Constantly Updated to Reflect Latest Information Released by Developer
- 20 Jan 2026 – Article updated to reflect latest starting from price released by developer
- 27 Jan 2026 – Confirmation of cheque submission cutoff dateline to be on 27 Jan 2026, Tuesday 7pm.
Is Narra Residences worth investing in?
High chance you landed on this article after being on the receiving end of an exciting sales pitch from your agent, or you just got back from visiting Narra’s showroom.
While the proposition of Narra Residences being positioned as the most affordable new launch project in 2026 sounds enticing and triggers a fear of missing out, a strong sense of doubt still lingers persistently in the background.
You might be questioning Narra Residences’ location, potential oversupply in the surrounding area, and whether there will be sufficient future demand when it is time to exit.
This sets the context and also the objective for this research article.
Scope of research
In this research article, the goal is to document the full research process and address the aggregated questions that have come up repeatedly from client engagements which required a deep dive into the investment feasibility of Narra Residences.
While there will be a brief walkthrough of Narra’s basic project information for context, the core focus is on analysis, using data and market context to validate the key investment questions buyers are already asking.
Specifically, this review will examine:
- Will being located far away from an MRT station impact Narra Residences’ resale value?
- What should your exit strategy be like?
- Is oversupply a real cause for concern for Narra Residences?
- Will future GLS land bids around Narra help support and lift prices?
- Is Narra Residences really affordably priced compared to its competition?
- What is the best unit type to get in Narra Residences?
- Narra Residences vs Pinery Residences – which is better from an investment lens?
- Narra Residences vs River Modern – which is better?
Let’s begin.
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Basic project information
By specifications, Narra Residences is a standard mid-sized new launch condominium development, with 540 units spread across multiple blocks under a 99-year leasehold.
The more critical aspect for investors, however, is less about its unit count or facilities, and more about where it sits geographically and how that shapes future demand.
Narra Residences is located in the Dairy Farm area, which is not a typical HDB heartland neighbourhood, yet it already has two other new launch condos ahead of it: Dairy Farm Residences with 460 units (TOP around 2024) and The Botany at Dairy Farm with 386 units (TOP around 2027).
This naturally raises questions about where future resale buyer demand will come from and whether the micro-market may tip into an oversupply situation, even as these concerns are being counterbalanced on the ground by a strong “affordable pricing” narrative for Narra compared to many other 2026 launches.
| Development Name | Narra Residences |
| Developer | Santarli Realty, Apex Asia, Soon Li Heng Group & Kay Lim Realty |
| Location | Dairy Farm Walk, near Hillview MRT and Dairy Farm Nature Park |
| District | District 23 |
| Neighbourhood | Dairy Farm / Hillview (Bukit Panjang) |
| No. of Units | 540 residential units |
| No. of Blocks | 3 Block of 6-Storey, 2 Blocks of 13 Storey, 2 Blocks of 16 Storey |
| Tenure | 99-year leasehold |
| Nearest MRT | Hillview MRT (DT3), Downtown Line – 1.2km away. 10mins Walk. |
| Nearest School(s) | Within 1km Radius – CHIJ Our Lady Queen of Peace, Bukit Panjang Primary School |
| Expected TOP | Jan 2030 |
| Site (sqm) | 235,526 sqft / 21,881.1 sqm |
Developer’s track record
Narra Residences is developed by a consortium of smaller scaled developers that have a track record in building mainly HDBs and ECs.
| Developer | Track Record |
| Santarli Realty | Main track record focuses on multiple HDB projects with some experience in developing ECsSant Ritz (Potong Pasir) , Altura EC (Bukit Batok West Ave 8), Tenet EC (Tampines) |
| Apex Asia | Newer Singapore‑based real estate development and property management company; founded by Li Jun (ex‑Qingjian Realty)Artisan 8 @ Sin Ming Road – Boutique mixed‑use development |
| Soon Li Heng Group | Limited track record in developing private condo developments. |
| Kay Lim Realty | Construction group with strong HDB/public housing track recordTreelodge@Punggol – HDBForest Spring @ Yishun – HDBTampines GreenVerge (Tampines) – HDB |
Unit type breakdown
Over 50% of the units are made up of 2 bedroom units, with 26% falling into the standard 3 bedroom unit type, 5% in the 3 bedroom plus study, and 11% in the 4 bedroom unit type.
Jumping the gun, the recommendation is to optimise for larger 3 bedroom and 4 bedroom units where possible.
This is largely due to the profile of the future exit buyer for the Dairy Farm area, which comprises mainly families purchasing for their own stay, as well as insights from the historical profitability of resale condos in the area, which will be covered later in the unit type analysis section.
| Unit type | Number of units | Percentage of total* |
| 1 Bedroom + Study | 3 | 1% |
| 2 Bedroom | 154 | 29% |
| 2 Bedroom + Study | 111 | 21% |
| 3 Bedroom | 142 | 26% |
| 3 Bedroom + Study | 25 | 5% |
| 4 Bedroom | 61 | 11% |
| 5 Bedroom | 26 | 5% |
| Total | 540 | 100% |
Location analysis
Location is a crucial discussion point for Narra Residences, and we will place emphasis on discussing the nuances of Narra’s location.
