Narra Residences Review: Dairy Farm Walk, District 23, 540 Units
Narra Residences in Dairy Farm Walk: 99-year leasehold, 540 units. Location, unit mix, prices, plans and how it sold.
Narra Residences sold about a quarter of its 540 homes in its launch weekend of 31 January and 1 February 2026: 135 units, or 24.8%, at an average of S$2,180 psf as at 4 pm on 1 February, EdgeProp reported. URA’s developer-sales file shows 216 of 540 homes sold by September 2026, or 40%. At the preview, EdgeProp gave indicative prices from S$998,000, or S$1,930 psf, for a 517 sq ft 1-bedroom with study, and about S$1.17 million, or S$2,089 psf, for a 560 sq ft 2-bedroom. That 2-bedroom price is about 29% above the middle value of the resale prices of the older leasehold condos around it and about 9% above Midwood, the newest leasehold condo in the comparison below. The project has 540 homes in eight blocks on a 99-year lease, about 1,070 m in a straight line from Hillview MRT, which is not within walking distance.
Latest updates
6 months after launch (June 2026)
As at June 2026, URA developer sales show 185 of the 540 homes put on sale sold (34%), from 122 (23%) in January 2026. That is 3 fewer than the 188 reported for May 2026: the figure is the number of homes the developer reports as sold at that date, so it can fall when a sale is cancelled. URA does not say which sales were cancelled. The median psf of the month’s new sales was S$2,219, against S$2,148 in January 2026. That leaves 355 of the 540 homes in the project unsold.
3 months after launch (April 2026)
As at April 2026, URA developer sales show 176 of the 540 homes put on sale sold (33%), from 122 (23%) in January 2026. The median psf of the month’s new sales was S$2,196, against S$2,148 in January 2026. A median moves with the mix of homes sold in the month, so it is not a price index. That leaves 364 of the 540 homes in the project unsold.
1 month after launch (January 2026)
URA developer sales for January 2026, the launch month, show 122 of the 540 homes put on sale had sold (23%), at a median of S$2,148 psf for the month’s new sales.
Narra Residences at a glance
| Fact | Detail |
|---|---|
| Developer | Dairy Farm Walk JV Development Pte. Ltd., a joint venture of Santarli Realty, Apex Asia Development, Soon Li Heng Civil Engineering and Kay Lim Realty |
| Address | 52 Dairy Farm Walk, District 23 (Bukit Panjang), Outside Central Region |
| Tenure | 99-year leasehold from 1 July 2025 |
| Homes | 540 in 8 towers, from 1-bedroom + study (517 sq ft) to 5-bedroom with private lift (1,679 sq ft) |
| Site | 235,526 sq ft |
| Land | Government land sale site by a joint venture led by Apex Asia Development and Santarli Realty in 2025 for S$504.515 million, about S$1,020 psf ppr |
| Architect | P&T |
| Guide price | From S$2,089 psf. Example home: 2-bedroom, 560 sq ft, from S$1.17 million |
| Dates | Preview from 17 January 2026, sales launch 31 January 2026 |
| Expected TOP | First quarter of 2030 (vacant possession 20 January 2030) |
Sources: EdgeProp (16 January 2026), developer's e-brochure, Stacked Homes review (22 January 2026), EdgeProp (1 February 2026) and Stacked Homes (1 February 2026). The lead image, the other artist’s impressions and the plans are from Dairy Farm Walk JV Development Pte. Ltd., a joint venture of Santarli Realty, Apex Asia Development, Soon Li Heng Civil Engineering and Kay Lim Realty’s press release pages.
Where it is: Dairy Farm, across the road from the mall
Narra Residences is on Dairy Farm Walk, in the Bukit Panjang planning area (District 23). EdgeProp says Dairy Farm Mall, which opened in late 2024 with a supermarket, food court and clinic, is across the road, and that Hillview MRT on the Downtown Line is about 1.2 km away, close to a 20-minute walk. In a straight line from the site, the nearest stations are Hillview (about 1,070 m), Cashew (about 1,160 m) and Hume (about 1,650 m), and Dairy Farm Mall is about 350 m away. The site point comes from OneMap, and walking routes are longer. Stacked Homes adds that a new cul-de-sac serves the residents and a primary school planned next to the project, and that an access point to the Rail Corridor is opposite CHIJ Our Lady Queen of Peace.
- Narra Residences
- MRT station
- Hospital
- Mall
- School
Source: planning-area boundaries from URA via data.gov.sg, stations from LTA via data.gov.sg, places found with OneMap. Drawn by Propwise; not to survey accuracy.
