SINGAPORE (EDGEPROP) - A residential site at Dairy Farm Walk has been launched for sale by public tender. The 15,663.2 sqm (168,599 sq ft), 99-year leasehold site has a maximum gross floor area (GFA) of 32,893 sqm (354,060 sq ft), and the potential to build a 385-unit development.

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The land parcel is one of the few plots in the area to have a plot ratio of 2.1 and maximum height of 85m SHD (Singapore Height Datum) for a medium-rise project or 65m SHD for a low-rise development. “This means that that north-facing units on the higher floors will potentially enjoy unblocked views of the Chestnut Avenue Good Class Bungalow area, while higher-floor, south-facing units will face the greenery,” says Lee Sze Teck, senior director of research at Huttons Asia.

Set in a quite residential enclave close to nature, the site is next to the German European School Singapore campus and a 10-minute walk to the Hillview Station on the Downtown Line.

The latest project launch in the area is the 460-unit Dairy Farm Residences in Nov 2019 by United Engineers Ltd (UEL). To date, 244 units have been sold at a median price of $1,622 psf for the three months from August to October to date, based on URA Realis data. UEL had won the site at Dairy Farm Road in a government land sale (GLS) in Sept 2018. The developer submitted the highest of five bids and paid $368.8 million or $830 psf per plot ratio (psf ppr) for the site.

Huttons’ Lee anticipates the site to attract up to eight bids with a top bid of between $900 and $1,000 psf ppr. “The positive sentiment in the market, developers’ keenness in replenishing land bank, limited new supply in the area and other good locational attributes will contribute to keen interest in the site,” he says.

The tender for the site will close on March 8, 2022. The closing for the Dairy Farm Walk site will be batched with the HDB executive condo site at Bukit Batok West Avenue 8 which will be launched for sale in December under the Confirmed List of 2H2021 GLS Programme. (Discover insightful data of any Singapore condominium with our condo directory)

Check out the latest listings near Dairy Farm Residences, Hillview MRT Station