Specifically, we will focus on identifying where potential resale buyers will be coming from, and what are the competing condo developments that will be competing with Narra Residences for these buyers.
Narra Residences – Dairy Farm Walk GLS Plot 2
Dairy Farm as a sub zone within Bukit Panjang
Dairy Farm is a sub neighbourhood within the broader Bukit Panjang neighbourhood, and an important nuance to note is that Narra Residences sits within this Dairy Farm enclave rather than in a standalone town of its own.
This is similar to how Lentor is a sub zone within Ang Mo Kio, and Buangkok is a sub zone within Sengkang, whereas Tampines, Clementi, Toa Payoh and Queenstown are established residential neighbourhoods in their own right.
Stating this as a point to note, sub zones like Dairy Farm do not have an intrinsic HDB or BTO population immediately around them, and therefore have to tap on HDB and BTO upgrader demand from neighbouring districts such as Bukit Panjang and Bukit Gombak for resale buyer demand.
Dairy Farm is a sub neighbourhood within the broader Bukit Panjang neighbourhood
Competition from local champions and upgrader psychology
Stating this objectively as a point to note rather than a downside critique for Narra Residences, it is important to recognise that within the Dairy Farm sub zone, there are no HDB flats traditionally situated in the immediate area. This means Narra Residences must overcome two key challenges in order to win over HDB upgraders from Bukit Panjang, Bukit Batok and Bukit Gombak.
- Be more appealing than each neighbourhood’s “local champion”. For HDB upgraders in Bukit Panjang to choose Narra Residences, it has to be more compelling than Hillion Residences — the local champion located right next to Bukit Panjang MRT — or any private condo situated within the main Bukit Panjang neighbourhood.
- Overcome the natural preference to stay near the existing HDB flat. From experience interacting with HDB upgraders, there is a natural tendency to remain in the same general area as their current HDB home unless there is a strong reason (such as school or childcare needs), so for Narra Residences to attract upgraders from other neighbourhoods, its appeal in terms of price, layout or aesthetics must be strong enough to counteract this default preference to prioritise condos within their own neighbourhood first.
Hillion Residences – Pasir Panjang Local Champion – Competitor to Narra Residences
Competition faced by Narra Residences due to its location
Competition to be faced by Narra Residences due to its location can be broadly grouped into three clusters.
- Cluster 1 – Immediate Dairy Farm competition. This includes Dairy Farm Residences, The Botany at Dairy Farm and The Skywoods, which sit within the same Dairy Farm area and will be the most direct competitors for buyers who specifically like this enclave.
- Cluster 2 – Hillview MRT belt condos. These are private condos around Hillview MRT, with more prominent competitors being newer developments located nearer to the station such as Kingsford Hillview Peak, Midwood and The Hillier, while older freehold projects like Symphony Heights and Parc Palais mainly serve to highlight Narra Residences’ positioning as a newer and more affordable alternative.
- Cluster 3 – Local champions within Bukit Panjang. Key examples include Hillion Residences, The Myst, Hillsta and The Arden, which act as the “go-to” condos for HDB upgraders who prefer to stay within the main Bukit Panjang neighbourhood.
Classification of competition faced by Narra Residences
| Competitive Cluster | Description | Development Name | Development TOP date | Development unit count |
| Cluster 1 – Dairy Farm enclave | Immediate competition in the Dairy Farm micro‑neighbourhood. | Dairy Farm Residences | 2024 | 460 |
| The Botany at Dairy Farm | 2027 (expected) | 386 | ||
| The Skywoods | 2017 | 420 | ||
| Cluster 2 – Hillview MRT belt | Newer OCR condos nearer Hillview MRT, competing on MRT convenience. | Kingsford Hillview Peak | 2017 | 512 |
| Midwood | 2023 | 564 | ||
| The Hillier | 2016 | 528 | ||
| Older freehold stock used as price/age contrast to Narra. | Symphony Heights | 1998 | 449 | |
| Parc Palais | 2000 | 517 | ||
| Cluster 3 – “Local champions” Pasir Panjang | Developments that are located within the main Pasir Panjang Neighbourhood itself | Hillion Residences | 2018 | 546 |
| The Myst | 2029 (expected) | 408 | ||
| Hillsta | 2016 | 416 | ||
| The Arden | 2027 (expected) | 105 |
Other locational attributes with regards to Narra Residences
- Located 1.2km away from Hillview MRT, 10mins walk
- Located within 1km radius of CHIJ Our Lady Queen of Peace and Bukit Panjang Primary School
- Located 100m away from Dairy Farm Mall. The mall comprises a Supermarket, Food Court and F&B outlets.
Summary – Key strengths and weaknesses of Narra Residences’ location
Key Strengths
- Affordable pricing – Due to the Dairy Farm area being in the early stage of its sub-district development, the developer is pricing the development affordably. This forms a core part of Narra Residences’ appeal.
- Maximise size for every dollar spent proposition – In line with its affordable pricing, Narra Residences allows buyers to stretch their budget for the biggest unit possible. This is especially appealing for home stay buyers that value space and liveability.
- Private and low-density housing enclave – Given that the Dairy Farm area is not saturated with HDB flats and BTOs, unlike typical HDB enclaves, it provides a more landed, private residential vibe that appeals to a significant segment of resale buyers.
