Made open to the public on 28 February, bids for the land parcel, Daintree Residences were scheduled to close on the 11th of April. Days later on the 18th, it was announced that the Malaysian developer, S P Setia, had successfully won the land after providing the highest bid of SGD 265 million. This topped estimation by experts, who had guessed that the land would not receive bids above 200 million.

The developer’s bid for the residential plot beat out those from 24 other major developers who had expressed interest in acquiring the land, including Singhaiyi Investments and Centrex Developments. The Toh Tuck Road new launch will be the S P Setia’s third property development in Singapore.

The chief executive officer and and president of S P Setia, Datuk Khor Chap Jen, has expressed the developer’s interest in Singapore land as having identified it as one of the S P Setia’s key overseas markets. The Malaysian group first ventured into Singapore’s land development market in 2012 with their launch of the freehold condo, 18 Woodsville, which is located next to the Potong MRT Station. Since then, the Malaysian developer has also launched the 483-unit condo, Eco Sanctuary, which is situated along Chestnut Avenue.

The Daintree Residence is targeted to be launched in 2018 with a completion date of approximately 60 months. The group endeavours to strengthen their presence in Singapore with this third launch, and plans to showcase S P Setia’s mastery in developing eco-themed condos for residents of Singapore.

The group plans to have their full acquisition of the land, which possesses a gross development value of SGD 457 million, completed by the third quarter of this year. According to information released by the group and other news sources, the intent is to fund the project through both bank borrowings and internal developer funds.