Schools: two primary schools within 1 km
EdgeProp lists the German European School Singapore, CHIJ Our Lady Queen of Peace and Bukit Panjang Primary School nearby, the last two within 1 km. In a straight line from the site, CHIJ Our Lady Queen of Peace is about 700 m away and Bukit Panjang Primary about 800 m. Stacked Homes says a new primary school is planned beside the condo, with no details announced as at January 2026. The Ministry of Education measures distance for Primary 1 registration in its own way, so check each school’s band on the MOE school locator.
| Place | Type | Straight-line distance |
|---|---|---|
| CHIJ Our Lady Queen of Peace | School | about 700 m |
| Bukit Panjang Primary School | School | about 800 m |
Source: places found with OneMap (Singapore Land Authority), stations from LTA via data.gov.sg, Propwise calculation.
The land: S$1,020 psf ppr, a step up on earlier Dairy Farm sites
A joint venture led by Apex Asia Development and Santarli Realty paid S$504.5 million, or S$1,020 psf ppr, for the site in January 2025, Stacked Homes reports. Psf ppr is the price per sq ft of potential gross floor area. The site is about 235,526 sq ft. Stacked Homes’ review lists the earlier Dairy Farm sites: United Engineers paid S$830 psf ppr in 2018 for Dairy Farm Residences, and Sim Lian paid S$980 psf ppr in 2022 for The Botany at Dairy Farm. A second Dairy Farm Walk site next door drew five bids in January 2026 and went to a Roxy-Pacific Holdings-led consortium at S$962 psf ppr, according to EdgeProp.
Homes and layouts: 540 homes, half of them two-bedroom
Stacked Homes counts 265 two-bedroom homes (49%), 185 three-bedroom homes (34%), 61 four-bedroom homes, 26 five-bedroom homes with a private lift and 3 one-bedroom homes with a study. The sizes, from the developer’s e-brochure, run from 517 to 1,679 sq ft. Four strata shop units sit in the project too. Stacked Homes reports a ceiling height of 2.8 m in every home. EdgeProp says the five-bedroom master bedroom has a 5-metre wardrobe, against 2 to 3 metres in a typical home, and the showflats are a 2-bedroom with study, a 3-bedroom premium and the 5-bedroom with a private lift.
| Type | Size (sq ft) | Homes | Levels |
|---|---|---|---|
| 1-bedroom + study (A1S) | 517 | 3 | 1 |
| 2-bedroom compact (B1) | 560 | 30 | 2 to 16 |
| 2-bedroom premium (B2P) | 646 | 58 | 1 to 16 |
| 2-bedroom with household shelter (B3H, B4H, B5H, B6H) | 689 to 700 | 66 | 1 to 6 |
| 2-bedroom with household shelter and study (B7H-S) | 721 | 24 | 1 to 6 |
| 2-bedroom + study (B8S) | 721 | 87 | 1 to 16 |
| 3-bedroom compact (C1) | 818 | 28 | 1 to 16 |
| 3-bedroom flexi (C2) | 872 | 31 | 1 to 16 |
| 3-bedroom premium (C3P, C4P, C5P, C6P, C7P, C8P) | 990 to 1,023 | 101 | 1 to 16 |
| 3-bedroom premium + study (C9S, C10S) | 1,152 to 1,173 | 25 | 1 to 13 |
| 4-bedroom compact (D1) | 1,152 | 35 | 1 to 16 |
| 4-bedroom premium (D2P) | 1,378 | 26 | 1 to 13 |
| 5-bedroom with private lift (E1, E2) | 1,658 to 1,679 | 26 | 1 to 13 |
Sources: Stacked Homes review (22 January 2026) and developer's e-brochure.
Facilities: a 50-metre pool and a tennis court
The brochure lists a 50-metre lap pool, a family canyon pool, a bubble pool and a kids’ pool, a gym, a resident lounge and studio, a golf simulator, three function rooms, a kids’ playroom, a jogging track, BBQ and dining pavilions and a plants lab pavilion. The tennis court is in the basement. EdgeProp says about 66% of the site is landscaped and the blocks are up to 63 m apart. Stacked Homes reports one car lot for each home, with 17 electric-vehicle lots on top.