Key Weaknesses
- No reputable primary school within 1km radius – There isn’t a highly sought after primary school in the area that draws homestay buyers in despite not being near to an MRT. For developments like Pine Tree Hill and Nava Grove, they were also not located near an MRT but are within 1km radius of the highly sought after Henry Park Primary School.
- Located in a sub district instead of a major HDB residential district – This makes the source of exit buyers less certain and less well defined. Compared to developments located within established HDB neighbourhoods like Toa Payoh or Queenstown, the exit strategy for Narra Residences is not as well defined.
- Competition – Pricing is the biggest advantage and unique proposition for Narra Residences. Aside from that, it does not occupy a competitively unique advantage in terms of other attributes such as lease life, development size or convenience.
Will being located far away from an MRT station impact Narra Residences’ resale value?
No, not being located within walking distance of an MRT station will not be the determinant factor that has a significant negative impact on Narra Residences’ resale value.
From research and past transactions, there are many new launch developments that have performed well in the resale market despite being located far away from an MRT station, as long as their pricing and value proposition were compelling.
From experience, the downside of being located further from the MRT is often overstated. What matters more is whether there is a clear price advantage to compensate for the distance, and whether the project offers efficient layouts that give resale homestay buyers an affordable way to upgrade into a larger unit versus paying similar money for a smaller unit near a station.
Twin VEW, Treasure at Tampines and Clavon are all examples of new launch developments that are not right next to an MRT station, yet have done well in the resale market because their entry pricing and value proposition were attractive relative to nearby alternatives.
New launch developments that performed well despite being located far away from MRT station
| Development | Distance and walk time | Average Profit |
| Twin View | 1.5 km from Clementi MRT, 25–30 mins walk | 320,266 |
| Principal Garden | 0.7 km from River Valley MRT, 7 mins walk | 322,844 |
| Treasure at Tampines | 1.09 km from Tampines MRT, 13 mins walk | 286,684 |
| Clavon | 0.8 km from Clementi MRT, 10 mins walk | 367,948 |
| Normanton Park | 1.2 km from Kent Ridge MRT, 16 mins walk | 245,356 |
Demand analysis
In this section, the focus is to understand where future resale buyer demand for Narra Residences is likely to come from.
Core HDB and BTO upgrader demand from Bukit Panjang
As mentioned earlier in the location analysis, Dairy Farm is a sub neighbourhood of Bukit Panjang and does not have its own HDB or BTO developments within the enclave itself. Narra Residences will therefore have to rely primarily on Bukit Panjang for its core HDB and BTO upgrader demand.
From research, the projected addressable market stands at about 35,000 resale HDB units and 2,621 BTO units in Bukit Panjang, with all of these BTO flats having fulfilled their 5-year MOP status by the time Narra Residences completes construction around January 2030.
Aside from flat upgraders, there is also potential buyer demand from landed downgraders in the nearby Cashew Heights and Chestnut Ville landed/condo precincts, who may wish to move into a newer condo while unlocking some equity. These buyers are more likely to target larger 4 to 5 bedroom units, given their existing living space and lifestyle expectations.
Core Resale Buyer Demand – HDB Upgraders from Bukit Panjang
Core Addressable Resale Buyer Market for Narra Residences
| Core Addressable Upgrader Demand | Count |
| Resale HDB Upgrader | 35,000 |
| BTO MOP Upgrader | 2,621 |
| Landed Downgrader (Cashew Heights, Chestnut Ville) | 245 |
Secondary condo upgrader demand from the Hillview area
Beyond Bukit Panjang, there is a layer of secondary buyer demand from condo owners in the Hillview area who may consider switching out of ageing developments into a newer project like Narra Residences.
Examples include owners in older projects such as Symphony Heights (completed around 1998) and Cashew Heights (completed around 1992), where leases are long but facilities and building age may prompt some to upgrade to a newer product.
The estimated addressable market from these Hillview and surrounding private condos is around 13,596 units, although this should be taken with a pinch of salt, as only a percentage of this pool will realistically consider moving to a newer condo in the Dairy Farm area.
Secondary Upgrader Demand For Narra Residences from Hillview Area
Projection for the total number of units of ageing condo in Hillview area
| Addressable Upgrader Demand | Count |
| Ageing Condo Upgrader | 13,596 |
| Total | 13,596 |
What is Narra Residences’ exit strategy?
Having established that the core exit buyers for Narra Residences will come from HDB and BTO upgraders from Bukit Panjang, the exit strategy for Narra Residences needs to be centred around appealing to these HDB and BTO upgraders that are mostly families purchasing for their own stay.
The following will be key strategic components that need to be fulfilled in aggregate to form Narra Residences’ exit strategy.
1. Optimising for size
Given that the bulk of the resale buyers are homestay buyers with 1 to 2 children, we need to optimise for size when selecting units in Narra Residences.
We need to prioritise our entry into the 3 or 4 bedroom unit types; unfortunately, this is not an area for 1 or 2 bedders, and these should be deprioritised from an investment and exit perspective.
2. Optimising for affordability
To compensate for the lack of convenience and the absence of a reputable primary school, we need to be extra cautious in our entry price, in order to shape our future resale price towards an attractive and affordable quantum in the eyes of Bukit Panjang HDB upgraders.
