First-time developer, 39.1% premium, 27% sold in six weeks. Three simultaneous headwinds make this a clear SKIP.
Narra Residences scores 4.5 — one of three projects in our SKIP tier. At +39.1% over D23 modern resale from a first-time developer with no residential track record, the risk-premium ratio is unfavorable. Seven bidders competed for this land at $980 PSF PPR, yet only 27% of buyers have shown up after six weeks. The nature setting is genuinely beautiful, nestled between Dairy Farm Nature Park and Bukit Timah Reserve, and three primary schools within 1km is a legitimate strength. But Hillview MRT is a full kilometre walk, and Santarli Realty has never completed a residential project. When a third of a 540-unit project sits unsold while nearby The Myst sold out — the market has given its verdict.
Santarli Realty's first-ever residential project — no completed condos to inspect, no after-sales track record, no resale appreciation data. Developer risk at its starkest. Combine that with 1km to Hillview MRT (10-12 min walk, below most buyers' threshold), a 39.1% premium over D23 modern resale, and an incoming 350-400 unit GLS site at Dairy Farm Walk creating future supply pressure — and you have a project with multiple simultaneous headwinds. Only 27% sold in six weeks confirms the market is not convinced.
Nature lovers who prioritise green surroundings over MRT proximity. Families with children attending Bukit Panjang Primary, Zhenghua Primary, or CHIJ Our Lady Queen of Peace. Buyers comfortable with developer risk who want OCR pricing below Pinetree Hill ($2,460 PSF).
Daily MRT commuters — the 10-12 minute walk to Hillview isn't the 5-minute access most buyers expect. Investors — no developer track record and only 27% take-up after six weeks make this a speculative play. Buyers who haven't compared to nearby launches with proven developers at similar PSFs.
Based on 75% LTV, 2.5% interest, 25-year loan. Your actual numbers depend on CPF balance, ABSD status, income, and existing property.
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