The Urban Redevelopment Authority (URA) and Housing Development Board (HDB) have launched a 99-year leasehold residential site at Dairy Farm Road, which is placed under the Confirmed List and another 2 sites on the Reserve List – one at Tampines Avenue 10 and another at Sims Drive, under the Government Land Sales (GLS) programme.
In addition to the recent Hillview Rise GLS site (which the sale is still in progress), analysts are expecting the Dairy Farm Road GLS site to be heavily contested among property developers due to the lack of new land supplies in the area and a new benchmark price may even be set for government sites sold within the Dairy Farm-Bukit Panjang-Hillview precinct.
The last residential site sold under the GLS programme in the area was back in 2012 – top a consortium headed by TA Corporation with a top bid of S$616 psf ppr. It was eventually developed today’s 420-unit The Skywoods condo.
They have added that the new Dairy Farm Road site for sale may attract up to 10 bids in total and the top bid may fall between the range of S$900 – S$1,000 psf ppr.
The existing record (within the precinct) of S$805 psf ppr comes form the site which Hillion Residences currently stand. This year, the average transaction psf price for project is S$1,496.
It was noted that Dairy Farm Road GLS site has a land area of around 211,485 square feet and is expected to yield around 500 private homes with no more than 43,056 square feet of commercial spaces on the first floor of the future new launch project.
Another 99-year leasehold residential site at Sim Drive (located next to the newly constructed Sims Urban Oasis) has also been the hot topic among property consultants and they are expecting the site to draw a winning bid up to S$1,200 psf ppr.
It was mentioned that under the URA Master Plan 2014, the 174,649 square feet site is the last land parcel to be zoned for residential use in Sims Avenue and is expected to yield around 680 private homes.
In the meantime, property developers are seemingly hungry for sites planned for executive condominium (or EC) development and market watchers expect the new EC site for sale at Tampines Avenue 10 to fetch a top bid as much as S$600 psf ppr.
The “hunger” was being reflected in the most recent GLS sale of an EC site at Sumang Walk – which saw 17 bids total and a record-breaking bid of S$583 psf ppr was placed.
The Tampines Avenue 10 EC site sits along with the same stretch of as some of new private condos (Q bay Residences, The Santorini, The Tapestry and The Alps Residences) which were launched since 2012. It spans across a land area of approximately 268,440 square feet and could possibly yield up to 700 EC units.