Daintree Residence to launch for sale on July 28

Daintree Residence to launch for sale on July 28

Eyes will be on Daintree Residence when sale launches on July 28 – the first condominium to do so since the latest round of cooling measures.

The pricing has left analysts divided as the Toh Tuck Road condo will likely go in the region of an average of S$1,800 per square foot (psf), according to Neo Keng Hoe, general manager for the developer SP Setia.

Previews began last weekend with 3,000 people include upgraders and young families coming to the showflat. T

There has been a lack of new launches in the area in the last few years, Mr Neo said. The last was the retirement resort project The Hillford in 2014. Proximity to the Beauty World MRT and schools in the Bukit Timah area will also likely boost homebuyer demand.

“The pricing is reflective of current pricing norms, set by the strong growth of land prices over the last year,” said Christine Li, head of research and consultancy at Cushman & Wakefield.

“But considering that pricing at some suburban launches has already surpassed S$1,600 psf, Daintree’s pricing seems reasonable and should receive a warm market response, notwithstanding the recent slew of cooling measures.”

The Creek @ Bukit which is nearby sold out in last December with a median selling price of around S$1,630 psf.

The freehold Goodluck Garden on Toh Tuck Road was sold this year en bloc at around S$1,210 psf, but Ms Li said the future launch price could exceed S$2,000 psf.

But some analysts thought Daintree’s price was on the high side. International Property Advisor chief Ku Swee Yong said that while the location and convenient public transport are a draw, “there are choices in the area that are not at this price”, he said.

These include resale options such as the 999-year The Terrene @ Bukit Timah, where a 549 sq ft unit transacted in May this year for S$1,457 psf, according to Realis data, he said.

Investors could also look to the large number of upcoming launches across the country, he added.

SP Setia had secured the 201,517 sq ft site for S$265 million or S$939 per square foot per plot ratio (psf ppr) in a government tender in April 2017 that drew 24 bids.

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