Daintree Residence achieves 63% take-up rate

Romesh NavaratnarajahJuly 30, 2018

Location map of Daintree Residence

Map showing the location of the Daintree Residence site.

The private property market’s first new launch since the introduction of the new cooling measures, Daintree Residence, achieved a 63 percent take-up rate as it moved 50 of the 80 units launched over the weekend, reported the Business Times.

Singaporeans accounted for nine in 10 of Daintree buyers, while permanent residents and foreigners accounted for the rest.

More: Supply glut unlikely to happen, condo prices may see healthy growth: JLL

Developer SP Setia revealed that the 327-unit project achieved an average selling price of $1,710 psf, with two-bedroom units making up the bulk of the units sold, followed by three-bedders.

While the price tag at Daintree was a bit lower than the $1,800 psf that SP Setia general manager Neo Keng quoted ahead of the launch, this does not mean that the company is holding a fire sale. Last year, nearby project The Creek @ Bukit sold for less at $1,630 psf.

Describing the take-up rate as “very encouraging”, Neo said the company is looking “at releasing over a few phases for the balance units, in view of the higher launch prices that are anticipated for other developments along the Downtown Line”.

He expects future phases of Daintree sales to receive keen interest from the 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 recent few years.”

Meanwhile, ZACD Group executive director Nicholas Mak said Daintree’s launch figures were within expectations, considering the new property cooling measures.

On 5 July, the government announced its fresh round of cooling measures, which raised additional buyer’s stamp duty rates and tightened loan-to-value limits for home buyers. Sales, however, have not been shabby since, noted Mak, citing Nanshan Group and Logan Property’s Stirling Residences, which moved 50 units at $1,800 psf the weekend after the new curbs kicked in.

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Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

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