Sim Lian sells 48 percent of The Botany units for $2,070 psf
Pricing started from $988,000 for a 1-bedroom unit - which were fully sold on Day 1 of launch
In the 386-unit condominium, sales show a 48 percent take-up rate.
The average price of apartments sold is $2,070 per square foot, which is a new benchmark pricing within the Dairy Farm neighbourhood and is in line with the average price attained in new suburban developments released for sale last year.
Market watchers mentioned that the take-up rate of 48 percent exceeded their expectations, and believe that it reflects true demand for homes in the mass-market region among the limited supply of unsold OCR new private homes.
The developer, Sim Lian Group has also noted that The Botany at Dairy Farm has achieved a significant conversion rate of 40 percent from all the cheques received from prospective purchasers during the preview period over the last 2 weeks.
In addition, Singaporeans accounted for 85 percent of all purchasers, according to Sim Lian.
In comparison, 15 percent of the purchasers were Singapore Permanent Residents (PRs) or foreigners Buyers, including individuals from Germany, Switzerland, and other regions of Asia.
According to the property developer, one- and two-bedroom homes were mostly acquired by couples and small families.
Larger families looking for more space preferred the three, four, and five-bedroom apartments.
One-bedroom apartments began at $988,000, and two-bedroom units began at $1.188 million.
Analysts said that the statistic has demonstrated high desire among property investors seeking a property with the intention of renting out the unit and long-term capital appreciation.
They have attributed this to the close proximity to the German European International School, which is where the main rental demand would come from.
Furthermore, the two-bedroom homes appeal to smaller family sizes as well as overall affordability, said the market analysts.
In addition to the German European International School, The Botany is close to the Dairy Farm Nature Park and a 9-minute walk from the Hillview MRT station.
The price for the three-bedroom condos began at $1.713 million, while four-bedroom ones began at $2.529 million. Five-bedroom condos were priced from $3.116 million onwards.
Despite the fact that owner-occupiers like larger homes, market watchers said that given the present high mortgage interest rate environment, possible alternatives in the resale market, and additional new launches likely to be introduced in the next couple of months, they will take a longer time to commit to a home purchase.”
Analysts predicted that 12,000 new homes will be released this year, with sales of roughly 9,000 units.
This is more than the 7,099 units predicted for 2022 and they anticipate launch day sales to be “normalised to the range of 30 percent to 50 percent for properties located in the Rest of Central Region (RCR) and Outside Central Region (OCR) due to the surge in supply.
In the coming 2 months, there will be a bunch of new projects being launched.
They include EL Development’s Blossoms by the Park; City Developments and MCL Land’s Tembusu Grand at Jalan Tembusu; Hoi Hup Realty and Sunway Developments’ The Continuum at Thiam Siew Avenue; and Far East Organisation’s The Reserve Residences at Jalan Anak Bukit.