SINGAPORE - The Urban Redevelopment Authority launched the tender of a residential site in Dairy Farm Walk on Thursday (Oct 21), which is expected to garner a good number of bids from developers.
Spanning 15,663 sq m, the parcel in Upper Bukit Timah has a maximum gross floor area of 32,893 sq m and can accommodate about 385 units.
The 99-year leasehold site comes under the confirmed list of the second half of the government land sales (GLS) programme in 2021, for land parcels launched according to schedule regardless of demand.
The supply of private homes from confirmed GLS sites was modestly increased for the first half of this year, after being sharply reduced in the second half of 2020 due to the impact of the Covid-19 pandemic.
With unsold inventory declining, developers this year have been bidding keenly for plum sites.
The Dairy Farm Walk site is located in a quiet enclave close to nature, near to the Bukit Timah Expressway and around 10 minutes' walk to Hillview MRT station. It is also next to the German European School.
"The positive sentiment in the market, keenness in replenishing land bank by developers, limited new supply in the area and other good locational attributes will contribute to keen interest in the site," said Mr Lee Sze Teck, senior director of research at property agency Huttons Asia.
He added that the site's allowable building height means that north-facing units on higher floors will potentially enjoy unblocked views of the Chestnut Avenue good class bungalow area, while the south-facing higher-floor units will face the greenery.
Mr Lee expects the tender to attract up to eight bidders and a top bid of between $900 and $1,000 per sq ft per plot ratio.
Tender for the site will close at noon on March 8 next year.
Its closing will be batched with another confirmed list site, the Housing Board executive condominium parcel in Bukit Batok West Avenue 8.