New launches in OCR may attract homebuyers after ‘The Botany sale’

The Botany at Dairy Farm in District 23 sold over 185 units.

The latest launch in the outside central region (OCR) sold over 48% of its total units, with an average price of $2,070 per square foot (psf) during its launch, said PropNex CEO Ismail Gafoor.

About 72% of total sold units of The Botany at Dairy Farm are 1- and 2-bedders, whilst 3-bedders made up about 20% of the transactions. 

Gafoor said this number surpassed their expectation, which may “bode well” for other OCR new launches.

“We think this is a strong performance, and is reflective of the genuine demand for mass market homes, amidst the limited unsold OCR new private homes inventory,” Gafoor said.

The larger proportion of smaller units purchased suggests that there is still investment demand in the market. 

Some owner occupiers who prefer to look at the bigger units may take a longer time to review their finances and to commit to the purchase.

The average selling price (ASP) of $2,070 psf is a bit lower than the ASP of OCR non-landed new private homes (ex. EC), which was at $2,088 psf in January 2023, as tracked by the URA Realis caveat data.