2018 was a monumental year for Singapore. From hosting the historic US-North Korea summit, to the launch of Crazy Rich Asians and the introduction of the SGQR system, it was a year of milestones.
But for the property market, 2018 was defined by surprise cooling measures: the increase in Additional Buyers Stamp Duty (ABSD) and a reduction in Loan-To-Value limits. Just after these measures, Daintree Residence launched, making waves with its loft-style design and proximity to an MRT station. It was one of the most talked-about condos that year.
Fast forward 7 years, and the question remains: Has Daintree Residence lived up to the hype, or has the market cooled like yesterday’s kopi?
Daintree Residence: the condo launch that got everyone talking
Image credit: Daintree Residence
Here’s a recap of what made Daintree Residence so popular when it launched.
Developed by SP Setia, Daintree Residence is a charming 327-unit condo along Toh Tuck Road in the Beauty World-Bukit Timah estate. The development draws inspiration from the Daintree Forest in Australia, with its rainforest theme offering a tropical oasis combined with urban loft-style living.
Being a relatively small-sized condo in terms of unit volume, the entire development spans over 210,000sqft of space, which means lower unit density and hence you don’t feel like you’re living in an overcrowded condo estate or living too close to your neighbours.
Most units have a ceiling height of 2.8m, while the ground and top floors feature 4.3m loft-style ceilings, adding to the spaciousness.
Image credit: New Launch Property
Daintree Residence gained significant attention as the first condo to launch after the cooling measures were announced. Many were eager to see how these new measures would affect demand.
Launched on 28th July 2018, just weeks after the cooling measures took effect, Daintree Residence released an initial batch of 80 units with a 5% discount, bringing the average selling price to $1,710 psf. By the end of the first day, 50 units were snapped up, with 2-bedders being the most sought-after, followed by 3-bedders.
The condo reached its TOP (Temporary Occupation Permit) in December 2022.
Lofty perks that still make Daintree Residence stand out
7 years on, let’s talk about some of the features of Daintree Residence that continue to make it an appealing option for a home.
Prime location amidst private residential enclave
Image credit: Google Maps
First, its location. Daintree Residence is nestled amidst a quiet residential enclave just off the main Beauty World area, with plenty of low-rise condos and landed properties in its vicinity. The closest MRT station is Beauty World, which is just about a 10-minute walk away and gives you access to the Downtown Line. Families will understandably also be drawn to its location because of its proximity to several primary schools: Pei Hwa Presbyterian Primary, Bukit Timah Primary, Bukit View Primary, and Methodist Girls Primary.
Because the development is tucked away in a residential estate, you will have to travel just a short distance to get to amenities such as groceries, dining, or other shopping needs. The main hub of activity would be the vicinity of Beauty World MRT station, where there are a few old-world charm shopping malls such as Bukit Timah Plaza and Beauty World Centre, as well as plenty of food options that many, in fact, travel specifically to Beauty World just to enjoy.
Design & architecture: low-rise condo, 330m roof garden
Image credit: Daintree Residence
Next, it’s worth mentioning that the architecture and design of Daintree Residence itself is quite the draw.
For starters, being a low-rise condo creates a sense of privacy and exclusivity, and being located amidst a landed enclave further enhances that prestige. Many modern condos today feature a higher density of units packed into towering blocks, which can make the space feel overcrowded. Additionally, being low-rise has its practical perks: even though most of Daintree Residence’s units are East-West oriented, the west-facing units will likely not experience the full intensity of the setting sun due to the low-rise design.
As mentioned earlier, the condo is also surrounded by lush greenery, making everyday living visually appealing while offering a serene and calm environment to retreat to at the end of the day. There’s also a 330m rooftop garden where residents can soak in great views of Bukit Timah Hill. And, of course, there are plenty of facilities for residents to enjoy.
Luxury loft units
Image credit: PropertyGuru
Next, let’s talk about the units.
True to its luxurious living value proposition, units at Daintree Residence are fitted with quality finishings, such as marble flooring, and quality bathroom and kitchen fittings from leading brands. We also highlighted earlier that units have quite generous ceiling heights. The default height for most units is 2.8m, however units with loft ceilings span 4.3m, which offer a premium “penthouse-lite” feel.
Units here comprise your usual mix of 1 to 4 bedders, though it’s interesting that 2-bedders are 56% of the total unit volume, and 3-bedders are 34%. This indicates that Daintree Residence is positioned as a family-oriented development.
Appealing, but the market has certainly shifted
Having been on the market for a couple of years now, and with some pretty big developments in the surrounding estate taking shape, one might wonder how that has affected the pricing and value proposition of Daintree Residence.
A check on property listing platforms such as PropertyGuru shows quite a healthy number of listings for units available for sale. We noticed most of them are either 2-bedder or 3-bedder units, which is understandable because they form the majority of the unit mix. Prices seem to fall between $1,900-$2,100 psf.
Image credit: PropertyGuru
From what we can find online, it seems that sales have somewhat stagnated over the past 5 years, with only a handful of transactions. This can be both a good thing and a bad thing; on one hand, Daintree Residence is largely family-oriented and so the majority profile of residents would be owner-occupiers, and hence the ‘churn’ of units for sale tend to be less. It could also be the case that residents also really enjoy living there, and hence at a lower propensity to sell.
On the other hand, slowing sales can be a sign of the condo losing its appeal to competition, such as new developments in the area. In this case, The Reserve Residences is the shinier and newer star in the Beauty World district, and the fact that it’s got both a bus interchange and MRT at its doorstep certainly makes it a bit more appealing than Daintree Residence. Based on data online, the average transacted psf for The Reserve Residences seem to be at around $300-$450 psf higher than Daintree Residence, and that’s considering it hasn’t even TOPed yet.
Other condo developments in the area include the likes of View at Kismis, Mayfair Gardens/Modern, Ki Residences, Linq, Verdale, and one future development at Jalan Anak Bukit, which will draw away some buyers.
As with any property purchase, one consideration that most real estate agents will always remind you is to plan your exit strategy. In this case, it would be to consider if you will get to enjoy a decent profit upon selling, and when would be the right time to sell given the market shifts and emergence of more competitors in the Beauty World area.
Using The Reserve Residences as an example, you would have to weigh the likelihood of buyers willing to trade convenience (i.e. being further away from the main transport nodes in the estate) or wanting to stay away from the hustle and bustle of the main Beauty World hub of activity, for a lower price point.
Daintree Residence: still holding its appeal, but perhaps for a slightly nicher market
Image credit: Pei-Chen Su
In today’s condo market, low-rise condos are indeed a rare find, as developers tend to construct larger properties to contain more units in a bid to maximise profits given the limited gross floor area they have to work with.
For some who prefer to live in smaller and less-dense developments, condos like Daintree Residence are certainly an attractive prospect, not only in being a comfortable place to call home but also retaining value in the market against its larger and more modern competitors. With units and facilities spaciously distributed throughout the development, living in Daintree Residence would indeed feel more like a resort. Its location in District 21—which is always a very popular estate to live in—adds to its appeal, and future transformations to the estate as part of the URA Master Plan will undoubtedly serve as catalysts for Daintree Residence’s growth potential.
For more condo reads:
- 12 most unique condos in Singapore to drool over while waiting for your BTO
- This condo in Bukit Panjang has a self-serve Starbucks kiosk that serves up your favourite brews
- 7 most beautiful old condos in Singapore with timeless charm that look better with age
Cover image adapted from: Daintree Residence, ADDP
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