Sim Lian Group splashes $347 million for Dairy Farm Walk GLS site
The land rate has risen by 18 percent since September 2018.
At the latest land tender sales, Sim Lian Group topped 6 other property developers for a private residential site at Dairy Farm Walk.
The group put in a top bid of $347 million, equivalent to around $980 psf ppr.
The 99-year leasehold Dairy Farm Walk GLS (government land sale) site has an area of 354,060 square feet.
Hence, it could potentially yield approximately up to 400 private homes.
According to analysts, the future new launch at Dairy Farm Walk will likely be launched for sale at around $1,880 – $1,980 psf.
Sim Lian Group has been rather active in the last couple of GLS tender exercises. Unfortunately, it hasn’t been successful until now.
With that, It’s being understood that Sim Lian Group’s land bank was completely depleted before this winning tender.
The group managed to achieve an incredible feat by selling out its 2,203-unit condominium development in Tampines as of 13 February 2022. The project was launched back in February 2019.
The next highest bidder for the Dairy Farm GLS site was a joint venture between United Engineers Ltd and Soilbuild Group
Their bid was $343 million ($970 psf ppr), which is only a mere 1 percent off the top bid by Sim Lian Group.
It was noted that United Engineers Ltd is also the developer for Dairy Farm Residences, an ongoing launch that’s just across the subject tender site.
Based on the latest caveats lodged, Dairy Farm Residences is already 98 percent sold.
That site was acquired back in September 2018 for $368 million (or $830 psf ppr).
From the latest tender result for the Dairy Farm Walk GLS site, land prices in the area have risen by a staggering 18 percent since then.