Prices at Singapore’s first retirement housing development appear to be on the high side, media reports quoting experts said.
Indicative prices show a 398 sq ft to 431 sq ft one-bedroom may cost at least S$400,000, or around S$1,005 psf, while a 506 sq ft to 560 sq ft two-bedder could go for at least S$500,000, which translates to about S$988 psf. Two-bedroom dual-key units of 657 sq ft are likely to be priced from S$700,000, or approximately S$1,065 psf.
Dubbed The Hillford, the project is located at Jalan Jurong Kechil and is being developed by Aspial Corp subsidiary, World Class Land.
Set to launch on 10 January, the 281-unit project will also feature a 24-hour concierge service and 18 commercial units including a convenience store, food outlets, clinics and medical-related facilities.
Analysts had expected units at the retirement resort to go for S$900 to S$1,100 psf.
While the prices still fall within expectations, industry experts advised buyers to be mindful of the project’s short 60-year lease, which could mean smaller loan offers from banks.
This is in comparison to the S$400,000 price tag for 99-year leasehold one-bedders at The Inflora, where sizes range from 462 to 495 sq ft, noted Century21 Chief Executive Ku Swee Yong.
He added that units at the nearby 62-year leasehold Sherwood Towers were also selling at lower psf prices.
PropNex CEO Mohamed Ismail believes that the developer may have taken the cost of providing concierge services and rising construction costs into account when factoring the selling price.
Meanwhile, a spokesman for World Class Land explained that retirement villages cannot be compared with condos since they provide different amenities.
Image: Artist’s impression of The Hillford.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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