Dairy Farm Estate initiates second collective sale attempt
By Timothy Tay
/ EdgeProp |
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Updated, Feb 12, 2018, 10:01 p.m.
The owners of the Dairy Farm Estate voted to appoint their collective sale committee on Jan 13. The committee has since appointed Teakhwa Real Estate as the marketing agent, and is in the midst of appointing a legal adviser.
Completed in 1989, Dairy Farm Estate contains 477 residential units and 10 retail shops on a freehold site of 750,000 sq ft. The site is zoned for residential development with a plot ratio of 2.1 under the 2014 Master Plan. The site can be redeveloped into a new residential project with a gross floor area of 1,575,041 sq ft or 1,500 units, assuming an average size of 1,000 sq ft for the new units.
The 477-unit Dairy Farm Estate was completed in 1989, and many owners have elected to cash out with a high en bloc premium (Pictures: Teakhwa Real Estate)
A new development could have 1,500 units sized at about 1,000 sq ft, says Teakhwa
“If the sale is successful, it could be the biggest en bloc deal done in Singapore,” says Sieow Teak Hwa, managing director of Teakhwa Real Estate.
The residential estate previously attempted an en bloc sale at the peak of the last property boom in 2007. As 10 years have gone by, many owners at the now 29-year-old Dairy Farm Estate feel that repairs and maintenance costs both within the apartment units and common areas will inevitably go up, says Sieow. “It is prudent to cash out with a high en bloc premium to move to somewhere newer or bigger. For some older owners, they can take this opportunity to downgrade with sizeable funds for their retirement or passive income investments.”
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