The Urban Redevelopment Authority (URA) has just closed the tender for residential site at Dairy Farm Walk under the 2H2025 Government Land Sales (GLS) programme. The site can yield approximately 480 units.

There were 5 bids received for this plot, which was above our expectations. The highest bid was from ABR Holdings Limited, LWH Holdings Pte. Ltd., Macly Capital Pte Ltd and RP Ventures Pte Ltd. at a bid price of S$427,000,268 or around S$962 psf ppr. The highest bid price was within our initial expectations, and is around 0.4 per cent higher than the next highest bid from GuocoLand (Singapore) Pte. Ltd. and Intrepid Investments Pte. Ltd.

The most recent GLS plot sold in the vicinity was the neighbouring parcel awarded to SNC2 Realty Pte. Ltd., Apex Asia Alpha Investment Two Pte. Ltd., Soon Li Heng Civil Engineering Pte Ltd and Kay Lim Realty Pte. Ltd. at a land rate of S$1,020 psf ppr in January 2025. That plot of land is now being developed as Narra Residences, which will be launched later this month.

The healthy response to the tender was not surprising. The site is near several schools, including Assumption English School, CHIJ Our Lady Queen of Peace, and the German European School Singapore. It is a short walk from Hillview MRT station on the Downtown line and close to amenities such as HillV2 and The Rail Mall. Dairy Farm Residences, a nearby development, also has some retail shops on the first floor. Its proximity to Bukit Panjang Park and Dairy Farm Nature Park may also attract nature lovers.

Although this is the fourth land parcel to be released within this area in recent years, private homes in the locality remain popular for its good location, readily available amenities, and healthy price appreciation. The median price psf of Dairy Farm Residences, the first project in that locale, has appreciated by 16.9 per cent from S$1,566 psf in 2019 to S$1,830 psf in 2025. Moreover, earlier launched projects in the area have completely sold out, such as The Botany at Dairy Farm, and Hillhaven which is slightly further away. With a lack of supply in the area, market demand would be sufficiently spaced out to absorb units from Narra Residences before the launch of the project here, ensuring steady sales in the future.