How the price compares with nearby condos
The 2-bedroom preview price of S$2,089 psf is about 29% above the middle value of the median resale psf of the older leasehold condos nearby (S$1,624 psf), and about 9% above Midwood at S$1,919 psf. Two things help explain the gap. The older condos are 14 to 17 years into their leases. And EdgeProp quotes Justin Quek of Realion saying the pricing reflects GFA harmonisation, the change in how floor area is counted, and the project’s differentiated positioning. The tables use URA caveats for the 24 months from Nov 2024 to Oct 2026 (the latest month is a month so far).
| Project | Street | Tenure | Resales | Median psf | Homes under 800 sq ft (resales) |
|---|---|---|---|---|---|
| Narra Residences (guide price) | Dairy Farm Walk | 99-yr from 2025 | – | S$2,089 from | – |
| Foresque Residences | Petir Road | 99-yr from 2011 | 36 | S$1,586 | S$1,583 (8) |
| Eco Sanctuary | Chestnut Avenue | 99-yr from 2012 | 24 | S$1,662 | S$1,647 (13) |
| Tree House | Chestnut Avenue | 99-yr from 2009 | 25 | S$1,548 | S$1,463 (4) |
| The Skywoods | Dairy Farm Heights | 99-yr from 2012 | 41 | S$1,689 | S$1,634 (7) |
| Midwood | Hillview Rise | 99-yr from 2018 | 93 | S$1,919 | S$1,915 (71) |
| Dairy Farm Residences | Dairy Farm Lane | 99-yr from 2018 | 4 | S$1,731 | S$1,731 (3) |
| Hillion Residences | Jelebu Road | 99-yr from 2013 | 51 | S$1,793 | S$1,789 (47) |
| The Dairy Farm | Dairy Farm Road | Freehold | 12 | S$1,659 | – |
| Project | Street | Tenure | New-sale caveats | Median psf |
|---|---|---|---|---|
| Narra Residences | Dairy Farm Walk | 99-yr from 2025 | 216 | S$2,167 |
| Hillhaven | Hillview Rise | 99-yr from 2023 | 93 | S$2,167 |
| The Botany at Dairy Farm | Dairy Farm Walk | 99-yr from 2022 | 13 | S$2,017 |
Source: URA (caveats), Propwise calculation. Guide price: EdgeProp report of the preview prices, 16 Jan 2026.
The new sales at Narra Residences have a median of S$2,167 psf in these caveats, the same as Hillhaven (S$2,167 psf) and above The Botany at Dairy Farm (S$2,017 psf, from 13 late sales).
How it launched: a measured weekend
Narra Residences opened for public preview on 17 January 2026 and sales on 31 January. Stacked Homes reported more than 3,500 visitors to the sales gallery in the first preview weekend. In the launch weekend 135 units sold by 4 pm on 1 February, at an average of S$2,180 psf, according to EdgeProp. It reported starting transacted prices of S$998,000 for a one-bedroom, S$1.176 million for a two-bedroom, S$1.63 million for a three-bedroom and S$2.596 million for a four-bedroom, with all the one-bedroom homes sold, four of the 61 four-bedroom homes sold, and two- and three-bedroom homes about 90% of sales. A developer release, cited by Stacked Homes, put Singaporeans at 90% of buyers and permanent residents at 10%. The report does not break the 135 down. It quotes Justin Quek of Realion on 127 residential homes sold and SRI’s Mohan Sandrasegeran saying all four shop units sold, which make 131, not 135, so read the weekend figure as about a quarter of the project.
Analysts read the result as measured. Kelvin Fong of PropNex called the S$2,180 psf average compelling against about S$2,250 psf for new OCR projects in 2025, and expected demand to build over weeks and months. Justin Quek of Realion called the take-up encouraging for an area with many owner-occupiers, and said sales nearby had been steady, not front-loaded. Mohan Sandrasegeran of SRI said the take-up showed buyers making considered decisions. ERA’s Marcus Chu said HDB upgraders are a key source of demand, with over 3,100 HDB flats in Bukit Panjang, Bukit Batok and Choa Chu Kang reaching the minimum occupation period between 2024 and 2027, and Huttons’ Mark Yip said 30% to 40% of buyers lived at HDB addresses. EdgeProp’s comparisons: Dairy Farm Residences sold 35 homes on its launch weekend in November 2019, The Botany at Dairy Farm sold 187 of 386 at its March 2023 launch, and Hillhaven sold 59 of 341 at its January 2024 launch.
URA’s developer-sales file, which counts homes as the developers report them to URA, has 122 of the 540 homes sold by the end of January 2026, with a median of S$2,148 psf for that month’s sales. That median is not the average that EdgeProp gave, so the two are close but are not the same measure. By September 2026 URA shows 216 of 540 homes sold, or 40%, at a median of S$2,267 psf for the newest month’s sales.
| Since launch | Month | Homes on sale | Homes sold | Share sold | Median psf of the month’s sales |
|---|---|---|---|---|---|
| Launch month | Jan 2026 | 540 | 122 | 23% | S$2,148 |
| 1 month later | Feb 2026 | 540 | 129 | 24% | S$2,146 |
| 3 months later | Apr 2026 | 540 | 176 | 33% | S$2,196 |
| 6 months later | Jul 2026 | 540 | 202 | 37% | S$2,185 |
| 12 months later | Jan 2027 | not yet | not yet | not yet | not yet |
Source: URA developer sales (homes as the developers report them to URA), Propwise calculation. Data to Sep 2026.
