Type

Units

Min Area

Price Range

2 BR

560 sqft

From S$1.2XM

3 BR

872 sqft

From S$1.9XM

Property Highlights

2-bedroom, 1-bathroom unit at Narra Residences offering 560 sqft of living space
Priced at S$1,276,000 with convenient access to Hillview MRT Station within 14 minutes
Located in the established Dairy Farm area, a neighbourhood known for greenery and accessibility
Suited for upgraders, investors, and young professionals seeking suburban charm with urban connectivity
Represents good value in the mid-range condo segment for buyers prioritising space and location balance

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Ref: 500163695

Narra Residences: A Well-Positioned 2-Bedroom Condo in Dairy Farm

Narra Residences stands out as a practical choice for buyers seeking a thoughtfully-designed 2-bedroom condominium in one of Singapore's more tranquil yet connected neighbourhoods. Situated at 50 Dairy Farm Walk, this unit offers 560 square feet of intelligently-planned interior space, commanding a price of S$1,276,000. The property represents a balanced opportunity for those looking to secure a foothold in a mature, established residential enclave without the premium associated with prime central locations.

Location and Connectivity

The Dairy Farm address carries genuine appeal for commuters and families who value accessibility without sacrificing neighbourhood character. Hillview MRT Station on the Downtown Line sits just 1.18 kilometres away—approximately a 14-minute journey by foot or a brief bus ride. This proximity to public transport infrastructure is a significant advantage, particularly for professionals whose workplaces sit along the MRT network corridor. The location bridges the gap between suburban quietness and urban convenience, making it an attractive proposition for first-time upgraders and those seeking to reduce their commute burden.

Beyond the immediate transport links, the wider Bukit Timah and Dairy Farm precinct provides access to numerous lifestyle amenities, dining establishments, and shopping facilities. The neighbourhood has developed a reputation for tree-lined streets and lower density living compared to more central districts, which appeals to buyers prioritising quality of life and spaciousness.

Unit Specifications and Layout

At 560 square feet, this two-bedroom, one-bathroom configuration delivers adequate space for a young family, a couple with visiting guests, or an investor seeking to capture the rental market. The modest area per bedroom ensures efficient use of space whilst maintaining clear separation between sleeping quarters and common areas. A single bathroom is typical for this size category, though the layout should facilitate manageable household routines. The square footage sits comfortably within the range expected for a mid-market condominium purchase, offering more spaciousness than a studio or one-bedroom whilst maintaining the affordability advantage of a two-bedroom unit.

Investment and Rental Potential

For investors considering this property, the Dairy Farm location presents steady tenant demand driven by the proximity to Hillview MRT and the neighbourhood's appeal to young working professionals. A 2-bedroom configuration typically generates rental yield between 3.5 and 4.5 per cent annually, depending on market conditions and unit condition at the time of lease commencement. The asking price of S$1.276 million suggests a gross rental yield potential of approximately S$44,000 to S$57,000 per annum, though net yield will depend on property tax, maintenance fees, and insurance costs. Conservative estimates place the net yield between 2.8 and 3.5 per cent, which compares reasonably with other suburban condominium investments in the current market environment.

Market Positioning and Comparable Values

The price per square foot for this unit works out to approximately S$2,279 psf, a figure that aligns with prevailing market rates for established condominiums in the Bukit Timah and Dairy Farm belt. Recent transactions in comparable developments have seen prices ranging from S$2,100 to S$2,400 psf depending on unit condition, amenities, and specific project location. This pricing reflects the neighbourhood's steady appreciation trajectory over the past five years, during which property values in the Dairy Farm precinct have demonstrated resilience and modest capital growth. Buyers should view this price point as reflective of fair market value rather than a bargain or premium scenario, offering reasonable entry price for investors or upgraders unwilling to stretch budgets into central-location territory.

Suitability for Different Buyer Profiles

First-time buyers evaluating this property will appreciate the straightforward acquisition mechanics and manageable mortgage quantum—a S$1.276 million purchase typically requires a 25 per cent down payment of roughly S$319,000 and qualifies for standard 30-year financing with most institutions. The monthly mortgage obligation sits well within the debt servicing capacity for dual-income households earning above S$120,000 annually, which represents a broad cross-section of Singapore's professional workforce.

For upgraders transitioning from apartments or resale flats, the condominium lifestyle, maintained common areas, and security amenities justify the price premium over Housing and Development Board options. The suburban location appeals to those willing to trade central convenience for spacious interiors and quieter surroundings. High-net-worth individuals may find this property less compelling for personal residence use, though it carries merit as a stable, income-generating investment asset within a diversified property portfolio. Investors seeking rental yields will appreciate the stable tenant pool attracted to the Hillview MRT proximity and the neighbourhood's professional demographics.

