The Botany condo sold 187 units at $2067psf
Singapore – The Botany condo sold 187 units out of their 387 units available on launch day on Saturday (March 4th) an average selling price of $2070 per square foot (psf). Of the 48% of the units that were sold were the 1 & 2 bedroom unit types. The robust buying interest for suburban condominiums can be seen through the sales launch over the weekend.
Ismail Gafoor, PropNex’s chief executive said the 48% take up rate had surpassed their expectations. He believed that it was a strong performance and that it reflected the real demand for mass market homes as there are limited unsold Outside Central Region (OCR) for new private homes.
Healthy demand for small units
Since there were more smaller units sold, shows that there is still demand for investments in the market.
Sim Lian revealed that buyers were a good mix of owner occupiers and investors. Singaporeans made up of 85% of the total buyers and 15% permanent residents and foreigners.
Marcus Chu chief excutive from ERA Asia Pacific higlighted that “The robust take-up of units at The Botany @ Dairy Farm on the 1st day of the booking shows that there is still healthy demand for suburban condominiums.”
He also added that demand for these properties came from HDB upgraders and investors. 52 of the units were bought by buyers having HDB addresses.
The Botany @ Dairy Farm is a 386 unit condominium spread across 5 blocks on the land size of 168,597sqft. Its completion date is expected to be by 2027.
There are 1-5bedroom unity types with sizes between 506 sqft and 1765 sqft. The smallest 1bedroom starts at $998,000 while the 5bedroom is going for $2.9million onwards.
The 1bedroom are all fully sold and 93% of the 104 two bedroom units were taken up according to Sim Lian. 35 units of their 3bedroom and 57 four bedroom and 14 units of their four bedroom were sold.
Other launches this year
Earlier of this year, we saw Sceneca Reisdence @ Tanah Merah achieved 60% sales out of 268units available on the first day of its launch.
Last month Terra Hill @ Yew Siang Road sold 38% of their inventory during its launch.
Lee Sze Teck , senior research director at Huttons said The Botany’s sales of almost 50% on launch day is expected.
He added that Investors were focused on the one bedroom units with the likelihood due to the rental demand from the German European School next door. Whereas the buyers who were buying for own stay is drawn to the serene and tranquil ambience and close range to nature.
Lee said that the 2bedroom units were almost sold out on launch day due to smaller family size and its affordability in general.
Upcoming launches to look forward to
He went on to add that buyers can also look forward to future launches such as Blossoms by The Park, The Hill @ One North, The Continuum, Tembusu Grand, Grand Dunman as well as The Reserve Residences in the next few months.
He also highlighted that, “There is very limited supply Blossoms by the Park and The Reserve Residences. Both properties are close to an MRT station. Blossoms by the Park is near to Buona Vista MRT whereas The Reserve Residences will be directly linked to Beauty World MRT station.
He said that private homes in the one north area tended to see strong demand and good rental from the strong pool of tenant in the area. Lee also predicted that the 2 projects will sell more than 50% on launch day.