To put things into perspective, the future resale price quantum must not deviate far from that of Hillion Residences; while it is an older development, it is an integrated development next to Bukit Panjang MRT. Hence, Narra Residences will need to make up for its lack of convenience with pricing and size.
3. Optimising for layout
We prioritise 3 bedroom layouts with at least a household shelter and a yard. From experience, 3 bedroom compact unit types mainly perform well in attractive RCR locations where buyers are willing to make do with smaller 3 bedroom compact units, for example River Green, Jade Scape and Parc Esta.
For Narra Residences, you will need to optimise towards the full-feature 3 bedroom layout with household shelter, yard and dry kitchen to ensure the safest and most liquid exit in 5 years’ time.
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Supply side analysis
In the supply side analysis, the objective is to account for comparable condo developments that will be competing with Narra Residences for future resale buyer demand.
Overview of competing supply
Key competing supply will come from The Botany at Dairy Farm (386 units), Dairy Farm Residences (460 units), the future launch of the neighbouring GLS land plot beside Narra Residences which is expected to yield around 500 units, as well as The Skywoods, which comprises 420 units. In total, this points to a direct competing supply of approximately 1,766 units in the immediate Dairy Farm micro market.
Putting Skywoods, which is an older 2017 development aside, Dairy Farm Residences (TOP 2024) and The Botany (TOP 2027) will form the key competition for Narra Residences as they have similarly young lease lives and efficient layouts.
While Narra Residences will be the first GFA-harmonised development in the area, both The Botany and Dairy Farm Residences already feature relatively efficient, homestay-friendly layouts as well, so Narra’s advantage will need to come more from pricing, sizing and positioning rather than purely from internal efficiency.
Secondary competition from alternatives nearer to MRT
Aside from supply within the Dairy Farm area itself, secondary competition will also come from condos around the Bukit Panjang MRT and Hillview MRT belts.
Given that the strategy is to attract HDB upgraders from Bukit Panjang, comparable condos within Bukit Panjang such as Hillion Residences, as well as projects like The Myst, Hillsta and The Arden, need to be factored into the competitive landscape as they offer stronger MRT convenience or integrated offerings.
Accounting for Narra’s Residences direct and in direct competing supply
| Development | TOP (Year) | Unit Count | Category |
| The Botany | 2027 | 386 | Direct Competitor – Immediate Vicinity |
| Dairy Farm Residenecs | 2024 | 460 | Direct Competitor – Immediate Vicinity |
| Future GLS Land Plot (Next to Narra Residences) | TBC | 500 | Direct Competitor – Immediate Vicinity |
| Skywoods | 2016 | 420 | Direct Competitor – Immediate Vicinity |
| The Myst | 2029 | 408 | Within 1km Radius of Bukit Panjang MRT |
| Hillsta | 2016 | 396 | Within 1km Radius of Bukit Panjang MRT |
| The Arden | 2025 | 105 | Within 1km Radius of Bukit Panjang MRT |
| Hillion Residences | 2017 | 546 | Within 1km Radius of Bukit Panjang MRT |
| The Hillier | 2016 | 528 | Within 1km Radius of Hillview MRT |
| Kingsford Hillview Peak | 2017 | 512 | Within 1km Radius of Hillview MRT |
| Midwood | 2023 | 564 | Within 1km Radius of Hillview MRT |
| Hillhaven | 2027 | 341 | Within 1km Radius of Hillview MRT |
| Total | 5,166 |
Deep dive – current state of supply and demand at Dairy Farm Residences
Referencing the current state of supply and demand for Dairy Farm Residences, the supply-demand condition today is not the most optimal for the 2 and 3 bedroom unit types.
Specifically, there is a significant number of active sales listings for 2 and 3 bedroom units matched with a relatively low average monthly resale volume, which points to a potential supply glut in these configurations.
In contrast, the 4 bedroom unit type at Dairy Farm Residences shows a much healthier balance of supply and demand, with fewer listings relative to the size of the stack and more stable transaction activity.
This observation ties back to Narra Residences’ own positioning, reinforcing the case for prioritising larger 3 and 4 bedroom units when planning for a safer and more liquid exit.
Referencing Dairy Farm Residences Current State of Supply and Demand
| 2 Bedroom | 3 Bedroom | 4 Bedroom | |
| Average Monthly Sale Count | 2 | 2 | 3 |
| Sale Listing on Property Guru | 66 | 39 | 4 |
| Sale Listing to Sale Count Ratio – Market Absorption Rate | 30.6 | 23.0 | 1.3 |
Is oversupply a real cause for concern for Narra Residences?
Yes, there is a potential oversupply issue in the Dairy Farm area. Referring to the combined supply of 846 units from both Dairy Farm Residences and The Botany, and the current sub‑optimal supply versus demand ratio for smaller 2 bedroom units in Dairy Farm Residences, there is a high possibility that Narra Residences will have to deal with mid‑term oversupply challenges.
Breaking it down, the oversupply issue is less of a concern for larger 3 bedroom premium or 4 bedroom unit types, which are of significantly lower supply across all developments in the Dairy Farm belt.
These larger family-sized units are structurally scarcer and better aligned with the upgrader profile Narra Residences will be targeting, which provides a relatively safer position from a future resale perspective.
