The tender for the Government Land Sale (GLS) parcel at Dairy Farm Walk drew five bidders at its Jan 22 close, with the top bid submitted by a consortium comprising ABR Holdings, LWH Holdings, Macly Capital and RP Ventures at $427 million, or $962 psf per plot ratio (ppr), edging out the next highest bidder by 0.4%.
The 29,444.2 sqm site at Dairy Farm Walk was launched for public tender on Nov 26, 2025. The site can yield approximately 480 units with a 99-year lease tenure.
This land parcel is the fifth GLS residential plot to be placed for tender in the Dairy Farm area since 2012.
The top bid at today’s tender close is 5.7% lower than the winning land rate of $1,020 psf ppr for the site of Narra Residences that closed in January 2025, and 1.8% lower than the top bid of $980 psf ppr at The Botany at Dairy Farm parcel, which closed in March 2022 with seven bidders.
There was one unit left unsold at The Botany at Dairy Farm by Sim Lian Group as of December 2025 and the 540-unit Narra Residences will launch at the end of January.
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Upcoming supply
The top bid came in at the lower end of expectations, according to Leonard Tay, research head at Knight Frank Singapore.
At a land price of $962 psf ppr, the breakeven cost could possibly range between $1,800 psf and $1,900 psf depending on technical, material and design considerations, with launch prices starting from $2,000 psf, says Tay.
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With a possible average price of around $2,100 psf when launched, this might appeal to HDB upgraders in the west of Singapore, employees working in the commercial and industrial zones in the West, as well as local homebuyers looking to downgrade from landed housing in the nearby Chestnut and Cashew landed estates, adds Tay.
There are five existing projects at Dairy Farm Walk and Dairy Farm Road, comprising the freehold The Dairy Farm, as well as leasehold projects The Skywoods and Dairy Farm Residences, and two projects that are under development: The Botany at Dairy Farm and Narra Residences.
There are also another three completed projects at Chestnut Avenue/Petir Road: Foresque Residences, Tree House and Eco Sanctuary. Together, these eight projects comprise almost 3,700 units.
“Perhaps developers at today’s tender showed restraint in their bids by not exceeding the previous tenders of The Botany at Dairy Farm and Narra Residences sites on a psf ppr basis, given the existing and upcoming supply of private non-landed homes in the immediate area,” writes Tay.
With no West-region OCR residential sites on the 1H2026 GLS confirmed List, the Dairy Farm Walk parcel stood out as a “rare opportunity” for developers targeting this segment, says Marcus Chu, CEO of ERA Singapore. “[This] likely contributed to the strong turnout and competitive bidding.”
Competition, terrain challenges
The most recent GLS plot sold in the vicinity was the neighbouring parcel awarded to SNC2 Realty, Apex Asia Alpha Investment Two, Soon Li Heng Civil Engineering and Kay Lim Realty at a land rate of $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.
In fact, this site may potentially face competition from Narra Residences when it is launched for sale in 2027, says Mark Yip, CEO, Huttons Asia. “The tender bid is measured so as to create a competitive product.”
In addition, bids for the latest tender are lower as the plot ratio is 1.4, compared to the previous tender in Dairy Farm Walk, which had a plot ratio of 2.1, adds Yip.
A lower plot ratio limits how much floor space can be built on a piece of land; it also means that the development will be spread across multiple low-rise blocks which would then entail more lifts and common facilities to be built, says Wong Siew Ying, head of research and content, PropNex.
There are also “some challenges” in developing the site as it is sloping towards the landed enclave and it is near Mindef, says Yip.
The sloping terrain, when combined with the need for more low-rise blocks and lifts, this may result in relatively higher construction costs, adds Wong. These factors could have led to more conservative bids from developers.
Still, as this is likely the largest plot in the Dairy Farm enclave and with a height limit of up to six storeys, the developer can create a “very different product” from the other projects in the area, writes Yip.
“The site will have relatively unblocked views over the Chestnut Avenue Good Class Bungalow (GCB) area and landed enclave. The estate is well-served with amenities like Dairy Farm Mall, HillV2 and Hillion Mall. Numerous schools like Assumption English School, Assumption Pathway, Bukit Panjang Primary School and CHIJ Our Lady Queen of Peace are within 1km. International schools like German European School and The Perse School are across the site,” he adds.
Compared to Knight Frank Singapore’s forecast average price of around $2,100 psf, PropNex’s Wong thinks the average price could be even higher, at above $2,150 psf.
Profitable transactions
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, notes Justin Quek, deputy group CEO of Realion (OrangeTee & ETC) Group.
The median price psf of Dairy Farm Residences, the first project in that locale, has appreciated by 16.9% from $1,566 psf in 2019 to $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,” adds Quek.
