A recent study has shown that property agencies in Singapore are marketing units at Singapore’s first retirement housing development. The Hillford in Jalan Jurong Kechil is Singapore’s first housing retirement village. However, analysts have note that the prices seem to be tilted to the high side in the private project.
First Retirement Village
URA has noted that Developer World Class Land have submitted a top bid of $73.8 million for the land. It translates to $482 (psf ppr). The Master Plan have indicated that this piece of land is for private flats, condo or retirement housing.
The price indications from marketing agencies predict that the condo will be at least $400K for the 1 bedroom, $500K for the 2 Bedroom and $700K for the 2 bedroom Dual Key. Analysts have previously predicted an estimated selling price of $900 – $1,100psf and the indicative prices fall within expectations.
Retirement Village with concierge facilities
Analyst also note that the nearby Sherwood Towers is selling at a lower psf. However, the units are bigger which suggest a lower psf is a natural indication of bigger units. Despite this, buyers need to exercise due caution as the The Hillford is a 60 years lease condo and some banks might offer buyers a smaller loan with shorter lease. A spokesman for World Class Land has mentioned that generally buyers are new to the retirement village concept and this cannot be compared to other condos.
Despite the 60 years lease, The Hillford retirement resort might receive very good reponse as it is the 1st retirement village in Singapore and the low quantum.