Dunearn House, the highly anticipated launch of the first private residential project at the Turf City precinct turned out to be a disappointment.
Joint developers Frasers Property, CSC Land Group and Sekisui House claimed that 5,900 visitors showed up for the preview weekend. But during the first sales weekend, it only moved 212 out of 380 units (or 56% of total units). Why?
1. CCR prices lag behind the market for years
Performance of Singapore condos in prime districts have seen better days during their peaks in 2007 and 2010-13. Thanks to the ever-rising ABSD slapped on both local and foreign buyers. CCR properties have been underperforming compared with OCR and RCR projects for over a decade.
From 2013 Q2 to 2026 Q2, PPI of OCR and RCR private residential properties jumped 62% and 45.4% respectively. In contrast, their counterparts in CCR only climbed 14.6% in 13 years. This is despite high transaction price of new launches in the district.
Buyers know the helplessness of CCR owners. It is fine to buy in prime districts for own stay. But don’t put too much hope on investment value or capital appreciation.
2. False expectation of value-for-money CCR new homes
For years, developers had problems selling CCR new projects. In 2025, they couldn’t wait anymore and all launched at the same time. The media told us “CCR private homes are making a comeback”.
But the “bull run” was the result of developers’ aggressive pricing, with psf launch price almost matching new projects in RCR and OCR. Within a month, asking prices drop from $3,800 psf to $3,100 psf.
The 2026 economy is not as rosy as 2025. So when the media reported prices of Dunearn House start from $2,799 psf or $1.475 million, buyers thought value-for-money new buys is still on. They hold back when they find the $3,140 psf average selling price. This is only a leasehold project. They can buy many freehold Bukit Timah projects at better prices.
3. Design and layout not user-friendly
In any new project, units with smallest quantum usually sell out first. However, Dunearn House only cleared 32.5% of the smallest layout of 2-bedroom units. How livable is a 2-bedder with 527 sq ft? For one, many are buying Bukit Timah for the good schools. Will owners or tenants ask a 6 to 12-year-old child staying alone or with one adult in a 527 sq ft unit?
For own stay, buyers go for the more practical 3 or 4-bedroom layout. This explains why the premium and study version of 4-bedroom units receive low pickup rate of 16.7% and 13.9% respectively.
Besides, there are only 228 parking lots for 380 units. Are the joint developers restricting the 204 owners of 3 and 4-bedders drive only one car, while the rest of the 176 2-bedder residents go for public transport? How can they drive children to the prestigious schools? What about visitor lots?
4. Buyers know they will be spoilt for choice
URA said the 176-hectare Turf City site will be transformed into a new residential estate. The precinct will yield 15,000 to 20,000 public and private homes. More new condos will be launched one after the other. Buyers can wait for the Bukit Timah Great Singapore Sale, with better designs but lower prices.
On second thoughts, some buyers may be eligible for BTO prime flats in Bukit Timah which are more affordable and spacious with government subsidies. Why not wait for the first public housing in Bukit Timah after 40 years?
(the above is a repost from my facebook page fb.com/propertysoulblog)
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