I agree with andy on this. In 2007 peak, Residences @ Evelyn and Newton One commanded a premium in psf vs PI. The recent observation that PI has equal psf to the other 2 is because:
1) developer unloading premium units at high psf has helped to entice interest and more transactions in PI.
2) R@E, many units were tenanted out in late 2007 and those who want to sell would probably only be starting now vs earlier this year.
3) R@E and Newton One have very big unit sizes. In 2007, it did not matter what the $ quantum was. This year, so far, my observation is that those super big sized units tend to command a slightly lower psf mainly because of the high $ quantum required. However, as the market improves, that is changing as well and the discount for bigger units is lessening.
In a way, R@E and Newton One are "undervalued" relative to PI but it won't be easy to find low asking prices in current times at these 2 developments either.
Personally, I would prefer PI over the other 2 developments but only if PI is at a discount.