What it costs to buy
At the preview price of S$1,170,000 for the 2-bedroom, 560 sq ft, buyer’s stamp duty is S$31,400 for everyone. Additional stamp duty depends on who is buying and how many homes they own: a Singapore citizen buying a first home pays none. A first-time bank-loan buyer borrows up to S$877,500 and puts down S$292,500, of which at least S$58,500 must be cash and the rest can be cash or CPF. The 3-month compounded SORA was 1.24% on 14 Oct 2026.
| Buyer | Buyer’s stamp duty | Additional duty (ABSD) | Total duties |
|---|---|---|---|
| Singapore citizen, first home | S$31,400 | None | S$31,400 |
| Singapore citizen, second home | S$31,400 | S$234,000 (20%) | S$265,400 |
| Permanent resident, first home | S$31,400 | S$58,500 (5%) | S$89,900 |
| Permanent resident, second home | S$31,400 | S$351,000 (30%) | S$382,400 |
| Foreigner | S$31,400 | S$702,000 (60%) | S$733,400 |
| Item | Amount | Basis |
|---|---|---|
| Price | S$1,170,000 | 2-bedroom, 560 sq ft, guide price from S$2,089 psf |
| Loan | S$877,500 | 75% limit for a first bank loan |
| Down payment | S$292,500 | 25% of the price |
| Of which cash at least | S$58,500 | 5% of the price; the rest can be cash or CPF |
| Interest rate | Monthly instalment |
|---|---|
| 2.0% a year (example) | S$3,243 |
| 2.5% a year (example) | S$3,467 |
| 3.0% a year (example) | S$3,700 |
| 4% a year (bank stress test) | S$4,189 |
Source: stamp duty and loan rules in the Propwise rules database (BSD in force from 15 Feb 2023), Propwise calculation. Guide price: EdgeProp report of the preview prices, 16 Jan 2026. MAS rules for the lending limits.
Banks test the loan at a 4% rate. At that rate the instalment is S$4,189, so a household with no other debts needs a gross monthly income of about S$7,617. Most of the loan on an uncompleted home is drawn in stages as construction progresses, so early payments are smaller.
Who it suits
The mix points to owner-occupiers, and above all to HDB upgraders and families. Stacked Homes counts 246 homes with three or four bedrooms and 26 five-bedroom homes with private lifts, together about half the project. The developer says most prices fall within a household budget of S$1.5 million to S$2.5 million, EdgeProp reports, and Huttons’ Mark Yip said 30% to 40% of the launch-weekend buyers lived at HDB addresses. Apex Asia’s chairman told EdgeProp he expected some right-sizing from landed homes into the large units.
Investors have a modest case. URA’s median rent in the Outside Central Region was S$4.67 psf a month in Q3 2026, according to URA. At that rate a 560 sq ft home would let for about S$2,620 a month, a gross yield of about 2.7% on the S$1,170,000 preview price before costs, a Propwise calculation. The median covers all sizes and projects in the region, so a single project can differ. The nearest MRT station is not within walking distance, and PropNex’s Kelvin Fong told EdgeProp some buyers may find the site too far from transport nodes.
It does not suit buyers who want to walk to a train or who need to move in soon: vacant possession is expected on 20 January 2030, according to the brochure.
Strengths and trade-offs
Strengths
- Dairy Farm Mall is across the road, and nature areas including the Rail Corridor and Bukit Timah Nature Reserve are close, according to EdgeProp.
- Two primary schools are within about 800 m in a straight line, and a new primary school is planned next to the project, according to Stacked Homes.
- A 50-metre lap pool, a tennis court and a golf simulator in a project of 540 homes.
- One car lot for each home, with 17 electric-vehicle lots, according to Stacked Homes.
- A launch average of S$2,180 psf, below the roughly S$2,250 psf that PropNex’s Kelvin Fong says new OCR projects averaged in 2025.
Trade-offs
- The preview price is about 29% above the older leasehold condos nearby.
- Hillview MRT is about 1.2 km away, close to a 20-minute walk, according to EdgeProp.
- A launch weekend of about a quarter of the homes sold, and 40% sold by September 2026, so a buyer would join a project with many homes still on sale.
- Only 3 one-bedroom homes, and they sold on launch weekend.
- Vacant possession is expected on 20 January 2030, according to the developer’s brochure.
- A second Dairy Farm Walk site next door, won in January 2026, will add new homes nearby, according to EdgeProp.
