Press Release
08 March 2022
Closing of land tender at
Dairy Farm Walk
FOR IMMEDIATE RELEASE
Singapore, 08 March 2022 – a residential site in Dairy Farm Walk offered by
the Urban Redevelopment Authority (URA) attracted healthy bids from developers.
Seven bidders vied for the 99-year leasehold residential site at Dairy Farm
Walk in Upper Bukit Timah which is within expectation. The highest bid for the
site was from Sim Lian Land Pte Ltd and Sim Lian Development Pte Ltd at S$347,001,000
or S$980 psf ppr.
The healthy bids indicate
that developers remained positive about the long-term outlook of Singapore’s
property market, in spite of new property cooling measures being introduced in
December 2021. Many developers are still keen to replenish their land bank.
The site was offered under
the confirmed list under the second half of the government land sales (GLS)
programme in 2021. The parcel spans 15,663 square meters and has a maximum
gross floor area of 32,893 square metre. The site can accommodate around 385
units when completed. The maximum building height is 85 metres Singapore Height
Datum (SHD) in the medium-rise zone and 69 metres SHD in the low-rise zone.
Currently, Dairy Farm
Residences is the only new launch in the area.
The project has sold 450 out of 460 units, or 97.8 per cent of the
entire project. With a lack of new housing supply in the area, there could be
pent-up demand for homes in the area.
The site at Dairy Farm Walk is
near a number of schools, such as Assumption English School, CHIJ Our Lady
Queen of Peace, and the German European School Singapore. It is a short walk
from Hillview MRT station along the Downtown line, and close to amenities like HillV2
and The Rail Mall. Its proximity to Bukit Panjang Park and Dairy Farm Nature
Park may attract nature lovers.
Based on the land bid price,
the potential selling price for this condominium at Dairy Farm Walk could be
between S$1,950 psf and S$2,050 psf.
Mr Steven Tan, CEO of
OrangeTee & Tie:
“The fast take-up rate of
units of Dairy Farm Residences may boost the confidence of many developers to
bid for the GLS site. Dairy Farm Residences saw more than 300 units being sold
in the past six months, with only 10 units remaining unsold. Buyers who are
keen on purchasing a unit at this location can enjoy the close proximity to
nature reserves and a private residential enclave. Also, investors can be
assured of good rental yield due to the strong rental demand from the German
European School (GESS) next door.”
https://www.ura.gov.sg/Corporate/Media-Room/Media-Releases/pr22-12
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