Near MRT stations: Esplanade MRT, Bugis MRT

District: D7 - Beach Road/ Bugis/ Rochor

Midtown Bay Singapore: A Market Analysis 2019-2024

Midtown Bay has emerged as one of the most notable luxury developments in the Core Central Region in the heart of Singapore’s Beach Road district. This prestigious project by GuocoLand Limited, completed in 2023, has demonstrated remarkable market resilience and appreciation since its launch in 2019.

Buyers / Tenants / Landlords Please contact us for Matching

The 219-unit development, part of the larger Guoco Midtown integrated development, has witnessed significant price evolution over the past five years. When first launched in 2019, Midtown Bay entered the market with competitive pricing that reflected its premium positioning. Initial transactions saw one-bedroom units trading between $1.5 million and $1.8 million, with per-square-foot prices ranging from $2,800 to $3,200. The larger units, particularly the three-bedroom configurations spanning 1,324 square feet, commanded prices between $3.5 million to $3.8 million at launch.

Fast forward to 2024, and the development has shown impressive capital appreciation. Recent transactions have set new benchmarks, with prices reaching an unprecedented $4,190 per square foot in January 2024. This represents a substantial increase from the lowest recorded transaction of $2,438 per square foot in October 2019. The price appreciation trajectory has been particularly notable in the smaller units, with one-bedroom apartments now commanding between $1.43 million to $2.1 million, reflecting PSF values ranging from $3,290 to $4,190.

The two-bedroom segment has similarly demonstrated strong performance. These units, ranging from 732 to 1,033 square feet, have seen their values climb from their initial range of $2.1 million – $2.8 million in 2019 to current prices between $2.25 million and $3.65 million. The per-square-foot values have correspondingly increased from the $2,438 – $3,000 range at launch to $3,090 – $3,800 in 2024.

The development’s largest units, the three-bedroom configurations, have maintained their premium positioning. From their launch prices of $3.5 million to $3.8 million, these units now command between $4.2 million to $5.45 million, with PSF values solidly in the $3,500 to $4,000 range, up from their initial $2,600 to $2,900 PSF at launch.

Market reception has been consistently strong, with approximately 59% of units sold as of January 2024. The development has achieved an average price appreciation of 6-7% annually, translating to a total appreciation of 30-35% from launch to present day. This performance is particularly noteworthy given the challenging market conditions and cooling measures implemented during this period.

Unit Size Breakdown:

One-bedroom: 409-484 square feet

Two-bedroom: 732-1,033 square feet

Three-bedroom: 1,324 square feet

The pricing evolution at Midtown Bay reflects not just the inherent value of the development but also the broader transformation of the Beach Road/Bugis precinct. The project’s integration within the larger Guoco Midtown development, which includes Grade A offices, retail spaces, and public amenities, has contributed significantly to its value proposition. The proximity to multiple MRT stations and key business districts continues to attract both owner-occupiers and investors.

Current transaction data indicates a mature market with sustained demand. The development has maintained its premium positioning while demonstrating steady price appreciation, particularly in the smaller unit categories which have shown the most significant value increases. This trend aligns with the broader market preference for compact, efficiently designed luxury units in prime locations.

Midtown Bay Historical Price Range :

2019 (Launch Year)

Lowest Transaction: $2,438 PSF (October 2019, 1,152 sqft unit)

Initial Average: Approximately $3,068 PSF

Notable Transaction: $3,510,400 for a 1,324 sqft unit (October 2019)

2024 (Current)

Highest Transaction: $4,190 PSF (January 2024)

Current Range: $3,090 – $4,190 PSF

Notable Transaction: $4,108 PSF for a 484 sqft unit (January 2024)

Unit Type Comparison

Price Appreciation Analysis

Overall Price Movement

Total Appreciation: Approximately 30-35% from launch to 2024

Average Annual Appreciation: 6-7% per year

Current Take-up Rate: 59% of units sold as of January 2024

Key Observations

Significant price appreciation since launch, particularly for smaller units

Highest appreciation seen in 1-bedroom units

New price benchmarks achieved in 2024

Strong performance in the luxury segment

Consistent upward trend in PSF prices across all unit types

This comparison shows a clear upward trend in prices from 2019 to 2024, with smaller units showing the most significant appreciation. The development has maintained its premium positioning in the market, with recent transactions setting new price benchmarks.

Key Price Milestones:

Lowest Historical PSF: $2,438 (October 2019)

Highest Recorded PSF: $4,190 (January 2024)

Current PSF Range: $3,090 – $4,190

Looking ahead, Midtown Bay’s performance suggests continued resilience in Singapore’s luxury residential market. The development’s track record of price appreciation, coupled with its strategic location and quality offerings, positions it favorably for sustained value preservation and potential future appreciation. The steady increase in prices from 2019 to 2024 demonstrates not only the development’s strong market positioning but also validates the developer’s vision for this premium integrated development in one of Singapore’s most dynamic districts.

For investors and potential buyers, Midtown Bay’s price evolution from 2019 to 2024 presents a compelling case study in the performance of premium residential properties in Singapore’s Core Central Region. The development’s ability to achieve new price benchmarks, even in a mature market, underscores its position as a significant player in Singapore’s luxury real estate segment.