Toh Tuck area sees increase in buying interest
By Angela Teo
/ EdgeProp |
On Dec 18, 2017, three penthouses at The Creek @ Bukit on Toh Tuck Road were sold, according to caveats lodged with URA. Of the three, the 1,668 sq ft, four-bedroom penthouse went for $2.47 million and achieved the highest price psf of $1,480. The other two were four-bedders measuring 1,711 sq ft that fetched $2.47 million ($1,442 psf) and $2.43 million ($1,420 psf).
The penthouses were sold just three days after local developer and construction company Chiu Teng Group moved five units at the freehold project. Of the five units sold, four were three-bedroom mansionettes located on the ground floor and measuring between 1,615 sq ft and 1,658 sq ft. The other was a 1,668 sq ft, four-bedroom penthouse.
Prices of the four maisonettes ranged from $2.33 million ($1,444 psf) for a 1,615 sq ft unit to $2.51 million ($1,513 psf) for a 1,658 sq ft unit. The penthouse was sold for $2.49 million ($1,492 psf), registering the second-highest price among the five units sold on Dec 15.
The Toh Tuck Road residential area has been transformed over the years through collective sale redevelopments (Credit: Samuel Isaac Chua/The Edge Singapore)
The eight transactions at The Creek @ Bukit on Dec 15 and 18 brought the total number of units sold at the project to 253 units (97%), according to caveats on URA Realis as at Jan 2, 2018, leaving only seven units for sale.
According to URA caveat data as at Jan 2, 2018, 101 units at The Creek @ Bukit were sold in 2017, compared with 43 in 2016, 25 in 2015 and 42 each in 2013 and 2014. The Creek @ Bukit, a redevelopment of the former Green Lodge, was launched in November 2013.
Sales at the project have been growing since Malaysian property group S P Setia clinched the adjacent, 201,287 sq ft site on Toh Tuck Road under the 1H2017 Government Land Sales (GLS) programme, for $265 million ($939 psf per plot ratio) last April. The 99- year leasehold project is set to be launched as Daintree Residence in 1H2018, with an estimated 327 units.
The Toh Tuck Road residential area has been transformed over the years through collective sale redevelopments. Besides The Creek @ Bukit, another redevelopment of a collective sale site in the area is the 31-unit Kismis Residences. The recently launched project sits on part of the site of the former Kismis Lodge, according to ERA Realty, which is jointly marketing the two collective sale redevelopments with Orange Tee & Tie.
About 300m away from Kismis Residences, the 43-unit Kismis View was launched for collective sale by marketing agent JLL on Nov 22 at a reserve price of $102 million. The tender for Kismis View will close on Jan 17. An upcoming collective sale redevelopment site within the Toh Tuck Road residential enclave is the 210-unit Goodluck Garden, which is in the advanced stage of the collective sale process, according to marketing agent Knight Frank Singapore.
This article appeared in EdgeProp Pullout, Issue 813 (Jan 8, 2018).
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