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Land bid price analysis
In this section, we review Narra Residences’ land bid price to gain insight into how developers perceive the attractiveness of the location based on both the number of bids received and the aggressiveness of the winning bid.
Two points are notable about the land bid.
First, the developer paid a higher-than-normal premium to secure the site. Historically, developers often pay around a 1% to 3% premium above the second bidder to win a GLS tender, but in this case Narra’s developers paid roughly a 23% premium over the next highest bid.
That said, this is a non‑concern as long as developers do not fully pass on the higher land cost to consumers via launch pricing; judging from the “starting from” prices released so far, developers appear not to have priced in the full premium and are instead launching Narra Residences at relatively reasonable levels for 2026.
The second and more important point is that there were only two bidders for this plot of land, which points to lower overall developer interest, potentially due to the site’s more challenging location in a non‑MRT, sub‑district enclave like Dairy Farm.
| Development | Year GLS Land Secured | Final Bid Price (psf ppr) | Premium Paid vs Second Bid (%) | No of Bid Submitted |
| Dairy Farm Residences | 2018 | 830 | 1.03% | 5 |
| Botany | 2022 | 980 | 1.05% | 7 |
| Narra Residences | 2024 | 1020 | 23% | 2 |
Will future Dairy Farm GLS land bid prices bring up the price of Narra Residences?
Generally yes. Assuming Narra Residences’ take-up rate is healthy or within an acceptable range, the next upcoming Dairy Farm GLS land plot is likely to be bid and secured at a higher land price, which in turn will translate into a higher launch price for that future project, helping to prop up Narra Residences’ resale prices.
However, in the worst case scenario where Narra Residences’ take-up rate during and immediately after balloting is sub‑optimal, developers may become hesitant in bidding aggressively for the future land plot.
This could result in a lower land cost and a correspondingly lower launch price for the next project, which would mean a newer development being sold at a similar or even lower price than Narra Residences, thereby eroding Narra’s value instead of supporting it.
This is effectively what Narra Residences is doing to The Botany today: it is launching at prices similar to or competitive with The Botany, which creates a loss in relative value for some Botany owners instead of lifting their prices.
Developer’s starting from price
Giving credit when credit is due, the developer’s starting price is indeed reasonable and attractive.
We will dive deeper into benchmarking Narra Residences’ launch price against comparable developments in the sections that follow.
| Type | Size (SF) | From Price (S$) | From PSF (S$) |
| 1 BR | 517 | 998K | 1,930 |
| 2 BR 1 Bath | 560 | 1.176M | 2,100 |
| 2 BR 2 Bath | 646 | 1.284M | 1,987 |
| 3 BR | 818 | 1.6XXM | 1.9XX |
| 3 BR Premium | 1,023 | 2.0XXM | 1.9XX |
| 4 BR | 1,152 | 2.4XXM | — |
| 5 BR | 1,658 | 3.8XXM | — |
| Shop Unit | 377 | 1.1XM | — |
Estimated launch price range
Point to note is that there is always a marketing element incorporated within the developer’s “starting from” price.
Hence, it is important for us to still work out an estimated launch price range based on the developer’s land breakeven price.
We are estimating the average launch price to be between 2,100 psf to 2,300 psf.
Narra Residence Estimated Launch Price
| Estimated Breakeven Price (psf ppr) – Before accounting for GFA Harmonisation | 1,844 |
| Estimated Breakeven Price (psf ppr) – After accounting for GFA HarmonisatioAdding 7% to Breakeven | 1,973 |
| Profit Margin – 10% | 2,170 |
| Profit Margin – 15% | 2,269 |
| Profit Margin – 20% | 2,368 |
Narra Residences pricing and quantum matrix
For ease of estimating purchase quantum for different unit types across various launch price scenarios, we created the following price quantum matrix.
