You must be aware of the fresh property cooling measures that came into the market recently on July 6. With this new sale launch for condominiums, around 50 out of 80 apartments of Daintree Residence were sold by this weekend. At Toh Truck Road, the phase one sales of a 327 unit project were observed with an average selling price of 1,710 dollars per square feet. As per SP Setia, an international developer, the price for this Singapore property went below 1800 dollars per square feet due to the special 5% discount added on this weekend launch.
Note that, during these weekend sales; most of the projects were two-bedroom apartment type and they were sold somewhere between 1.06 million dollars to 1.4 million dollars. On the other side, the three bedroom living spaces were sold at a price range of 1.71 million dollars and 2.13 million dollars. Developers also revealed that 9 out of the 10 buyers during weekend sales were citizens of Singapore.
Neo Keng Hoe, general manager of SP Setia group,considered this 63% take-up rate very encouraging while saying that “The location near Beauty World MRT Station is now of great interest for most buyers as they have not seen any new condominium launch in this area for past many years.”He also added that by considering the impact of higher launch prices, the company is now looking for the release of a few balanced units. These price shifts are expected for few other developments as well, especially at the Downtown Line.
Research Head of Colliers International at Singapore, Ms.Tricia Song said that the property price expectation might get tempered by huge extend due to the latest cooling measures and there are least chances of rising for near term. By considering the hike in a loan to value ratio tightening and Additional Buyer’s Stamp Duty, many analysts were already making estimates about price tags for properties at Daintree. They have revealed few possible alternatives as per their market observations, andit says that the price for properties at Toh Tuck Road and Goodluck Garden may rise in near future whereas they are expecting fall in prices for the Beauty World area properties.
Note that, The Creek @ Bukit was sold last year with a selling price of $1630 per square feet; whereas S P Setia paid $265 million dollars for Daintree site in the last year; and this translates to $939 psf ppr for the land purchase price.
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