[UPDATE] Sim Lian sells over 48% of units at The Botany with an average price of $2,070 psf

/ EdgeProp Singapore |
The crowd on the first day of launch at The Botany sales gallery on March 4 (Photo: Sim Lian Group)
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SINGAPORE (EDGEPROP) - Despite the unceasing rain on March 4, Sim Lian Group sold 187 units at its 99-year leasehold condo, The Botany at Dairy Farm. The sales indicate a take-up rate of 48% in the 386-unit project. The average price of units sold at $2,070 psf has set a new benchmark for the Dairy Farm neighbourhood and is in line with the average price achieved in suburban projects launched last year.
"The take-up rate of 48% has surpassed our expectations, and we believe it is a strong performance, reflecting the genuine demand for mass-market homes amidst the limited unsold OCR [Outside Central Region] new private home inventory," commented Ismail Gafoor, CEO of PropNex.
During the preview period over the past fortnight, "the project achieved a strong conversion rate of 40% from the total number of cheques collected from interested buyers, reflecting the project's popularity among homebuyers", says Sim Lian in its release. The developer adds that The Botany is also the first new project launch to hold "on-site bookings" since the pandemic.
Scale model of the 386-unit The Botany at Dairy Farm Walk where 187 units were sold on launch day on March 4 (Photo: Samuel Isaac Chua/EdgeProp Singapore)
"The robust take-up of the units in The Botany at Dairy Farm on the first weekend of sales reflects the healthy demand for suburban condos," says ERA Realty Network CEO Marcus Chu. "HDB upgraders and investors form a firm pool of demand for suburban condos. Our research shows that buyers with HDB addresses bought 52% of the condo units transacted in the Dairy Farm area." (Find HDB flats for rent or sale with our Singapore HDB directory)
Singaporeans made up 85% of the total buyers, adds Sim Lian. In comparison, Permanent Residents and foreign buyers accounted for 15% of the buyers, including those from Germany, Switzerland and other parts of Asia. According to the developer, couples and smaller families mainly purchased one- and two-bedroom units. Families seeking larger living spaces favoured the three, four and five-bedroom units.
Sim Lian sold out all 36 one-bedroom units at The Botany and 93% of the 104 two-bedroom units. Prices of the one-bedroom units started from $988,000, with two-bedroom units from $1.188 million. "The figure reflects strong appetite among investors looking for a property with a view of renting out the unit and long-term capital appreciation," says PropNex's Gafoor.
"Investors zoomed in on one- and two-bedrooms probably due to rental demand from the German European International School next door," says Mark Yip, CEO of Huttons Asia. "The two-bedroom units also appeal to smaller family sizes and general affordability."
The Botany at Dairy Farm landlens - EDGEPROP SINGAPORE
The Botany is next to the German European International School, Dairy Farm Nature Park and within walking distance of Hillview MRT station (Source: EdgeProp Landlens)
Besides the German European International School, The Botany is near the Dairy Farm Nature Park and within a nine-minute walk of Hillview MRT station. These are some of the attractive attributes of The Botany that has drawn both investors and owner-occupiers, notes ERA's Chu.
Sim Lian also sold over 20% of the larger units at The Botany. Three-bedroom types make up 175 units; the four-bedroom category account for 57 units; and five-bedroom types total just 14 units. The three-bedroom units are priced from $1.713 million, while four-bedroom units start from $2.529 million. Five-bedroom units have prices upward of $3.116 million.
"Owner-occupiers prefer such large units," notes PropNex's Gafoor. "However, they will take longer to commit to a home purchase given the current high interest rate environment, opportunities in the resale market, and other launches expected to come on stream in the next couple of months."
Huttons' Yip estimates that 12,000 new units will be launched for sale this year, with sales expected to hit around 9,000 units. "This is higher than 2022's 7,099 units sold," he notes. He expects launch day sales to "normalise to the range of 30% to 50% for homes in the Rest of Central Region (RCR) and Outside Central Region (OCR) due to the bump-up in supply".
In the next two months, upcoming launches include EL Development's Blossoms by the Park at Slim Barracks Rise; Tembusu Grand at Jalan Tembusu by City Developments and MCL Land; Hoi Hup and Sunway Developments' The Continuum at Thiam Siew Avenue; and The Reserve Residences at Jalan Anak Bukit by the joint venture between Far East Organization and Sino Group.

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