| Unit Type | No. of Units | Size (sqft) | Indicative Starting Psf | Indicative Starting Price | 2,000 | 2,050 | 2,100 | 2,150 | 2,200 | 2,250 | 2,300 | 2,350 | 2,400 |
| 1 Bedroom + Study | 3 | 517 | 1,930 | 998,000 | 1,034,000 | 1,059,850 | 1,085,700 | 1,111,550 | 1,137,400 | 1,163,250 | 1,189,100 | 1,214,950 | 1,240,800 |
| 2 Bedroom | 30 | 560 | 2,100 | 1,176,000 | NA | NA | 1,176,000 | 1,204,000 | 1,232,000 | 1,260,000 | 1,288,000 | 1,316,000 | 1,344,000 |
| 2 Bedroom | 58 | 646 | 1,987 | 1,284,000 | 1,292,000 | 1,324,300 | 1,356,600 | 1,388,900 | 1,421,200 | 1,453,500 | 1,485,800 | 1,518,100 | 1,550,400 |
| 2 Bedroom | 36 | 689 | NA | 1,412,450 | 1,446,900 | 1,481,350 | 1,515,800 | 1,550,250 | 1,584,700 | 1,619,150 | 1,653,600 | ||
| 2 Bedroom | 30 | 700 | NA | 1,435,000 | 1,470,000 | 1,505,000 | 1,540,000 | 1,575,000 | 1,610,000 | 1,645,000 | 1,680,000 | ||
| 2 Bedroom | 111 | 721 | NA | 1,478,050 | 1,514,100 | 1,550,150 | 1,586,200 | 1,622,250 | 1,658,300 | 1,694,350 | 1,730,400 | ||
| 3 Bedroom | 28 | 818 | 1,636,000 | 1,676,900 | 1,717,800 | 1,758,700 | 1,799,600 | 1,840,500 | 1,881,400 | 1,922,300 | 1,963,200 | ||
| 3 Bedroom | 31 | 872 | NA | NA | NA | 1,874,800 | 1,918,400 | 1,962,000 | 2,005,600 | 2,049,200 | 2,092,800 | ||
| 3 Bedroom Premium | 6 | 990 | NA | 2,029,500 | 2,079,000 | 2,128,500 | 2,178,000 | 2,227,500 | 2,277,000 | 2,326,500 | 2,376,000 | ||
| 3 Bedroom Premium | 38 | 1001 | NA | 2,052,050 | 2,102,100 | 2,152,150 | 2,202,200 | 2,252,250 | 2,302,300 | 2,352,350 | 2,402,400 | ||
| 3 Bedroom Premium | 6 | 1012 | NA | 2,074,600 | 2,125,200 | 2,175,800 | 2,226,400 | 2,277,000 | 2,327,600 | 2,378,200 | 2,428,800 | ||
| 3 Bedroom Premium | 51 | 1023 | 1,987 | 2,032,701 | 2,046,000 | 2,097,150 | 2,148,300 | 2,199,450 | 2,250,600 | 2,301,750 | 2,352,900 | 2,404,050 | 2,455,200 |
| 3 Bedroom Premium | 19 | 1152 | 2,304,000 | 2,361,600 | 2,419,200 | 2,476,800 | 2,534,400 | 2,592,000 | 2,649,600 | 2,707,200 | 2,764,800 | ||
| 3 Bedroom Premium | 6 | 1173 | 2,346,000 | 2,404,650 | 2,463,300 | 2,521,950 | 2,580,600 | 2,639,250 | 2,697,900 | 2,756,550 | 2,815,200 | ||
| 4 Bedroom | 35 | 1152 | 2,100 | 2,419,200 | NA | NA | 2,419,200 | 2,476,800 | 2,534,400 | 2,592,000 | 2,649,600 | 2,707,200 | 2,764,800 |
| 4 Bedroom Premium | 26 | 1378 | NA | NA | 2,893,800 | 2,962,700 | 3,031,600 | 3,100,500 | 3,169,400 | 3,238,300 | 3,307,200 | ||
| 5 Bedroom | 13 | 1658 | 2,300 | 3,813,400 | NA | NA | NA | NA | NA | NA | 3,813,400 | 3,896,300 | 3,979,200 |
| 5 Bedroom | 13 | 1679 | NA | NA | NA | NA | NA | NA | 3,861,700 | 3,945,650 | 4,029,600 |
Launch price comparison vs comparable new launch development
Benchmarking Narra Residences launch price against comparable OCR new launches in 2025, Springleaf Residence stands out as the closest benchmark for Narra Residences.
However, it is important to note that Springleaf Residence is located right next to Springleaf MRT, while Narra is not.
The entry price strategy for Narra Residences therefore needs to be extremely disciplined.
For it to retain its pricing advantage and compensate for its lack of convenience, you will need to make sure you buy into the development within the 2,100 psf range. You may lose your key competitive advantage if you buy in at any price above 2,200 psf, as this effectively means you are buying into Narra Residences at a price that is higher than Springleaf Residence.
Price Comparison – Narra Residences vs 2025 New Launch
| 2025 New Launches | Launch Date (Year) | Region | Walking Dist to MRT | Lowest Transacted psf | Average Transacted psf | Highest Transacted psf |
| The Sen | 2025 | RCR | No, 1.3km | 2,198 | 2,350 | 2,586 |
| Faber Residences | 2025 | RCR | No, 1.5km | 1,976 | 2,154 | 2,298 |
| Springleaf Residences | 2025 | OCR | Yes, 200m | 2,004 | 2,177 | 2,400 |
| Canberra Crescent Residences | 2025 | OCR | Yes, 700m | 1,851 | 1,988 | 2,151 |
| Parktown Residence | 2025 | OCR | Yes, Integrated Project | 2,146 | 2,369 | 2,605 |
| Lentor Central Residences | 2025 | OCR | Yes, 500m | 1,914 | 2,222 | 2,586 |
| Narra Residences | 2030 | OCR | No, 1.2km | 2,170 | 2,269 | 2,368 |
Launch price comparison vs comparable resale developments
Benchmarking against The Botany at Dairy Farm and Hillhaven, both developments which launched in 2023 were sold at an average price of approximately 2,222 psf and 2,191 psf respectively.
Given that you are able to shape your entry price for Narra Residences within the 2,100 psf to 2,200 psf range, you would essentially be buying into a 2026 new launch at 2023 prices.
Do note that both prices for The Botany and Hillhaven have been rebased upwards to factor for GFA harmonisation, so this comparison already accounts for the PSF uplift arising from the change in GFA rules.
