3 sites released under the confirmed and reserved lists of the Government Land Sales (GLS) programme are expected to gain heavy bidding.
99-year leasehold Dairy Farm site on GLS confirmed list
On the reserve list are 2 sites on Sims Drive and Tampines Avenue 10. The most delectable of the 3 released sites, however, is a 99-year leasehold site on Dairy Farm road. This last site is expected to set a record for GLS land parcels in District 23. It is located near the Hillview MRT station and rental opportunities are high as this is in an area popular with expatriates.
The last time a residential GLS site was sold here was in 2012, to a consortium led by TA Corporation. The selling price at that time was $616 psf ppr. The site was eventually developed into The Skywoods condominium.
In the neighboring Hillion Residences, units have been sold at an average price of $1,496 psf. The selling price of the GLS site on which Hillion Residences and Hillion Mall now stand was $805 psf ppr, a record for this area. Will the bidding on this new Dairy Farm site surpass?
Dairy Farm a popular area with expatriates
Property analysts are upbeat about sales and rental prospects of properties in Dairy Farm and the vicinity. Positive market sentiments and developers’ interest have driven and will continue to propel interest in this district.
The Dairy Farm site is expected to receive 10 bids with prices between $900 to $1000 psf ppr. It can yield up to 500 new units and the first floor is zoned for commercial use. 500 sq m of the first floor will be put aside for a childcare centre. Another possibility is strata housing.
Aside from this residential site, developers are also hungry for executive condominium (EC) sites. Though the Tampines Avenue 10 is on the reserve list, a high-enough bid may just trigger the site for tenders and could potentially fetch $360 million.