Map showing the location of the Daintree Residence site.
Analysts are divided on the pricing of Daintree Residence, which is set for launch on 28 July, with some saying it is reasonable while others believe it is on the high side, reported the Business Times.
The first condominium to launch since the government introduced its latest property cooling measures, the Toh Tuck Road condo will likely be offered at an average price of $1,800 psf, revealed SP Setia’s general manager Neo Keng Hoe.
He noted that there has been a lack of new launches in the area over the past few years, with the last one being the retirement resort project The Hillford back in 2014. He expects the project’s proximity to Beauty World MRT station as well as schools in the Bukit Timah area to help boost home buyer demand.
In fact, previews for the project saw 3,000 people flocking the showflat.
Cushman & Wakefield research and consultancy head Christine Li said the pricing of Daintree Residence is “reflective of current pricing norms, set by the strong growth of land prices over the last year”.
“But considering that pricing at some suburban launches has already surpassed $1,600 psf, Daintree’s pricing seems reasonable and should receive a warm market response, notwithstanding the recent slew of cooling measures.”
Nearby project The Creek @ Bukit was sold out at a median selling price of about $1,630 psf in December last year.
Goodluck Garden on Toh Tuck Road was sold en bloc this year at about $1,210 psf, but Li expects the future launch price at the freehold site to exceed $2,000 psf.
Some analysts, however, believe the price was relatively high. International Property Advisor chief Ku Swee Yong noted that while the project’s location and convenient public transport are a major draw, there are various choices within the area “that are not at this price”.
These include resale options like The Terrene @ Bukit Timah, he said. Realis data shows that a 549 sq ft unit at the 999-year project was transacted for $1,457 psf in May this year.
He added that investors can also look at the huge number of upcoming launches across Singapore.
For instance, units at UOL’s The Tre Ver, which opened its showflat last weekend, are reportedly priced from $1,400 psf.