. It was perhaps the most opportune time for the developer, Wingtai Asia, to launch The M. I have always remarked that in a good property market, property buyers tend to make bad decisions. When the property market is buoyant and show flats are packed to the brim, multiple buyers will often put in reservations for the same unit. This will cause the developer’s sales team to have to do a ballot to select which buyer gets to purchase a particular unit. For the most part of 2018 and perhaps the first half of 2019, I was personally very perplexed that buyers were rushing in to purchase property in the hope that they would not miss the boat to profit from expected property capital gains. In most part, many developments sold in earlier days did not have particularly strong locational attributes. However, due to the fear of missing out and due to the fact that the economy was chugging along rather nicely, many earlier developments sold out without much fuss. The reality will set in if Singapore goes through a protracted recession due to the fallout of COVID-19 and there are fewer tenants or buyers for these properties as earlier anticipated. The truth is, asset prices cannot continue in a straight upward trajectory unchecked and perhaps after an unprecedented 11-year bull market rally, the good times may finally be coming to an end. The irony about this is that the recent launches are perhaps the ones that buyers should be considering. The M by Wingtai was launched to much fanfare in late February this year and the development sold about 70 per cent of all units in the first week of its launch.
Details about the development
The M is a 99-year leasehold development in Middle Road. Back in March 2019, Wingcharm Investments Pte Ltd, a subsidiary of Wing Tai Holdings, along with 9 other bidders, placed the winning bid of SGD$492 million or about SGD$1,458 per square foot per plot ratio (psf ppr). The 80,300 square foot (sq ft) site will be developed into a private residential development with a commercial portion on the first storey of the development.
The M is a mixed-use development consisting of three 20-storey towers and a 6-storey tower with retail and food and beverage stores on the ground level. The development is expected to be completed in March 2024.
Here is the unit mix:
Studio, 409 to 420 sq ft, 48 units
1-bedroom, 409 to 495 sq ft, 96 units
1+study, 527 sq ft, 89 units
2 bedroom, 592 to 667 sq ft, 170 units
2 bedroom+study, 721 to 764 sq ft, 102 units
3 bedroom dual key, 904 sq ft, 17 units
Where is the development located?
The M is located at 30, 32, 36 and 38 Middle Road. It is just behind Bugis Cube and is very close to Bugis Junction, InterContinental Singapore and the National Library Building. The nearest MRT Station is Bugis MRT Station, which is an interchange between the East-West Line and the Downtown Line. The next nearest MRT Station will be Esplanade MRT Station which is along the Circle Line.
The M Location Map
According to Google Maps, the walk to Bugis MRT Station will take 5 minutes and the distance covered is about 400 metres. The walk is generally sheltered as you can walk along the shophouses as well as navigate to the MRT station through Bugis Junction.
The walk from The M to Bugis MRT Station
The walk to Esplanade MRT Station will take about 6 minutes and the distance covered is about 450 metres. The walk is relatively unsheltered. You will walk past Raffles Hotel.
The walk from The M to Esplanade MRT Station
The train journey from Bugis MRT Station to Orchard MRT Station will take approximately 8 minutes and cost $1.02. The more direct route would be to take one station down along the East-West MRT Line to City Hall MRT Station before changing to the North-South Line to get to Orchard MRT Station. Once again, the transport app by the Land Transport Authority (LTA) is perhaps using the option of travelling fewer stations to the destination without factoring in the fact that commuters will need to walk between the different train lines.
Bugis MRT Station to Orchard MRT Station
The journey from Bugis MRT Station to Raffles Place MRT Station is rather straightforward and will take 5 minutes across 2 stations on the same East-West Line. It will cost $0.92.
Bugis MRT Station to Raffles Place MRT Station
The drive from The M to Orchard Road will take approximately 8 minutes and the distance travelled is about 3 kilometres. My destination is the area around Orchard MRT Station. It would be good to take note that at the point of this Google Map search, traffic conditions are extremely light as we are in the midst of a nationwide circuit breaker to curb the spread of COVID-19 and there are very few vehicles on the road. Do factor in additional time in usual circumstances and peak hour traffic.
The drive from The M to Orchard Road
The drive from The M to Raffles Place will take approximately 7 minutes and the distance travelled is about 2.6 kilometres. Once again, do factor in some additional time as the search was done when traffic conditions were very light.
The drive from The M to Raffles Place MRT Station
The selling points of the development
If you are looking for a development with great connectivity right in Singapore’s central business district (CBD), then The M ticks all the right boxes. This area is right on the edge of Raffles Place and the Marina Bay Financial District. It is close to a large number of major offices. Suntec City, Duo Tower, South Beach and Bugis Junction Tower are just a few major office buildings in the vicinity. Rental demand from this large catchment area is expected to be strong.
