Singapore’s Dairy Farm Walk site expects to draw bids from developers

Positive sentiment in the market, including good locational attributes, will create keen interest in the site 

According to The Straits Times, a residential site in Dairy Farm Walk has been offered by The Urban Redevelopment Authority (URA), which is expected to attract an adequate amount of bids from developers.  

Located in Upper Bukit Timah, the parcel spans 15,663 square metres and has a maximum gross floor area of 32,893 square metres, accommodating around 385 units.  

The 99-year leasehold site comes under the confirmed list of the second half of the government land sales (GLS) programme in 2021, for land parcels launched according to schedule regardless of demand. 

Private homes from GLS sites modestly increased in H1 2021, following a sharp contraction in H2 2020 due to the pandemic.  

With unsold inventory declining, developers this year have been eagerly bidding for plum sites.  

The Dairy Farm Walk site is surrounded by nature, near the Bukit Timah Expressway, and about a 10-minute walk to Hillview MRT station.  

“The positive sentiment in the market, keenness in replenishing land bank by developers, limited new supply in the area and other good locational attributes will contribute to a keen interest in the site,” said Lee Sze Teck, senior director of research at property agency Huttons Asia.  

Teck added that as the site allows for satisfactory building height, north-facing units on higher floors will be able to enjoy unblocked views of the Chestnut Avenue good class bungalow area. Meanwhile, the south-facing higher floor units will face beautiful greenery.  

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He expects the tender to attract up to eight bidders and a top bid of between SGD900 (USD666) and SGD1,000 (USD740) per square feet per plot ratio. 

Tender for the site will close at noon on March 8th, 2022.