The Botany at Dairy Farm, the first private residential project of the year, sold 187 units on its first day of sale last weekend, accounting for 48% of the total number of units. Market participants cited the project's potential for appreciation and its location as key factors in attracting buyers.

The project, developed by Sim Lian Group and Sim Lian Development, is located at Dairy Farm Walk in Bukit Panjang and consists of five blocks with 386 units, with provisional occupation permits expected by the end of 2027. The project is located near the Hillview MRT station and is surrounded by the German European School Singapore.

The average price of the units sold on the first day of sale was about $2,070 per square foot, said a Sunday (March 5) release from Sam Union Group. The one-bedroom units were sold out and 93 per cent of the two-bedroom units were also sold. There was a balance of owner-occupiers and investment buyers, with over 35 per cent of buyers coming from the neighbourhood and the west.

Head of ERA's Industrial Research and Consultancy Department, Mr Mak Chun-wing, said buyers expect the government to sell surrounding land for condominiums at higher land prices in the future, which will bring appreciation potential to Man King Hin. In addition, HDB uplifters accounted for 52 per cent of the total number of buyers for the project.

According to the Urban Redevelopment Authority's REALIS, the average price of Man King Hin's flats is lower than the average selling price of $2,088 per square foot for the general private housing market as of January this year, said Wong Sau Ying, Head of Research and Content, Bona Industrial. The project's sales exceeded expectations and reflected the positive market demand for mass private housing.

Sidney Lee, Senior Research Director of the Hopedale Group, said that the sales of one-bedroom units were likely to be driven by investors who were optimistic about rental demand from nearby international schools, while owner-occupiers were attracted by the quiet natural surroundings. Two-bedroom units are being purchased mainly by small families.

Among the private homes to be launched in the next two months, Blossoms by the Park in the One-North area and The Reserve Residences near the Mayfair MRT station are expected to sell more than 50 per cent of their units on the first day of sale due to strong demand in the surrounding area and their convenient location, added Lee Sze Teck.

Wong Sau Ying said that the positive market response to Man King Heen was a sign that the popular private residence Lentor Hills Residences would likely be launched in the coming weeks.

Terra Hill, the first private residential development to go on sale after the increase in Buyer's Stamp Duty (BSD) on February 15, sold 38 per cent of its units in its first weekend at an average price of more than $2,650 per square foot.

Analysts described the sales results as solid and in line with expectations. With some buyers becoming more cautious due to high interest rates, sales rates for the next projects to be launched this year are likely to be in the 30 to 40 per cent range.

Hoi Hup Realty and Sunway Developments, the developers of The Peak, revealed in a press release on Sunday (26 February) that the preview of the freehold project in Panjang, Brazil, attracted more than 10,000 visitors and 102 of the 270 units were sold in the first two days of trading at an average price of more than $2,650 per square foot. Seven of the top 35 large units were sold at an average price of more than $2,850 per square foot.

Wong Sau Ying, Head of Industrial Research and Content at Bona, believes that the average price per square foot at The Peak is reasonable for a freehold project located in another Central District (RCR). In an environment of high interest rates, the opening sale of about one-third of the units was also in line with expectations.

Says Wong Sau Ying, "Buyers now need more time to decide, with more new projects coming up this year, buyers may shop around before making a decision."

With buyers becoming more cautious and taking a longer time to decide, Wong believes that sales of new projects will be in the 30 to 40 per cent range for the coming year, which is good for the current market.

Last year's RCR projects Piccadilly Grand and LIV@MB both sold more than 70 per cent of their units at their openings. Wong said this was the exception rather than the norm, as rates were low then and are now much higher; there were few new projects and a lot of pent-up demand, and there are several RCR projects coming up this year.

ERA's head of industrial research and consultancy, John Mak, described sales at Topaz as "solid", partly because it is a freehold project. "Only 14 per cent of non-landed private residential transactions in District 5 are freehold." The project's proximity to the sea is also attractive to buyers.

Formerly known as Flynn Park, The Peak was put up for collective sale in 2021 and was bought by Channel Industries and Sunway Development for $371 million.

From 15 February, the buyer's stamp duty will be increased from 4% to 5% for prices above $1.5 million to $3 million, and from 4% to 6% for prices above $3 million.

In an interview with the Union-Tribune, Sidney Lee, senior research director of Hopedale Group, said, "There was still a lot of footfall in the showroom after the announcement, showing that buyers are undeterred by the small increase in buyer's stamp duty."

Lee Sze Teck revealed that most of the buyers of Topaz live in the west and are looking at the project's proximity to the southern waterfront area, its proximity to the MRT station, the nearby Fung Shu Commercial City and the National University of Singapore. He believes that Labrador Tower, a Grade A office tower to be completed next year, could bring good leasing potential to the project.