Units at The M were sold for an average of $2,450 psf during the launch. The pricing does seem aggressive if we were to compare other newer developments in the area, namely Duo Residences and South Beach Residences. The lowest psf achieved in the last year was $1,800 psf for a 1,722 sq ft unit at Duo Residences with a price of $3,100,000. The highest psf achieved in the last year was $3,888 psf for a 4,424 sq ft unit at South Beach Residences with a price of $17,200,000. I have attached the past one year’s new sale and resale data extracted from the URA’s website. During launch, there were units at The M that were priced at below $1 million, which does seem like an attractive proposition.
URA Past Transactions for Duo Residences and South Beach Residences
URA Past Transactions for Duo Residences and South Beach Residences
The experience and reputation of Wingtai Asia is a huge plus. It is not extensively documented but there are instances whereby developers in Singapore have failed to handover their developments on time or at all. Two such developments, Sycamore Tree and Laurel Tree by Astoria Development comes to mind. The impending recession that is ahead of us will put pressure on the balance sheets of all developers and the larger, more established ones will perhaps be the ones who will emerge from this relatively unscathed. Wingtai Asia has had decades of experience developing numerous developments in Singapore. Their current developments include Le Nouvel Ardmore, The Crest and The Garden Residences.
My thoughts about the development
It is ironic that a lot of the developments which I am positive about seem to happen when market sentiment is at its lowest. At this current juncture, there are about 30 per cent of the development left for sale. Most of the units are on the higher levels and are thus higher in terms of psf pricing and thus the absolute quantum of these units may not be affordable to a large percentage of property buyers. That being said, this is perhaps one of the best developments you can buy if you are looking for a new project launch. The location of The M is really prime and renting out the unit should not be an issue if your asking price is in line with the market when you put it up for rent. There are not many plots of vacant land in the CBD and if you are looking for something in the heart of the CBD, I do think that you should consider The M. Just be more prudent when budgeting for your purchase because the impending recession does seem like it is going to be rather severe. However, chances are that demand for properties right in Singapore’s CBD should remain prevalent. The developments which may need a rethink in pricing strategy should be those in less developed parts of Singapore with poorer accessibility.
The M
The M
Pricing 4/5
To me, reasonable. This would be higher if it were not for the COVID-19 situation.
Location 4.5/5
I’ve dealt with properties in this area. Renting well kept units in this area is not difficult. The M is surrounded by amenities and has easy access to the rest of Singapore via the multiple array of train lines nearby. The M is walking distance to the East-West Line, the Downtown Line, The Circle Line and the North-South Line. Hardly will you find a development with easy access to this many train lines.
Quality 4/5
I’ve mentioned about Wingtai Asia’s track record. They are also very experienced in developing high-end, luxury condominiums. Notable mentions include 8 Orange Grove, Belle Vue Residences, Newton 18 and The Light at Cairnhill.
Yours Sincerely,
p.s. Disclaimer: I am a licensed real estate salesperson at the point of writing this review. My real estate agency is the marketing agency for The M. Buyers can approach me to purchase The M and I will earn a commission from the developer. My reason for writing this review is to share my personal view about the developments not as a real estate salesperson but in the neutral context of a buyer and hopefully share some insight to help buyers make a more informed buying decision.
My other Singapore Property Reviews
My review of Normanton Park by Kingsford Development
My review of Penrose by CDL and Hong Leong Holdings
My review of Forett at Bukit Timah by Qingjian Realty
My review of Clavon by UOL Group
My review of Kopar at Newton by CEL Development
My review of The Avenir by Hong Leong Holdings and GuocoLand
My review of One Holland Village Residences by Far East Organisation
My review of Neu at Novena and Fyve Derbyshire by Roxy Pacific Holdings
My review of Midwood by Hong Leong Holdings
My review of Royalgreen and Juniper Hill by Allgreen Properties
My review of Sky Everton by Sustained Land
My review of Sengkang Grand Residences by Capitaland and City Developments Limited
My review of One Pearl Bank by Capitaland
My review of The Antares by FSKH Development
My review of Parc Clematis by SingHaiyi Group
My review of Piermont Grand by City Developments Limited
My review of Parc Komo by CEL development
My review of Riviere by Frasers Property
My review of Avenue South Residence
My review of 1953 by Oxley Holdings
My review of Uptown @ Farrer
My review of The Florence Residences
My review of Treasure at Tampines
My review of Fourth Avenue Residences
My review of The Woodleigh Residences
My review of Kent Ridge Hill Residences
My review of Arena Residences
My review of Whistler Grand and Twin Vew
My review of Mayfair Gardens and Daintree Residence
My review of Parc Esta
My review of Jui Residences
My review of The Jovell
My review of JadeScape
My review of Stirling Residences and Margaret Ville
My review of The Tre Ver and Riverfront Residences
My review of Park Colonial
My review of Affinity at Serangoon and The Garden Residences