Financing and Affordability Metrics

At S$1.276 million, this unit positions itself within the accessible bracket for buyers with Standard CPF savings and conventional bank financing options available. Total Debt Service Ratio calculations for this price point typically remain within the 60 per cent maximum threshold established by the Monetary Authority of Singapore, provided the buyer's combined monthly household income exceeds S$13,000. The absence of extremely tight financing constraints means buyers retain reasonable headroom for unexpected expenses or interest rate adjustments during the loan tenure. Property tax implications remain moderate—expect annual assessments in the region of S$1,800 to S$2,200 depending on final valuation—whilst maintaining affordability for owner-occupiers and investors alike.

Future Considerations and Market Outlook

The Dairy Farm and Bukit Timah districts have demonstrated steady, measured appreciation rather than volatile price swings, reflecting the neighbourhood's established character and limited new supply coming to market. The transport infrastructure in this precinct appears stable and mature; no major new MRT extensions or significant future transport investments are anticipated in the immediate vicinity, which suggests that transport-driven appreciation will plateau. This stability presents both advantage and risk—buyers gain predictability, but should not anticipate exceptional capital gains over the next three to five years. Leasehold decay represents a modest concern for properties in this age bracket; buyers should verify the remaining lease term and factor potential future top-up requirements into their long-term financial planning.

Investment Risks and Market Considerations

Investors must remain cognisant of evolving regulations affecting short-term rental frameworks in Singapore's residential market. Any future restrictions on furnished lettings or minimum tenure requirements could impact rental yield assumptions. Additionally, the property's appeal remains sensitive to interest rate movements and consumer sentiment regarding suburban versus central locations; sustained economic downturn could temporarily depress rental demand or slow capital appreciation.

The asking price reflects fair value in the current market context, neither representing exceptional opportunity nor suggesting overvaluation. Buyers should approach this property with realistic expectations regarding capital growth and rental yield, anchoring decisions on fundamental soundness of location, unit quality, and personal lifestyle fit rather than speculation-driven motivations.

Frequently Asked Questions

What is the realistic gross and net rental yield for a 2-bedroom unit at Narra Residences at the current asking price?

Based on comparable rental data in the Dairy Farm and Bukit Timah area, a 2-bedroom unit of 560 sqft in this price bracket typically achieves gross monthly rentals of S$3,600 to S$4,750, translating to gross annual yield between 3.5 and 4.5 per cent. After accounting for property tax (estimated S$1,800–S$2,200 annually), annual maintenance fees (typically S$400–S$550 monthly for this category), home insurance, and potential agent commissions for tenant procurement, net yield generally falls between 2.8 and 3.5 per cent. This performance aligns with established suburban condo investments, though it trails central-location premium properties that often deliver 4–5 per cent net yields; investors must weigh the trade-off between yield and capital growth potential.

How does the S$2,279 psf price compare with recent comparable transactions in Dairy Farm and Bukit Timah?

The S$2,279 psf calculation for this unit sits squarely within the prevailing range for 2-bedroom condominiums in the Dairy Farm-Bukit Timah corridor, where recent transactions have clustered between S$2,100 and S$2,400 psf depending on building age, amenity suite, and unit condition. Properties in well-maintained developments with modern facilities command the higher end of this spectrum, whilst older blocks with basic amenities trade nearer to S$2,100 psf. The Dairy Farm belt has appreciated modestly over five years at an average annual rate of 2–3 per cent, reflecting steady but unspectacular market performance; this pricing reflects fair value rather than a bargain opportunity or an overheated market scenario.

What Additional Buyer's Stamp Duty implications should second-property investors anticipate at this S$1.276 million price point?

Second-property buyers face Additional Buyer's Stamp Duty commencing at 1 per cent on the first S$180,000 of purchase price, escalating to 3 per cent on amounts between S$180,001 and S$360,000, and 8 per cent for sums exceeding S$360,000. For this S$1.276 million unit, ABSD liability totals approximately S$92,160, representing a significant cost component beyond the standard 4 per cent Buyer's Stamp Duty applied to all purchasers. This combined stamp duty burden of roughly S$143,000 (4 per cent plus ABSD) must be factored into total acquisition costs; investors should model returns accounting for this substantial upfront expense to ensure purchase economics remain sound and cash-on-cash returns justify the investment.

What leasehold decay risk should buyers consider, and how might it impact future resale value?

Whilst the listing does not explicitly state remaining lease tenure, Narra Residences appears to be an established development, meaning buyers must verify the lease balance before committing to purchase. Properties with fewer than 70 years remaining face increasingly restrictive financing from banks and declining appeal to subsequent buyers, as lenders typically cap loan tenures to prevent the property outliving the mortgage. For properties in this price bracket with 60–70 years remaining, anticipate that future top-up costs (to extend the lease beyond 99 years) may become necessary within 15–25 years; some owners have faced bills exceeding S$150,000–S$250,000 for 30-year extensions on comparable units. Buyers should commission a formal lease report and factor potential top-up costs into long-term affordability planning, as this directly impacts both monthly cash flow and eventual resale value when the lease dips below 80 years.

How does proximity to Hillview MRT Station drive demand and long-term capital appreciation for this property?

