Daintree Residence: a hidden gem in the market

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/ EdgeProp
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April 21, 2019 11:00 AM SGT
The leasehold development was launched in July last year, when most buyers were hesitant to pick up new properties (Pictures: Samuel Isaac Chua/EdgeProp Singapore)
Given the focus on new projects to be launched this year, it is easy for home hunters to overlook those projects that were launched last year. Daintree Residence by Malaysian-listed property developer SP Setia is one such project.
The 99-year leasehold, private condo development previewed over the weekend of July 14 and 15 last year, and was the first new private residential development to hit the market after the implementation of property cooling measures last July 6.
Located on Toh Tuck Road, the 327-unit Daintree Residence is in the quiet residential enclave in the Upper Bukit Timah area in District 21. The low-rise condo comprises one- to four-bedroom units of 534 to 1,459 sq ft in 12 five-storey blocks. Units on the first and fifth floors have a 4.3-metre loft ceiling, while other units feature a 2.9-metre ceiling height.
The project appeals to families with children of school-going age as top schools like Methodist Girls School, Hwa Chong Institution, and National Junior College are nearby.
Despite the property cooling measures, more than 3,000 people showed up on the preview weekend of Daintree Residence. About 50 of the 80 units released a fortnight later at the end of July were taken up. Average price of units sold was about $1,700 posf. The developer also gave buyers a 5% discount at the launch weekend.
The crowd at the first weekend preview of Daintree Residence
The higher additional buyer’s stamp duty, reduced borrowing limit for mortgages and an uncertain economic outlook has made homebuyers more price-sensitive, said associate professor Sing Tien Foo of NUS Institute of Real Estate and Urban Studies last October.
For the discerning homebuyer or property investor however, Daintree Residence’s average selling price could look relatively attractive, given the expected launch prices of upcoming developments in the area.
Just behind Daintree Residence is View at Kismis, a new 99-year project...