Daintree Residence: a hidden gem in the market

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Daintree-Residence-CondominiumGiven the focus on new projects to be launched this year, it is easy for home hunters to overlook those projects that were launched last year. Daintree Residence by Malaysian-listed property developer SP Setia. The 99-year leasehold, private condo development previewed over the weekend of July 14 and 15 last year, and was the primary new private residential development to hit the market after the implementation of property cooling measures last year..

Located on Toh Tuck Road, the 327-unit Daintree Residence is in the quiet residential enclave in the Upper Bukit Timah area in District 21. The low-rise condo comprises one- to four-bedroom units of 534 to 1,459 sq ft in 12 five-storey blocks. Units on the first and fifth floors have a 4.3-metre loft ceiling, while other units feature a 2.9-metre ceiling height. The project appeals to families with children of school-going age as top schools like Methodist Girls School, Hwa Chong Institution, and National Junior College are nearby.

Despite the property cooling measures, quite 3,000 people showed abreast of the preview weekend of Daintree Residence. About 50 of the 80 units released a fortnight later at the end of July were taken up. Average price of units sold was about $1,700 posf. The developer also gave buyers a 5% discount at the launch weekend. The higher additional buyer’s stamp tax , reduced borrowing limit for mortgages and an uncertain economic outlook has made homebuyers more price-sensitive, said professor Sing Tien Foo of NUS Institute of Real Estate and Urban Studies last October.

Just behind Daintree Residence is View at Kismis, a new 99-year project by local developers Roxy-Pacific and its joint-venture partner TE2 Development, a private business arm under Tong Eng Group. The site is an amalgamation of the previous Kismis View, which was acquired through a collective sale for $102.75 million ($855 psf per plot ratio, or psf ppr) in January 2018; also as a bungalow site acquired for $5.69 million ($800 psf ppr) within the following month. There is also Mayfair Modern by Oxley.  View at Kismis will have an acreage of about 100,366 square foot and therefore the partners say that the new development could comprise up to 186 units across a complete gross floor area (GFA) of 140,171 sq ft. The new development is expected to launch later this year. In the pipeline for redevelopment is the former freehold Goodluck Garden. An appeal by some of the dissenting minority owners was also dismissed at the Court of Appeal last month.

 

Source: EdgeProp

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