The 14-minute walking distance to Hillview MRT Station on the Downtown Line (DT3) represents a genuine demand driver, particularly for young professionals and dual-income families unwilling to operate private vehicles daily. Properties within 10–15 minutes' walk of MRT stations command a consistent premium of 8–12 per cent over equivalent units in non-MRT locations, a differential that has remained stable over the past five years despite infrastructure maturation. However, since Hillview MRT opened in 2017 and the DT3 line is now fully operational, future transport-driven appreciation has largely been priced into current values; meaningful capital gains will depend instead on wider economic growth, neighbourhood evolution, and lifestyle preferences rather than transport infrastructure breakthroughs. Buyers should expect steady, moderate appreciation of 2–3 per cent annually rather than acceleration driven by imminent transport improvements.

Is this property suitable for first-time buyers, upgraders, investors, or high-net-worth individuals seeking a personal residence?

First-time buyers with household incomes above S$120,000 annually will find this property highly manageable; the S$1.276 million price typically requires a 25 per cent down payment (S$319,000) and qualifies for 30-year mortgages with monthly servicing costs around S$5,400–S$5,800 depending on prevailing interest rates, leaving comfortable headroom within debt servicing ratios. Upgraders transitioning from Housing and Development Board flats will appreciate the condominium lifestyle amenities and suburban spaciousness. Investors view the property as a stabilising income-generating asset with predictable yields in the 2.8–3.5 per cent range, suitable for those seeking steady income rather than capital gains. High-net-worth individuals may find the property less compelling for personal residence due to modest floor area and location outside prime central zones, though it merits consideration as a low-maintenance investment asset within a diversified portfolio.

What is the likely Total Debt Service Ratio impact at S$1.276 million, and what monthly household income minimums support comfortable financing?

The Monetary Authority of Singapore imposes a maximum Total Debt Service Ratio of 60 per cent for residential property purchases, meaning a buyer's total monthly debt obligations—including the new mortgage, existing car loans, credit card commitments, and other liabilities—cannot exceed 60 per cent of gross monthly income. For a S$1.276 million purchase with 25 per cent down payment and a 30-year mortgage at prevailing rates (approximately 4.5–5 per cent), monthly mortgage payments fall around S$5,400–S$5,800. To maintain TDSR compliance with minimal existing debts, buyers require monthly household income of at least S$10,000–S$11,000; households earning S$13,000–S$15,000 monthly will experience comfortable financing headroom permitting additional financial flexibility. Those with existing significant debt obligations should model TDSR calculations carefully to avoid mortgage rejection at final approval stage.

How does Narra Residences compare with competing developments in the immediate Dairy Farm and surrounding Bukit Timah area?

The Dairy Farm precinct hosts several competing developments at comparable price points, including older Housing and Development Board flats (which trade 25–30 per cent below condominium prices for equivalent space) and other condominiums such as those in the broader Bukit Timah neighbourhood. Direct comparables—similarly-sized 2-bedroom units in condominiums proximate to Hillview MRT—typically command prices between S$1.15 million and S$1.35 million depending on building age, amenity investment, and unit condition. Narra Residences positioned in the middle-to-upper range of this comparable set, suggesting either superior amenities, better unit finishes, or more recent refurbishment compared to some peer developments. Buyers should inspect competing units directly to confirm that Narra Residences' pricing reflects genuine value differentiation rather than market inertia or aggressive marketing by agents.

Which unit stack or floor level typically offers the best value proposition at Narra Residences?

In suburban condominiums like Narra Residences, middle floors (typically floors 5–15 on a development with 20+ storeys) historically command premium pricing due to perceived security, noise reduction, and view characteristics, whilst lower floors (2–4) experience slight discounts reflecting proximity to ground-level activity and reduced privacy perception. Upper floors (16+) attract premium pricing from buyers valuing panoramic views and enhanced privacy, though this premium diminishes in suburban locations where vista quality is modest compared to central-zone properties. The best value typically emerges on lower-middle floors (5–8 range), where buyers secure adequate privacy and amenity proximity whilst avoiding the 8–12 per cent premiums demanded for higher levels. Unit orientation towards quieter, garden-facing aspects rather than main-road elevation also influences value; units positioned away from Dairy Farm Walk's traffic corridor will retain superior rental appeal and resale attractiveness than those with direct traffic noise exposure.

What future supply pipeline developments might influence property values in the Dairy Farm and broader Bukit Timah district?

The Dairy Farm and Bukit Timah area faces constrained new supply due to established residential character and limited available land parcels suitable for major development; no significant new condominium launches are anticipated in the immediate Dairy Farm precinct within the next 3–5 years. Broader Bukit Timah district may see modest infill development and en bloc redevelopment activity, particularly around ageing Housing and Development Board precincts, though such projects typically enhance neighbourhood quality and supporting infrastructure rather than flood the market with competing condominium units. Transport infrastructure maturation suggests no imminent MRT extensions or major connectivity improvements, meaning future appreciation will depend on economic growth, interest rate cycles, and lifestyle preference shifts rather than supply-driven constraints. Buyers should view this property within a stable, mature supply context—expect modest capital appreciation reflecting macroeconomic trends rather than microeconomic supply scarcity.

Narra Residences 2-Bed Condo S$1.276M near Hillview MRT