Nearly half the units at The Botany sold on launch day at average of S$2,070psf

Mar 05, 2023

NEARLY half of the 386 units at Sim Lian Group’s The Botany at Dairy Farm were sold on their launch day on Saturday (Mar 4) at an average price of S$2,070 per square foot (psf), showing robust buying interest for suburban condominiums.

A statement by Sim Lian on Sunday indicated that some 187 units at The Botany were sold as of Mar 4, with the one- and two-bedroom units in the development seeing the strongest demand from buyers.

Jointly developed by Sim Lian Land and Sim Lian Development, The Botany is a 99-year leasehold private condominium located at Dairy Farm Walk, close to Hillview MRT station.

PropNex chief executive Ismail Gafoor said the take-up rate of 48 per cent has “surpassed our expectations”.

“We believe it is a strong performance, reflecting the genuine demand for mass market homes amid the limited unsold Outside Central Region (OCR) new private home inventory,” he said. “The larger proportion of smaller units sold suggests that there is still investment demand in the market.”

Sim Lian said buyers were “well represented by a balanced mix of both owner-occupiers and investors”. Singaporeans made up 85 per cent of the total buyers, with permanent residents and foreign buyers making up the remainder.

“The robust take-up of units at The Botany at Dairy Farm on the first day of public booking reflects the healthy demand for suburban condominiums,” said ERA Asia Pacific’s chief executive Marcus Chu.

“Our research shows that HDB upgraders and investors are a significant source of demand for these properties, as evidenced by the fact that 52 per cent of condominium units transacted in the Dairy Farm area were purchased by buyers with HDB addresses,” he added.

The Botany offers 386 units spread across five blocks on a site of around 168,597 square feet (sq ft), and the development is expected to receive its temporary occupation permit (TOP) by 2027.

The units range from one-bedroom plus study, to five-bedroom units with sizes between 506 sq ft and 1,765 sq ft. Prices start from S$998,000 for the smallest one-bedroom plus study units, and from S$2.9 million for the five-bedroom units.

All the 36 one-bedroom units, and 93 per cent of the 104 two-bedroom units, have been sold, according to Sim Lian. “More than 20 per cent of the 175 three-bedroom units, 57 four-bedroom units and 14 five-bedroom units were taken up,” the developer added.

Earlier this year, Sceneca Residence at Tanah Merah saw 60 per cent of the 268 units at the 99-year leasehold condominium being transacted on its first day of sales in January.

Last month, buyers also bought over a third of the 270 units at freehold development Terra Hill at Pasir Panjang during its launch.

Lee Sze Teck, senior research director at Huttons, said that The Botany’s sales of almost 50 per cent on launch day is “within expectations”.

“Investors zoomed in on the one-bedroom units probably for the rental demand from the German European School next door. Owner-occupiers were drawn to the tranquil environment and proximity to nature,” he said.

Lee also noted that the two-bedroom units were almost sold out on launch day because of “smaller family size and general affordability”.

He added that buyers would also be able to look forward to upcoming developments such as Blossoms by the Park, Tembusu Grand, The Continuum and The Reserve Residences, in the next two months.

“There is very limited supply around Blossoms by the Park and The Reserve Residences,” the senior research director said. Blossoms by the Park is located close to Buona Vista MRT station, while The Reserve Residences is linked to Beauty World MRT station.

“Private homes in the one-north area tend to see strong demand and good rents,” Lee said. “The two projects may potentially sell more than 50 per cent on launch day.”