One of the reasons why Midtown Bay Bugis had a high bid is because it is a mixed development type property, which combines offices, shops and residential units. Typically in this kind of property, the shops are on the ground and lower floor so that they can be easily accessed, while the offices are above the shops, Finally the residential apartments are on the top most floors since only the people residing will mostly visit. These kind of mixed properties are preferred by many people since they do not have to travel long distances for shopping, the shops will be located on the ground floor of the same building. Hence the people residing in these properties are saving a lot of time and money which they would otherwise spend traveling.
Midtown Bay Mix Development Offices and Residential Units
Experts have noticed that mixed development properties like Midtown Bay Bugis are likely to get a higher resale price compared to standard residential condos. This is because in the long term people in these condos are saving time in shopping or commuting to their workplace. There are also restaurants available for having meals. Investors who wish to sell their unit in this condo can list it for sale online or offline, many foreigners are likely to be interested in investing in the condo because of its location and facilities. Property owners can also rent their condo to people working in the area , to get a regularly monthly income without much additional effort.
Midtown Bay Leasehold Versus Leasehold Properties
Compared to freehold properties the leasehold Midtown Bay in Singapore are more affordable for investors, since the real estate rates are usually lower. Since the government of Singapore has increased the stamp duty rate for second homes from 7 percent to a much higher 12 percent in the last few years, these homes are more suitable for those who do own any kind of property in Singapore. Compared to the core city center area of Singapore, this rate is lower, so investors who want to purchase property in an area with affluent residents can consider purchasing this property. Salaried people may find it expensive because of the change in the loan rules by the government.
Land Size of Midtown Bay by Guocoland
The plot on which Midtown Bay is being planned has an area of approximately 226,249 square feet, and gross floor area of 950,592 square feet. According to information available, two blocks of forty five storeys each are expected to be finalized and approximately 230 residential units are being planned. The project which will begin in the first six months of 2019, will also include some offices who have an unblocked view of the surrounding area. The date at which the project will be completed is not yet finalized.