Glendale Park Update February 2023

 

The recent launch of a 99 years leasehold condo called The Botany is situated near Glendale Park. It is developed by Sim Lian. It emerged at the top of seven bids at the close of the government land sale (GLS) tender and won the site for $347 million or $980 psf per plot ratio (psf ppr). The 386-unit The Botany at Dairy Farm, is expected to preview on Feb 18, with sales to start on Mar 4. 

There is even an article on Business Times:

What's interesting is that the price starts at S$998,000 which is likely the smallest one room unit. From the article it says their one room unit size range from 507sq ft to 710sq ft. That means for S$998,000 you are buying a unit there at S$1,972 psf. The almost S$1000 psf premium to its cost is likely due to high construction cost and advertising.

Lets look at the map to get a clearer picture:

The recent Glendale transaction this year showed a psf of S$1,580. It is a freehold low plot ratio big development with 448 units and a much bigger land than The Botany. Also its a 5 mins sheltered walk to Hillview MRT.  

The Botany is a 386 units 99 years leasehold new launch condo that is likely fully maximized in terms of its GFA. It is situated quite a distance from Hillview Mrt(don't think its walkable). Yet its priced at S$1,972 psf. 

This is what I mean by price disconnect between the leasehold new launches and the freehold condos. With more leasehold new launches coming up around the Hillview area, will it further bring up the value of the older freehold condos nearby? We have to wait and see.