Private condo prices in District 21 driven up by new launches

/ EdgeProp
September 28, 2018 11:30 AM SGT
With more new launches in the pipeline, homebuyers eyeing properties in the Upper Bukit Timah area in District 21 will be spoilt for choice. On the weekend of Sept 29, Oxley Holdings will launch its 215-unit Mayfair Gardens, located a three-minute walk from King Albert Park MRT station on the Downtown Line. The indicative average launch price is $1,900 psf.
Meanwhile, Roxy-Pacific Holdings and its joint-venture partner TE2 Development are expected to launch their 168-unit project on Lorong Kismis before year-end. The project is a redevelopment of the former Kismis View and the adjacent property at 19 Lorong Kismis.
Next to it is Daintree Residence, S P Setia’s 327-unit private condominium on Toh Tuck Road. Forty-two units have been sold at an average price of $1,703 psf since its launch in July, according to caveats lodged.
The neighbourhood was also in the spotlight at the close of the government land tender on Sept 4, when a 99-year leasehold site on Jalan Jurong Kechil was sold to China Overseas Holding and CSC Land Group for $215 million, or $1,002 psf per plot ratio. In terms of psf ppr price, it is 6.7% higher than the $939 S P Setia paid for the Daintree Residence site in April last year.
According to Nicholas Mak, executive director of ZACD Group, based on the price that CSC Land and China Overseas Holdings paid for the Jalan Jurong Kechil site, the breakeven price is likely to be $1,640 to $1,700 psf.
With the recent and upcoming launches in the District 21 neighbourhood, resale prices of existing condos in the area have also risen. According to Christine Sun, OrangeTee & Tie head of research and consultancy, the average resale price of non-landed private homes in District 21 increased 14% to $1,241 psf in July and August, from $1,084 psf in the corresponding period last year.
At S P Setia’s Daintree Residence, which previewed at end-July, 42 units have been sold so far, at an average price of $1,703 psf (Picture: S P Setia)