Forett at Bukit Timah Pricing Outlook
Qingjian Realty purchased the former Goodluck Garden in a collective sales at a purchased price of $610 million. Based on the land size of 33,457.21 sqm and a plot ratio of 1.4, the gross floor area works out to be 46,840.09 which translate to a land price of about $1,210 per square foot per plot ratio (psf ppr). With a 10-per-cent bonus balcony area, the land price will be lowered to $1,110 psf ppr.
With construction cost, land financing cost, professional/legal/taxes cost, etc. added to the land cost, the estimated breakeven price for the developer is about $1,636 per sq ft per plot ratio. With an initial 15% to 25% profit margin, buyers can expect the units at Forett at Bukit Timah to be priced at around $1,881 to $2,045 per sq ft.
As a reference guide, we have included the expected starting price for you.
| NO. OF BEDROOM | UNIT TYPE | UNIT SIZE | NO. OF UNITS |
|---|---|---|---|
| 1 Bedroom + Study | AS1a, AS1b, AS2a, AS2b | 474 - 495 | 76 |
| 2 Bedroom | B1, B2a, B2b, B2c | 549 - 603 | 72 |
| 2 Bedroom + Study | BS4, BS5a, BS5b, BS6a, BS6b, BS6c | 689 - 764 | 149 |
| 2 Bedroom + Utility | BHS1a, BHS1b, BHS1c, BHS2 | 732 - 764 | 93 |
| 3 Bedroom | C1a1, C1a2, C1b, C1c, C1d | 947 - 980 | 119 |
| 3 Bedroom Premium | C3a, C3b, C3c, C4 | 1055 - 1109 | 28 |
| 3 Bedroom Dual-Key | D2DK | 1033 | 29 |
| 4 Bedroom Premium | D1a, D1b, D1c, D2 | 1281 - 1356 | 50 |
| 4 Bedroom Suite | D3 | 1442 | 09 |
| 5 Bedroom Suite | E | 1884 | 08 |
Competitive Market Analysis (New Launch)
(Mar 2019 - Mar 2020)
| PROJECT NAME | TENURE | DISTRICT | AVERAGE SELLING PRICE |
|---|---|---|---|
| Parc Clematis | 99 | 05 | $1,611 |
| Midwood | 99 | 23 | $1,639 |
| Daintree Residences | 99 yrs | 21 | $1,651 |
| Mont Botanik Residences | Freehold | 23 | $1,668 |
| View at Kismis | 99 yrs | 21 | $1,700 |
| Mayfair Gardens | 99 yrs | 21 | $1,933 |
| Mayfair Modern | 99 yrs | 21 | $2,033 |
| Fourth Avenue Residences | 99 yrs | 10 | $2,393 |
| Royalgreen | Freehold | 10 | $2,739 |
Competitive Market Analysis (Rental)
Top 10 Rental Average Per Square Foot Per Month
(Mar 2019 to Mar 2020)
| PROJECT NAME | BUILT | DISTRICT | AVERAGE PSF PER MONTH |
|---|---|---|---|
| The Hillford | 2016 | 21 | $4.60 |
| Nottinghill Suites | 2014 | 21 | $4.40 |
| Suites at Bukit Timah | 2014 | 21 | $4.10 |
| KAP Residences | 2016 | 21 | $3.70 |
| Floridian | 2012 | 21 | $3.70 |
| The Creek @ Bukit | 2017 | 21 | $3.60 |
| Suites De Laurel | 2012 | 21 | $3.60 |
| The Cascadia | 2010 | 21 | $3.50 |
| The Nexus | 2006 | 21 | $3.30 |
| Gardenvista | 2006 | 21 | $3.20 |
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