Property compete for Dairy Farm Walk property
The highest bid reached by the property reached $347m, or $980 psf ppr.
Developers have shown great interest in a residential site in Dairy Farm Walk offered by the Urban Redevelopment Authority (URA), property analysts said.
Seven bidders are competing for the 99-year leasehold residential site at Dairy Farm Walk in Upper Bukit Timah, with the highest bid being from Sim Lian Land Pte. Ltd. and Sim Lian Development Pte. Ltd. A value of $347m, or $980 psf ppr. Following closely was UED Alpha Pte. Ltd. and Soilbuild Group Holdings Ltd.'s bid of $970 psf ppr.
“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,” commented Steven Tan, CEO of OrangeTee.
Meanwhile, Wong Siew Ying, Head of Research & Content, PropNex Realty, estimated an average selling price of $1,850 to $1,950 psf when launched. This was based on the land rate of $980 psf ppr.
“The top bid land rate is 18% higher than that of the adjacent GLS site - where Dairy Farm Residences is being built - which was awarded in September 2018 for $830 psf ppr or $368.8 million. The 460-unit Dairy Farm Residences is about 95% sold with an average transacted price of about $1,680 psf over the first two months of 2022, according to Realis caveats," said Wong.
According to Mark Yip, CEO, Huttons Asia, the property is one of the few to have a plot ratio of 2.1, as well as being able to be built up to 85m SHD, meaning that north-facing units on higher floors will have unblocked views of the Chestnut Avenue GCBA.