Price Comparison – Narra Residences vs Botany and Dairy Farm Residence (Immediate Comparable)
| Resale Comparable | TOP (Year) | Region | Walking Dist to MRT | Lowest Transacted psfRebased upwards by 7% to normalise for GFA | Estimated Average Transacted psfRebased upwards by 7% to normalise for GFA | Estimated Highest Transacted psfRebased upwards by 7% to normalise for GFA |
| Dairy Farm Residences | 2023 | OCR | No | 1,732 | 1,938 | 2,087 |
| Botany | 2027 | OCR | No | 2,064 | 2,222 | 2,317 |
| Narra Residences | 2030 | OCR | No, 1.2km | 2,170 | 2,269 | 2,368 |
Price Comparison – Narra Residences vs Resale Condo Around Hillview MRT and Pasir Panjang MRT
| Resale Comparable | TOP (Year) | Region | Walking Dist to MRT | Lowest Transacted psfRebased upwards by 7% to normalise for GFA | Estimated Average Transacted psfRebased upwards by 7% to normalise for GFA | Estimated Highest Transacted psfRebased upwards by 7% to normalise for GFA |
| Hillion Residences | 2017 | OCR | Yes, Integrated to Pasir Panjang MRT | 1,810 | 1,943 | 2,091 |
| Midwood | 2023 | OCR | Yes, 400m | 1,878 | 2,061 | 2,358 |
| Hillhaven | 2027 | OCR | Yes, 400m | 1,925 | 2,191 | 2,498 |
| Narra Residences | 2030 | OCR | No, 1.2km | 2,170 | 2,269 | 2,368 |
Price quantum comparison
In this section, we further substantiate our price comparison by factoring in the square footage of key unit types for an apple-to-apple purchase quantum comparison versus comparable resale condos in the Dairy Farm and Bukit Panjang area.
Case in point, this further supports the view that if you make an entry within the 2,100 to 2,200 psf range, you would be buying at a price quantum similar to these new launches that were launched in 2023. This helps to preserve Narra Residences’ pricing and affordability advantage.
Price Quantum Comparison – 2 Bed 2 Bath – Narra vs Comparable Resale Condo
| Resale Comparable | TOP (Year) | Region | Walking Dist to MRT | Size | Average PSF | Average Purchase Quantum |
| Dairy Farm Residences | 2023 | OCR | No | 710 | 1,818 | 1,290,780 |
| Hillion Residences | 2017 | OCR | Yes, Integrated to Pasir Panjang MRT | 710 | 1,789 | 1,270,190 |
| Midwood | 2023 | OCR | Yes, 400m to Hill View MRT | 689 | 1,987 | 1,369,043 |
| Narra Residences | 2026 | OCR | No, 1.2km | 646 | 2,100 | 1,356,600 |
| Narra Residences | 2026 | OCR | No, 1.2km | 646 | 2,200 | 1,421,200 |
Price Quantum Comparison – 3 Bed Premium – Narra vs Comparable Resale Condo
| Resale Comparable | TOP (Year) | Region | Walking Dist to MRT | Size | Average PSF | Average Purchase Quantum |
| Dairy Farm Residences | 2023 | OCR | No | 1141 | 1,895 | 2,162,195 |
| Hillion Residences | 2017 | OCR | Yes, Integrated to Pasir Panjang MRT | 1163 | 1,865 | 2,168,995 |
| Midwood | 2023 | OCR | Yes, 400m to Hill View MRT | 990 | 1,916 | 1,896,840 |
| Narra Residences | 2026 | OCR | No, 1.2km | 1023 | 2,100 | 2,148,300 |
| Narra Residences | 2026 | OCR | No, 1.2km | 1023 | 2,200 | 2,250,600 |
Price Quantum Comparison – 4 Bed Premium – Narra vs Comparable Resale Condo
| Resale Comparable | TOP (Year) | Region | Walking Dist to MRT | Size | Average PSF | Average Purchase Quantum |
| Dairy Farm Residences | 2023 | OCR | No | 1335 | 1,940 | 2,589,900 |
| Midwood | 2023 | OCR | Yes, 400m to Hill View MRT | 1249 | 1,954 | 2,440,546 |
| Narra Residences | 2026 | OCR | No, 1.2km | 1152 | 2,100 | 2,419,200 |
| Narra Residences | 2026 | OCR | No, 1.2km | 1152 | 2,200 | 2,534,400 |
Is Narra Residences really affordably priced?
Yes, Narra Residences is priced affordably and possesses a pricing advantage against comparable developments like Botany at Dairy Farm and Midwood.
Given that the launch price falls within the 2,100 psf to 2,200 psf range, Narra Residences would essentially be launching at a similar price point to Botany, which was launched about three years earlier.
What is a safe entry price for Narra Residences?
Safe entry price for Narra Residences should fall within the 2,100 to 2,200 psf range. As much as possible, try to keep your entry price below 2,200 psf to preserve your pricing advantage versus comparable launches and nearby resale options.
2nd Opinion on Entry Price
While every project at any price is a buy in the showrooms. Devising a fact based entry price guide is key to safeguarding yourself from overvalued entries.
Consideration of the right entry price includes
- Your budget
- Your target unit type
- Evaluating the competitive dynamics for the target unit type
Unit mix analysis – what is the best unit type to buy into for Narra Residences?
