This week in property: Highlights from July 16 to July 20

By EdgeProp Singapore / EdgeProp | July 20, 2018 5:01 PM SGT
Property highlights of the week from July 16 to July 20:
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.
Given Daintree Residence’s location, 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.
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.
Private new home sales took a hit in June as new projects were being launched at new benchmark prices.
The developers’ sales survey by the URA for June showed that developers sold 42% less private homes (654 units excluding executive condominiums or ECs) on a month-on-month (m-o-m) basis and 20.2% less on a year-on-year (y-o-y) basis. Including ECs, sales dipped 44% m-o-m and 34% y-o-y to 706 units. This brings 1H2018 developer sales to 4,090 units (excluding ECs), about 32.3% lower compared to 6,039 units sold over the corresponding period in 2017.
In June this year, 726 units were launched, the highest number of units launched in the month of June since 2013, which saw 1,768 units excluding ECs launched. The top five private residential projects for June 2018 were Margaret Ville, Affinity at Serangoon, Twin Vew, The Garden Residences and 120 Grange.
Sales momentum is expected to become more sluggish following the fresh cooling measures implemented on July 6.
Summer Green, a freehold 13-storey development off Balestier Road, is up for collective sale by tender at a reserve price of $48 million. This translates into a land rate of about $1,178 psf per plot ratio, which is inclusive of a development charge of about $320,000 , according to the marketing agent Knight Frank. This is the second time this year that Summer Green is up for collective sale.
Earlier in January, Summer Green was put up for en bloc, but unsuccessful. (Credit: Knight Frank)
With a site area of about 14,646 sq ft, Summer Green comprises 24 apartments. The site is regular in shape and has a frontage of about 30 m. It is zoned “residential” under the 2014 Master Plan, with an approved plot ratio of 2.8.
Subject to URA’s approval, the site could be redeveloped into 54 apartment units with an average size of 753 sq ft, due to its maximum permissible gross floor area (GFA) of about 41,010 sq ft. A pre-application feasibility study (PASF) is not necessary.