Analysts at odds on Daintree Residence’s pricing

The analysts at odds due to the pricing of Daintree Residence, it is set for launch on 28 July. According to the Business Times, some people believed it is reasonable while other claimed it is on the high side.

According to SP Setia’s general manager Neo Keng Hoe, “This is the first condominium to launch since the government began its latest property cooling measures.” He believed that the Toh Tuck Road condo would be offered at an average price of $1,800 psf.

He also noted that there was a lack of new launches in the area over the past years, with the recent one being the retirement resort project The Hillford in 2014. He assumed that the project’s closeness to Beauty World MRT station including schools in the Bukit Timah area to increase the demand for home buyers.

However, the previews for the project attracted more than 3,000 people flocking to the show flat.

Cushman & Wakefield research and the head of consultancy Christine Li claimed that the pricing of Daintree Residence is “reflective of the present pricing norms established by the strong growth of land prices over the last year.”

After the Daintree condo launch, the next condo that will be expected good demand will be Parc Esta Condo which is located right besides Eunos MRT.

“In regards to the pricing, some suburban launches have exceeded the $1,600 psf. Also, Daintree’s pricing seems affordable, and it must receive a positive market response, despite the recent slew of cooling measures.”

The Goodluck Garden on Toh Tuck Road was put up for sale en bloc this year around $1,210 psf, but Li believed that the future launch price at the freehold site would exceed $2,000 psf.