Narra Residences Sets a New Price Benchmark for Dairy Farm at $2,180 PSF — and the sales breakdown offers

A consortium of developers led by Apex Asia Development and Santarli Realty has sold 135 units (24.8%) at Narra Residences on Saturday, Jan 31. The average pfs price of the units sold was about $2,180 psf.

In a press release issued by the developers on Feb 1, Singaporeans accounted for 90% of purchasers, with permanent residents making up the remaining 10%. Narra Residences is the first new condo launch in the Outside Central Region (OCR) to hit the market this year.

As of 4 pm on Feb 1, the sale of two- and three-bedroom units accounted for 90% of the units sold, with two-bedders priced from $1.176 million and three-bedroom units priced from $1.63 million. All of the one-bedroom units were snapped up, with those units selling from $998,000.

Additionally, four of the 61 four-bedroom units were sold, with prices starting from $2.596 million. All four of the retail shops in the development were also bought up.

Read our in-depth analysis of the launch prices of Narra Residences here.

The initial take-up rate is relatively more measured, which suggests buyers are making “considered” decisions, particularly for a development positioned for owner-occupiers, says Mohan Sandrasegeran, head of research and data analytics at SRI.

Narra Residences is a 540-unit condominium on Dairy Farm Walk, which first previewed over the Jan 17-18 weekend and attracted over 3,500 visitors. The project is the third new condo in the Dairy Farm neighbourhood, following Botany at Dairy Farm in March 2023 and Dairy Farm Residences in November 2019.

Demand for new private homes in this area stems from owner-occupiers, particularly families and multi-generational households, says Marcus Chu, CEO of ERA Singapore. He adds: “A key source of demand comes from HDB upgraders in surrounding estates such as Bukit Panjang, Bukit Batok and Choa Chu Kang”.

Back then, the sales launch of Botany at Dairy Farm saw 187 units (48%) sold during its launch day, with prices averaging $2,070 psf. Seven years ago, the 460-unit Dairy Farm Residences also saw a relatively low take-up rate at launch, moving 35 units with prices from $1,560 psf.

Over at the nearby Hillview estate, Hillhaven sold 59 of its 341 units when it hit the market in January 2024. The project was fully sold at the start of this year.

At an average price of $2,180 psf, Narra Residences has set the highest new launch pricing recorded in the Dairy Farm neighbourhood to date. It is also the first private residential development in District 23, where it is located, to launch under the revised GFA harmonisation framework.

Read our full review of the development here.

Take-up rate signals discerning approach from buyers

Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group, says that projects in the vicinity have typically seen steady absorption over the sales period, instead of immediate spikes.

Likewise, Sandrasegeran adds that the initial take-up rate for Narra Residences is consistent with the historical demand profile in the Dairy Farm neighbourhood.

The initial weekend sales do not point to weakening demand. Instead it reflects the prevailing new launch market in 2026 where buyers are much more discerning, amid greater visibility of upcoming projects and GLS supply, says Sandrasegeran.

The sales launch of Narra Residences comes just over a week after a fourth government land sale site in the Dairy Farm neighbourhood closed on Jan 22.

The latest GLS site attracted robust developer interest and underscores the confidence in the location, says Chu. “With no West-region OCR residential sites on the 1H2026 GLS confirmed List, the Dairy Farm Walk parcel stood out as a rare opportunity for developers targeting this segment, contributing to competitive bidding,” he says.

The top bid of $427 million was submitted by a consortium comprising ABR Holdings, LWH Holdings, Macly Capital, and RP Ventures (a subsidiary of Roxy Pacific Holdings). The site is 316,819 sq ft, and the bid price works out to $962 psf per plot ratio (ppr).

In contrast, the Apex Asia and Santarli-led consortium paid $504.52 million for the site of Narra Residences last January. The site is 235,448 sq ft, and the price translates to $1,020 psf ppr.

Typically, new projects on GLS sites tend to take about a year before they are ready to launch. Thus, Narra Residences is still a near-term option if buyers are considering a new private home in the area, says Quek.

This weekend also saw the sales launch of Newport Residences by City Developments. The luxury project on Anson Road in the Central Business District moved 140 units (57%) at an average price of $3,370 psf.