On launch day, The Botany at Dairy Farm sold 48% of its units.
Sim Lian Group, a developer, has sold almost half (187 of 386) of The Botany at Dairy Farm‘s 386 units on its first day of launch on Saturday. Prices averaged $2,070 for each square foot.
Its average sale price of $2.070 per square foot is slightly less than the $2.088 per square feet of non-landed private homes sold in January by OCR.
The project is located near Dairy Farm Nature Park in District 23 and Bukit Timah Nature Reserve. It is also close to Dairy Farm Mall which is under construction.
Sim Liam announced on Sunday that all 36 units of the project with one bedroom and 93 percent of its 104 units with two bedrooms were sold. Over 20 per cent were also sold of the 175 units with three bedrooms, 57 units with four bedrooms and 14 units that have five bedrooms.
Sim Lian stated that Singaporeans made 85 per cent all buyers. Foreign buyers and permanent residents accounted for the remaining 15 per cent. These included buyers from Germany, Switzerland, and other parts in Asia.
Investors were attracted to one-bedroom units due to the high rental demand of the German European School, located right next door. Owner-occupiers chose the area because of its tranquility and close proximity to nature.
The greater proportion of small units sold shows that there is still a demand for investment in the market. Some owner-occupiers, who are more interested in larger units, may need to take longer to assess their finances and commit to the purchase due to the high interest rate.
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The sales of new homes for private buyers were down in January. This was due to the gloomier outlook of the economy, higher interest rates, and inflation. The number booked for that month dropped by almost 43 per cent, from 684 units in January 2022.
Analysts believe that the transaction volume may increase with new launches expected in 2023. This could attract people who are on the fence, but housing affordability still remains a problem.
Launches of the 275-unit Blossoms by The Park in One-North, Pinetree Hill (520 units) and the 598 unit Lentor Hills Residences will take place within the next few months.
Two major projects are also in the works in the Katong region, the Tembusu Grand (638 units) and The Continuum (816 units).
Source: https://www.straitstimes.com/business/48-of-the-botany-at-dairy-farm-sold-on-launch-day
