The Botany at Dairy Farm has sold 48 percent of its units in the first day
Sim Lian Group’s The Botany at Dairy Farm sold 187, or almost half, of its 386 units during its Saturday launch. The prices were $2,070 on average per square foot.
The 48 percent take-up is higher than expected. This performance is strong and reflects a genuine demand for new mass market homes despite the limited supply of new private houses in the OCR.
The average selling price for new non-landed private homes in OCR, excluding executive condos, was $2,070 per sq. ft. This is lower than the $2,088 per sq. ft. of January.
The project is located near Dairy Farm Nature Park in District 23 and Bukit Timah Nature reserve. Dairy Farm Mall is also nearby.
Sim Liam, who spoke on Sunday, stated that all 36 of the one-bedroom units had been sold and 93 % of the two-bedrooms. The project also saw a 20 percent increase in the number of three-bedroom apartments, 57-bedroom four-bedrooms, and 14-bedroom five-bedrooms.
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Sim Lian reported that Singaporeans represented 85 per cent of the total buyers. Permanent residents, foreigners, who came from Germany Switzerland and other parts Asia, accounted only for 15 per cent.
Investors concentrated on one-bedroom properties, possibly due to rental demand at the German European School nearby. Owner-occupiers liked the quiet environment and its proximity with nature.
The market still has a high demand for smaller units. A high rate of interest may cause some owners-occupants who prefer the larger units to review their finances before committing to a purchase.
Sales of new private houses by developers slowed down in January, as a result of a less rosy economic outlook. Also, interest rates were higher and inflation was on the rise. The number units booked fell almost 43% from 684 to 391 in January of 2022.
Analysts said that in 2023, a number of new launches could bring out those on the fence. But housing affordability still remains a problem.
Launching in the next couple of weeks are the 275 units Blossoms By The Park at Buona Vista, as well as the 600+ unit Lentor Hills Residences.
The Continuum and Tembusu Grand, both of which have 638 and 816 units respectively, are also slated to launch in the Katong region in the coming two months.