1st condo launch since new property curbs: 50 of 80 Daintree Residence units sold with 5% discount

An artist's impression of Daintree Residence condo, which has sold 50 of the 80 apartments.
An artist's impression of Daintree Residence condo, which has sold 50 of the 80 apartments. PHOTO: SP SETIA

Daintree Residence has sold 50 of the 80 apartments on offer over the weekend, in the first condominium sales launch since fresh property cooling measures kicked in on July 6.

Phase-one sales at the 327-unit project in Toh Tuck Road saw an average selling price of S$1,710 per sq ft (psf), according to developer S P Setia International - a tad lower than the $1,800 psf that it had earlier floated. There was a 5 per cent discount in play at the weekend launch.

Most of the launch sales were two-bedroom apartments that went for between $1.06 million and $1.4 million, followed by three-bedders selling for between $1.71 million and $2.13 million. The developer said that nine in 10 of the buyers were Singapore citizens.

S P Setia general manager Neo Keng Hoe called the take-up rate of about 63 per cent "very encouraging", saying: "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.

"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."

Ms Tricia Song, research head for Singapore at Colliers International, said price expectations will be tempered by the cooling measures and unlikely to rise in the near-term.

Ahead of the launch, analysts had been mixed about the possible price tag for Daintree, in the wake of the recent hike in Additional Buyer's Stamp Duty and loan-to-value ratio tightening.

 

Some pointed to the future high prices expected at the site of freehold Goodluck Garden, also in Toh Tuck Road, which was sold en bloc at around $1,210 psf, while other watchers cited lower resale prices in the Beauty World area as possible alternatives.

Neighbouring The Creek @ Bukit sold out last year with a median selling price of around $1,630 psf.

S P Setia paid $265 million for the 201,517 sq ft Daintree site last year, or $939 psf per plot ratio.

A version of this article appeared in the print edition of The Straits Times on July 30, 2018, with the headline '50 Daintree Residence units sold at launch'. Print Edition | Subscribe