SDB remains upbeat on One Draycott and Jui Residences

SDB Asia, the Singapore property arm of Malaysian-listed Selangor Dredging Bhd, launched two projects last year: the luxury, 64-unit One Draycott at 1 Draycott Park in June, followed by the 117-unit Jui Residences on Serangoon Road in September.
Based on caveats lodged with URA Realis to date, three units have been sold at One Draycott at an average price of $3,042 psf. Meanwhile, at Jui Residences, 53 units or 45.3% of the project has been sold to date, with an average transacted price of $1,713 psf.
Since the property cooling measures introduced last July, sales have slowed, concedes Teh Lip Kim, group managing director of SDB, in a phone interview with EdgeProp Singapore. “But we are prepared to hold out and continue with the construction of our projects,” she adds.
SDB's One Draycott, a 64-unit luxury project, comprising 60 two-bedroom units of 732 and 797 sq ft, and four penthouses with sizes of 1,238 and 1,345 sq ft (Credit: SDB)

‘Few competing projects’

Teh’s confidence in One Draycott stems from its location in the exclusive Ardmore Park, Draycott Park-Draycott Drive and Claymore Hill enclave in prime District 10. She notes that there are few competing projects in the area. As such, Teh is holding onto the selling prices of One Draycott, which she says are at “about $3,500 psf”.
There are 60 typical units, all two-bedroom configurations, with sizes of 732 sq ft and 797 sq ft. On the top floor, which is the 18th floor at One Draycott, are four penthouses, also two-bedroom units, with double-volume ceiling and sizes of 1,238 sq ft and 1,345 sq ft.
One of the 1,345 sq ft penthouses has been sold for just under $3.5 million (S2,600 psf) and it marked the first sale in the development when it was launched in June last year.
Unlike One Draycott, many of the new luxury projects in the posh Draycott Park-Ardmore Park enclave feature sizeable units, predominantly four-bedroom apartments. For instance, at the 43-unit Le Nouvel Ardmore by developer Wing Tai Holdings, four-bedroom units start from 3,789 sq ft, with prices upward of $15 million.
The latest transaction at Le Nouvel Ardmore, a freehold development completed in 2014, was for a 4,058 sq ft, four-bedroom unit, which was sold for a prosperous-sounding $16.888 million...