But will the record be broken soon? Possibly so, if the asking price for The Dairy Farm is met. Besides them, other developments who are looking to also break the record are Pine Grove, Braddell View, and Mandarin Gardens with their $1.65 billion, $2.08 billion and $2.48 billion asking prices.
$1.34 billion for Farrer Court is the current highest amount paid for a collective sale
The current record-holder for the collective sale market is Farrer Court. It was sold for $1.34 billion to a CapitaLand-led consortium in 2007. Currently, the D’Leedon condominium stands in its place.
For the moment, the second-highest successful bid for an en bloc site was for Pacific Mansions in River Valley. It was sold for $980 million last month.
Now The Dairy Farm is looking at breaking the record with their $1.68 billion asking price. This is not the establishment’s first en bloc attempt. They had also made an attempt in 2007. The collective sale committee (CSC) hopes to secure the required 80% approval within 6 weeks.
Developers have to consider buyers’ appetite in 2 to 3 years’ time.
While the area may be attracting investors now, developers are likely to be considering the potential of new units in the district in 2 to 3 years’ time.
The 750,019 sq ft site is just 3 minutes away from the Hillview MRT station. It is zoned for residential use with a plot ratio of 2.1. The site can potentially yield 1,500 new apartment units with a gross floor area of about 1.58 million sq ft. After taking into account the $61 million development charge for land intensification, the land rate works out to be around $1,100 psf.