Daintree Residence previews at average of $1,800 psf

By
/ EdgeProp Singapore
|
July 20, 2018 8:30 AM SGT
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Last weekend (July 14 and 15) saw the preview of Daintree Residence, Malaysian developer SP Setia’s latest project in Singapore. The 327-unit, low-rise condominium is located on Toh Tuck Road, in a quiet residential area off Upper Bukit Timah Road.
Even though it was just over a week after the government’s ninth round of property cooling measures took effect on July 6, there was a crowd of 3,000 at the sales gallery over the preview weekend. The latest cooling measures included a five-percentage-point hike in additional buyer’s stamp duty for citizens and permanent residents buying second and subsequent homes, and a tightening of the loan-to-value (LTV) limit by 5ppt. For foreign buyers, ABSD was hiked to 20%. However, first-time homebuyers — both citizens and permanent residents — were spared any increase in stamp duty.
Despite the property cooling measures introduced a week before, Daintree Residence's preview weekend still drew a crowd of 3,000 (Credit: SP Setia)
Given Daintree Residence’s location just off Upper Bukit Timah, it appeals to families that want to live near top schools such as Methodist Girls’ School, Hwa Chong Institution, National Junior College and Ngee Ann Polytechnic. There are also international schools nearby — DIMENSIONS International College, German European School, Singapore Korean International School and Swiss School.
Priced to market
As the majority of the buyers are expected to be homeowners, pricing is a major consideration for SP Setia, apart from unit sizes, finishing and fittings as well as facilities.
Daintree Residence will be priced at an average of $1,800 psf. This puts it in line with recent launches in the Rest of Central Region (RCR), for instance, the 805-unit Park Colonial at Woodleigh and the 1,259-unit Stirling Residences on Stirling Road in Queenstown.
Daintree Residence will be priced at an average of $1,800 psf, in line with other new launches in the Rest of Central Region (Credit: SP Setia)