SP Setia sold 50 of the 80 apartments launched at Daintree Residence over the weekend, in the private property market’s first new launch since the latest cooling measures kicked in earlier this month.
The first phase of the 327-unit Daintree’s launch achieved an average selling price of $1,710 per sq ft (psf), according to the developer, with two-bedders making up the bulk of apartments sold, followed by three-bedroom homes.
The price tag at Daintree was slightly under the S$1,800 psf that Mr Neo quoted ahead of the launch. Next-door neighbour The Creek @ Bukit sold out for less last year, at S$1,630 psf.
Nine in 10 of Daintree buyers were Singaporeans, with the rest a mix of permanent residents and foreigners.
Neo Keng Hoe, general manager for SP Setia, called the 63 per cent take-up rate “very encouraging”, adding: “We are looking at releasing over a few phases for the balance units, in view of the higher launch prices that are anticipated for the other developments along the Downtown Line.”
Malaysia’s SP Setia snagged the Toh Tuck Road site in a government tender last year at S$265 million, or S$939 psf per plot ratio. The decision to hold back the rest of the units could reflect the expectation that rivals will go in with higher prices, as the nearby Goodluck Garden condominium was sold en bloc at S$1,210 psf in March.
SP Setia’s Mr Neo said that future phases of Daintree sales should still garner a keen market: “Many discussions with buyers are still ongoing, indicating good interest in this location, near Beauty World MRT station, which has not seen a condominium launch in the recent few years.”