Despite the weakness of their currency, well-heeled Malaysians are continuing to show keen interest in high end properties in Singapore. GuocoLand (Singapore) Pte Ltd Group Managing Director, Cheng Hsing Yao, said the strong interest shown in his company’s two iconic projects, Wallich Residence and Martin Modern is prove of Malaysians interest in high end properties here.
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Wallich Residence is located in the heart of the Central Business District of Singapore, which gives residents unhindered access to Singapore’s business and commercial center. There are MRT stations as well as highway connections, most of which are within walking distance of the residential development. There are also underground walkways linking major buildings in the area, reducing the stress of moving around amidst the ever-increasing traffic conditions of Singapore.
Martin Modern on the other hand, is a luxe Botanical Garden Home in District 9 which is a rare new project in this matured prime district. It is a thoughtful modern design, featuring unrivalled accessibility, coddled in lush and spacious botanical park land. It represents the best of cosmopolitan living with all the privileged choices at its doorstep.
Several educational institutions, primary schools, secondary schools and a college surround both the high end properties. These ensure that residents have little or no concern when it comes to providing their kids with a top-notch education.
“Malaysian buyers see Singapore properties as a good investment opportunity. Everyone is interested to acquire a piece of property here,” Mr Cheng said in an interview to a Malaysian newspaper yesterday.
He added that currency fluctuations are not a determining factor as Singapore is a natural business hub in South-East Asia due to its strategic location. Although the Malaysian Ringgit has shown signs of improvement, its depreciation against the Singapore dollar from late 2015 has set it at a low of RM3.18 against the dollar.
“Currency fluctuations do not play a big part in property investment as the assets are considered risk-free,” Cheng said. Mr Cheng said that Malaysians and those with permanent residence have acquired 20 per cent of the units in Wallich Residence and 25 per cent in Martin Modern.
He said Singapore’s strategic location and its vibrant economy were strong pull factors for foreign buyers as there are no restriction on foreign purchase. Low annual interest rates for loans and an active resale market are other reasons why foreigners continue to invest in high end properties here.
GuocoLand Singapore is the property development arm of the Hong Leong Group. Wallich Residence, the tallest residential development in the republic, is part of the $3.2 billion, 64-storey integrated development known as Tanjong Pagar Centre. The Wallich Residences has about 181 apartments which overlook the city and surrounding sea from a height of about 180 meters to 290 meters above sea level, the highest for a residential building in the whole of Singapore.
Wallich residence in itself is a self -sustainable community playing host to a variety of social amenities overseen by the Wallich Residence Concierge Service. These include an infinity pool, private library, observation platforms, networking suites, a theatre, a gym and a sky garden.
There are several unique venue at Wallich residence which includes:
- Social 180 – This is found at level 39 and it is nicknamed, “creating an atmosphere in the atmosphere.” It is located far above the city level and it has both infinity pools as well as dipping pools, along with these are lush gardens that provide visitors an unhindered view of the Marina Bay.
- Cloud 220 – This is located at level 52 and it is the haven for diners seeking a formal dining room and those who enjoy cocktails. There is space to host guests for a formal dinner and a wine cellar that boasts of classic wines.
- The Apex – Located at level 62 and it is exclusive to residents of the Wallich. It is the only glass air deck in Singapore. It offers the best view of the countryside from the highest point possible from a building. The air deck ranks among the world’s renowned air decks, like that of the Burj Khalifa and the Empire State Building.
Martin Modern on the other hand, is located within and surrounded by new areas of growth. Two new MRT lines will boost the connectivity of the area to the rest of Singapore. The Kim Seng and Outram precincts are set to be revitalised, while Robertson Quay continues to evolve into a popular and successful lifestyle enclave.
Close by, the historic Civic District has been revitalised by the opening of the National Gallery, the fast evolving Marina Bay and the new financial district. In addition, more transformation can be expected from the Kim Seng precinct all the way to Outram.
Martin Modern sits amidst many established developments in this prime area – an area that is already nearly well-filled with luxury apartment projects. And for good reason too, as new plots for development are scarce here, and with all the new development and revitalisation in the horizon, the potential within this prime precinct is set to take flight again.
Units in the high end properties of Wallich Residence and Martin Modern are priced above $2 million each.
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