To determine the optimal unit type to procure, we first break down the profitability of comparable resale developments in the Dairy Farm and Bukit Panjang area.
Based on the data from the table below, 4 bedroom units generate the most decent profit, with average profit per year ranging from about 79k for Hillion Residences to 139k per year for Dairy Farm Residences.
In contrast, the 3 bedroom units’ profits are sub‑optimal at around 68k per year for Dairy Farm Residences and 57k per year for Hillion Residences, using 100k per year as a benchmark.
The 2 bedroom units are the most sub‑optimal, profiting only about 29k per year for Dairy Farm Residences and 17k per year for Hillion Residences. Concluding from this analysis, larger 4 bedroom unit types are the optimal unit types to buy into, followed by 3 bedroom units.
Resale Demand – Dairy Farm Residences Profitability by Bedroom Type
| Bedroom Type | Average Profitability ($) | Average Holding Duration (Year) | Profit Per Year |
| 2 | 113,237 | 4 | 29,277 |
| 3 | 264,853 | 4 | 68,213 |
| 4 | 565,550 | 4 | 139,477 |
Resale Demand – Midwood Profitability by Bedroom Type
| Bedroom Type | Average Profitability ($) | Average Holding Duration (Year) | Profit Per Year |
| 1 | 108,481 | 4 | 26,706 |
| 2 | 222,182 | 4 | 56,622 |
| 3 | 285,500 | 4 | 75,713 |
| 4 | 358,000 | 3 | 102,526 |
Resale Demand – Hillion Residences Profitability by Bedroom Type
| Bedroom Type | Average Profitability ($) | Average Holding Duration (Year) | Profit Per Year |
| 1 | 101,981 | 6 | 17,282 |
| 2 | 293,571 | 9 | 31,176 |
| 3 | 693,000 | 12 | 57,163 |
| 4 | 926,500 | 12 | 79,003 |
Rentability analysis – can units in Narra Residences be easily rented out?
Reviewing the volume of rental transactions per month versus the number of active rental listings on property portals, Dairy Farm Residences currently shows roughly a 2.2 times listing-to-rental-transaction ratio.
Based on this, there does not appear to be a significant issue with rentability at the moment, as units are still being taken up at a reasonable pace relative to listings.
However, in the longer run, when units from The Botany at Dairy Farm and eventually Narra Residences itself come into the rental market, overall rental supply in the Dairy Farm enclave is likely to increase.
Prospective buyers of Narra Residences should be prepared for this and underwrite rental assumptions more conservatively, especially for smaller units which may face stiffer competition.
| Project Name | Completion | Dist (m) to Hillview MRT | Rental Vol per month | No of Rental Listing | Rental Absorption Rate |
| DAIRY FARM RESIDENCES | 2023 | 868 | 7 | 15 | 2.2 |
| THE SKYWOODS | 2016 | 468 | 4 | 7 | 1.8 |
| THE HILLIER | 2016 | 406 | 14 | 11 | 0.8 |
| MIDWOOD | 2023 | 466 | 9 | 18 | 2.0 |
Narra Residences vs River Modern – which is better?
To evaluate Narra Residences vs River Modern, both developments are assessed through five key factors from an investor’s lens.
Supply side consideration
From a supply standpoint, both developments are broadly at parity. Each faces an equally competitive level of new launch supply from comparable projects within their respective micro-markets, so neither has a clear structural advantage purely on unit count or competing stock.
Demand side consideration
On the demand side, River Modern performs better. It is located in an aspirational CCR district, within 1km of River Valley Primary School, and is integrated with Great World MRT
Unique value proposition
In terms of unique value proposition, River Modern again has the edge. Its river frontage and direct MRT integration allow it to differentiate more clearly from nearby projects like Zyon Grand and Promenade Peak.
Narra Residences, on the other hand, sits more on par with Botany at Dairy Farm and Dairy Farm Residences, without a strong single differentiator beyond pricing.
Affordability
On affordability, Narra Residences outperforms. Its key strength lies in its more accessible pricing and “more space for the same quantum” proposition, whereas River Modern is expected to be priced at a relative premium due to its CCR location and integrated positioning. For budget-conscious upgraders prioritising size, Narra provides better value.
Future outlook
For future outlook, both projects are broadly at parity but in different ways. Narra Residences is positioned as one of the most affordable options for upgraders to secure a sizable brand new unit upon TOP, while River Modern is positioned to capture renewed buyer interest in CCR, riverfront and MRT-integrated living.
To avoid bloating this article beyond a readable length, this will remain a summary; for a deeper, unit-specific comparison, readers can reach out directly
Should you invest in Narra Residences or Should You Wait ?
Caught in a dilemma, wondering if you should go for River Modern or wait out for Thomson Grand ?
Leverage on external perspectives to help cover blind spots by iterating the pros and cons of each development.
Looking to purchase a unit in Narra Residences as a second property ?
Check out the following article for more insights on how to avoid ABSD
- Decoupling Property Singapore – The Complete Guide
- How to buy a second property in Singapore without ABSD ?
Other Potential 2026 New Launch that you can consider
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- River Modern New Launch Condo Review
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- How to choose the best new launch condo in 2026 ?
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