Sim Lian Group’s The Botany sold nearly half of its 386 units on the day of their launch on Saturday, March 4, at an average of S$2,070 a square foot. This shows a strong demand for suburban condominiums.
Sim Lian announced on Sunday that 187 units of The Botany had been sold by March 4, and the demand for the two-bedroom units was the highest.
The Botany, a 99-year leasehold condominium developed jointly by Sim Lian Land & Sim Lian Development is located in Dairy Farm Walk near Hillview MRT Station.
The 48 percent take-up rate has exceeded all expectations. This is a very strong performance that reflects the real demand for mass-market homes in the face of limited new private home inventories outside the Central Region. The higher proportion of smaller units sold indicates that the market still has a demand for investment.
Sim Lian stated that the buyers represented a good mix of owner-occupiers as well as investors. Singaporeans made 85 percent of the total number of buyers. Permanent residents and foreigners made up the rest.
The strong demand for suburban condos is reflected in the high number of units booked on the first public booking day at The Botany.
The research shows that HDB investors and upgraders are the main buyers of these properties. This is evident by the fact 52 percent of the condominium units sold in the Dairy Farm district were bought by buyers who had HDB addresses.
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The Botany is a development that offers 386 apartments spread over five blocks, on a land area of 168.597 square feet. It should receive its temporary occupancy permit (TOP), by 2027.
The units are available in sizes ranging from 506 square feet to 1,765 square feet. Prices begin at S$998,000, for the smallest unit, a one-bedroom with study. Five-bedroom units start at S$2.9million.
Sim Lian reports that all 36 units with one bedroom and 93% of the 104 units with two bedrooms have been sold. Sim Lian said that more than 20% of the 175 units with three bedrooms, 57 units with four bedrooms and 14 units with five bedrooms were taken.
Sceneca Residence at Tanah Merah sold 60 percent on the first day of its sales, in January.
Last month, buyers bought more than a third (270) of the freehold units in Terra Hill development at Pasir Panjang at its launch.
Investors focused on one-bedroom apartments, probably because of the demand for rental units from the German European School located next door. Owner-occupiers are attracted to the peaceful environment and proximity to natural beauty.
Two-bedroom units almost sold out at the launch due to “smaller families and affordability”.
In the next two month, potential buyers can also look forward to upcoming projects such as Blossoms by the Park and Tembusu Grand, The Continuum, The Reserve Residences.
Source: https://www.businesstimes.com.sg/property/nearly-half-units-botany-sold-launch-day-average-s2070psf